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CONTRIBUTION OF ACCOUNTANT TO BUSINESS SUCCESS IN NIGERIA
This study was undertaken to have clearer understanding of roles, functions and the importance of an accountant to business, activities revolved round the accountant. It is however expedient to stress at this junction that a business which is been run without an accountant will one day run out whether small medium or complex one established will be panting for an accountant just as a fish pant been for water. This study has been able to portray the right image of the accountant in various ways by which he achieve his aims as a business stimulator. All these were gotten through the sample study of N.N.P.C Warri which provide all the necessary and relevant information required through the aids of the administered questionnaire.
1.1 Background of the Study
Accounting grew gradually and starts from charge and discharge to double entry book keeping and ascertainment of profit. In Nigeria the origin of accounting started from 1965, before then accounting formed an association of accountant which was later transfer into the institute of chartered accountant of Nigeria (ICAN) in 1965 by an act of parliament.
Later in 1979, the association of national accountant of Nigeria (ANAN) was formed by degree 76 signed by a military president general Ibrahim Babangida before he left 1993. In Nigeria today we have two separate body (ICAN and ANAN) which every accountant should pass through either of both before he will be qualified as a charted accountant.
Accounting is the means by which managers are informed of the financial status and progress of their companies, thus contributing to the continuing process of planning, control of operation and decision making (Walgenbach et al 1990). It’s also an activity designed to identify, measure and communicate information about economic entitles that is intended to be useful in making economic decisions. (Williams et al 1989).
1.2 Statement of the Problem
This research is to reveal to us the main objectives of accounting, the reason why a business entity should have an accountant and the significance of accounting in a business entity. This study will further hold that an accountant is so important and it effect change in a company in this era of accountability.
1.3 Objectives of the Study
The objective of a study is to examine the role of accounting and entrepreneurship education for self-reliance and sustainable development in Nigeria. The study considers the accounting profession and the major role it plays in entrepreneurship development. The major objectives are outlined below.
ü The information should be useful to investors and lenders, be helpful in determining a company’s cash flows, and report the company assets, liabilities and owners’ equity and the changes in them.
ü Financial accountant produces financial statement based on the accounting standard in a given jurisdiction.
ü Generally accepted accounting principles refer to the standard framework of guidelines for financial accounting used in any jurisdiction.
ü International financial reporting standard (IFRS) are designed as common global language for business affairs so that company account are understandable and comparable across international boundaries.
1.4 Research Question
- Can a business succeed without an accountant?
- What are the roles played by the accountant in the stimulation of business?
- Does the accountant also perform management function?
- Are there still other factor that can enhance the success of a business outside the role and duties of the accountant?
- What level of reliance can be on the activities of the accountant?
1.5 Significance of the Study
Many freelancers standing out often put off getting their own accountant due to cost, feeling it is a luxury they simply can’t afford. However, by doing this they often setup their businesses poorly, pay so much tax and receive hefty fines for late payments, to has revenue and customs.
As well as being a trusted business adviser and someone to provide advice on your tax affairs, a good accountant will also provide a host of other benefits such as:
- Time saving: Many freelancers charge by the hour or bill client based on the amount of time they have worked on a project. That means every hour you poring over paperwork and tax returns is time that you are not earring. Handing over the nutty, gritty of your accounts to an expert accountant will save you time that you could be better spent building your business.
- Accountant: Are experts, are at completing tax forms they need to ensure everything is correctly field with HIARC. Error not only cost you time but also could cost you, financially due to fines and penalties.
- As a freelancer, you will also benefit from financial advices as your personal; finances are so closely linked to your business income.
- Tax regulation and allowance are always changing so unless you want to spend weeks each year keeping up to date it makes sense to appoint an accountant.
- This study is beneficial to both the government in the aspect of planning and controlling policies.
1.6 Scope of the Study
The topic contribution of accountant to business success in Nigeria is a case study chosen to be considered in Ethiopia West transport Services Company only within the local government council, all other commercial vehicle are excluded in this case study.
1.7 Limitation of the Study
There were some constraints undone during the cause of this research work which is listed below:
- 1. Finance: It was only final year and I had to pay for many things which need urgent financial assistances. This was what made me experiences financial difficult that brought about the limitation of this project.
- 2. Time: This is another factor that brought to the assistances of this research work. There was no enough time for me to travel for the compilation of information because of my national diploma (ND) examination which brought down the weight of this research work.
1.8 Definition of Terms
Some terms were used in this research work which may not those outside profession to concern. The terms that are peculiar to accounting professional such as will be mentioned below:
- 1. Capital: This is the money which is used to start up a business. This is often called the owners equinity.
- 2. Current assets; These are the business property which cannot last for more than one accounting year.
- 3. Fixed assets; These are the business property which can last for more than one accounting year e.g. motor vehicles, plans and machinery.
- 4. Long term liabilities: These are long term loans which cannot be paid within a financial year e.g. loans, bonds.
- 5. Short term liabilities: These are debts which could be paid within one financial year e.g. accruals, creditors bank and overdraft etc.
- 6. Budget; This often means planning.
- 7. Transaction: This is the means of buying and selling
- 8. Audit: This is an independent examination on financial statement done by an auditor to check the true and fairness of financial statement.
- 9. Debentures: This is long term liabilities which is usually fixed rate of interest. It is also a debt instrument.
- 10. Assets: This is the property of the business. This is what the business has and what they owned and it made up of fixed and current asset.
- 11. Financial year: This is also called the fiscal year. It is the accounting period of the business. It can be defined as an economic period that a company plan economic activities of the business.