THE EFFECTS OF COMPUTERIZED ACCOUNTING SYSTEM ON GHANAIAN BANKS, THE WAY FORWARD (A case study of Amanano Rural Bank LTD)

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ABSTRACT

This thesis aims to answer general questions concerning the computerization of ac-counting systems in Ghana. Furthermore, it analyzes the possible factors and benefits of this subject matter. It also presents how banks computerization has helped eradicate many problems in the banking field, comparing and giving insights into differences between computerized accounting systems and manual accounting/banking systems. The study was carried out to show the importance Ghanaian banks confer on computerized banking technology, the extent to which this technology is being employed and how relevant this banking technology is to customers and staff as a whole.

The bank examined in the study was Amanano Rural Bank Limited because this bank just introduced this form of technology. The study was conducted through primary data collection where questionnaires were designed and distributed to customers at the bank. Personnel at the bank were also interviewed through e-mails and telephone conversations. Secondary data collection involved reviewing some textbooks, magazines and the like that have materials relating to this topic. Fifty questionnaires were sent to the bank to be distributed to their customers and staff for completion and the response received were analyzed.

The study concludes with observations summarizing the research and the recommendations that emerged. It analyses the level of technological advancement in the banking sector in the country. The empirical findings showed that banks using manual banking systems have not been apt in delivering quick and efficient services to their customers. On the other hand, banks operating with computerized accounting/banking systems offer much improved, efficient and fast services to their customers, thereby making them much more competitive.


TABLE OF CONTENTS

1          Introduction
            1.1  Background of the study
            1.2  Introduction of Case Company
            1.3  Mission and Vision of Case Company
            1.4       Research Problem
            1.5       Investigative Questions
            1.6  Objective and Benefits to Stakeholders
            1.7       Thesis Topic
            1.8  Demarcation of the Study

2          Research Methodology
            2.1       Study Location
            2.2  Sampling and Data Collection
            2.3       Data Analysis
            2.4  Risks and Risk Management
            2.5       The interviews

3          Theory Framework
            3.1  Definitions of Key Concepts
            3.2       Accounting System
            3.3       User-Friendly Software
            3.4  The Growth of E-Commerce
            3.5       Accounts Receivable Software
            3.6       Accounts Payable Software
            3.7       General Ledger Software
            3.8  Accounting Packages and Chart of Account

4          Empirical Findings
            4.1  Changing the Banking System in Ghana
            4.2  Manual Banking Systems at Amanano Rural Bank Limited
            4.3  Problems with Manual Banking System
            4.4  Why Computerized Accounting System
            4.5  Computerized Banking system at Amanano Rural Bank
            4.6  Comparison between Computerized and Manual Banking System
            4.7  Cost Benefit Effects of Computerized Accounting System
            4.8  Benefits of Computerized Accounting System
            4.9  Cost Effects of Using Computerized Accounting System
            4.10 Available Software in use by Amanano Rural Bank
            4.11 Temenos T24, The Banking Software
            4.12 T24 for Microfinance and Community Banking

5          Findings and Data Interpretation
            5.1  Findings on Bank Accounts at Amanano Rural Bank
            5.2  Findings on Staff at Amanano Rural Bank
            5.3  Findings on Customers at Amanano Rural Bank
            5.4  Findings on the Bank’s Performance
            5.5  Findings on the Manual Banking System at Amanano
            5.6  Findings on Computerized Banking System at Amanano
            5.7  Findings on Internal Control and Security System at Amanano
            5.8       Password
            5.9       Separation/Segregation of Duties

6          Discussion
            6.1       Summary
            6.2       Validity and Reliability
            6.3       Conclusion
            6.4       Recommendations
            6.5  Suggestions For Further Researchers
References
Attachment 1. Questionnaire
Attachment 2. Products and Services
Attachment 3. Overlay matrix


1          Introduction

1.1      Background of the study

Banks are financial institutions set up to provide customers with some specific func-tions such as receiving deposits from customers for savings and onward money trans-fer as well as credit services. Banks as defined by Business dictionary.com is

An establishment authorized by a government to accept deposits, pay interest, clear checks, make loans, act as an intermediary in financial transactions, and provide other financial services to its customers.


More so, banks are into safekeeping transaction and group management purposes with the intention of making profits and delivering best but affordable services to their cus-tomers. These customers may either be individuals or institutional and serving them in the more convenient, efficient and fastest possible way is the aim of all banks so as to derive utmost benefit from them. In the 1990's through to early 2000’s, the number of accounts holders in the various banks in Ghana both rural and commercial banks were very few. The use of manual banking system made it uneasy to serve customers in a more diverse ways as urgent demand for information coupled with reconciliation of financial statements of the various institutional customers were very hard to come by. But with the introduction of Computerized Accounting System, the more tedious banking functions through the use of manual banking system has considerably been softened.



In Ghana, the use of computerized Accounting System in the various banks is drasti-cally changing the way banking activities are being organised. Electronic commerce is now regarded as the panacea for the new commercial revolution that is taken place in the advance world which in one way or the other lacking in Ghana, and by offering reasonable banking products and services to customers, Ghanaian banks had to adopt computerized Accounting System. Moreover, considering the recent improvement in the country’s infrastructure then one can say that the banks had nothing to say but to forcibly adopt this technology in order for them to improve their services for their cus-tomers.


1.2      Introduction of Case Company

Amanano Rural Bank Ltd was registered as a Limited Liability Company on the 29th March 1982 and it is Head quartered at Nyinahin off Kumasi Bibiani Road. The Bank is currently operating other Agencies or Branches namely Bibiani Agency, Afful Nkwanta Agency and Mbrom Agency all in Kumasi. Services that are currently being rendered by Amanano Rural Bank Ltd to its clients includes Report Activities, Loans, Overdraft, Micro-Finance, Business Advisory, Money Transfers and Investment Ser-vices. A very detailed coverage of the case company will be given in my next report.


1.3      Mission and Vision of Case Company


Vision

Amanano Rural Bank’s vision is to become the eye opener and a pacesetter of Rural Banking in Ghana with Strong growth indicators for regulators and competitors to use as a benchmark and for employees to feel proud working with us.

Our Mission

Amanano Rural Bank’s mission is to generate superior returns to all stakeholders: that is to improve Shareholder value, employee motivation and customer care.

Values

The bank’s core values are integrity, professionalism, growth mindedness and continu-ous improvement.


1.4      Research Problem

Complaints over the processes in which Ghanaian banks offer their services specifical-ly in withdrawal and deposit services, processing customer information and giving them feedback called for this research. The computerization of the bank’s operations and services as well as the introduction of accounting software and Automated Teller machines by some multi-national banks has helped in improving the financial strength...

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