Computerized Accounting And Financial Reporting In Financial Institutions In Uganda A Case Study Of Stanbic Bank, Wandegeya Branch

ABSTRACT

The study sought to examine the computerized accoimtirag and financial reporting in financial institutions in Uganda: A case study of Stanbic Bank, Wandegeya Branch. The study objectives were; to establish the computerized accounting systems being used at Stanbic Bank, Wandegeya Branch, to establish the contributions of computerized accounting on financial reporting at Stanbic Bank, Wandegeys Branch and to examine the relationship between computerized accounting and financial reporting at Stanbic Bank, Wandegeya Branch. For the purpose of this study, a ease descriptive research design was adopted to evaluating the computerized accounting and financial reporting at Stanbic Bank, Wandegeya Branch. Both quantitative and qualitative research approaches were applied. The study was carried from Stanbic Bank, Wandegeya Branch. The total sample size was 50 respondents. In this study, the target population of 58 involved Top managers of Stanbic Bank, Bank tellers of Stanbic Bank, Internal Auditors and Other bank’s support staff. Purposive sampling were also used to select only respondents for the researcher to attain the purpose of the study. Other support staff of the Bank were randomly selected to give each an equal chance of representation All respondents were assumed to have vital information on the subject matter of the research. Respondents who were willing to participate were approached. Data was collected from primary and secondary sources using questionnaires and interviews. After collecting data, the researcher orgamzed weIl~answered questionnaire, data was edited and sorted for the next stage. The data was presented in tabular form, pie charts and bar graphs with frequencies and percentages. The study findings revealed that the sample constituted of 50 respondents ofwhich 66% were males and the 34% remaining were females. This implies that males are the majority. The study concludes that QuickBooks was designed to manage payroll, inventory, sales and other needs of a small business. The softwares features include niarketing tools, merchant services, product and supplies, training solutions. The study recommends that the bank should prompt and encourage its users to always change their passwords within the accounting period. The frequent change of passwords and the combination features will help curtail the limitations of using password as authentication control. In the bank’s effort to prevent the incident of commitment and concealment of fraud among their employees, the accounting duties should be segregated among bank staffs~ Thus, the Computerized Accounting System should not allow a single person to enter data, post and authorize transaction.