CLOUD BASED ACCOUNTING SOFTWARE AND FINANCIAL PERFORMANCE OF QUOTED BANKS IN NIGERIA

Abstract

Cloud based accounting is the purchase or used of accounting software from a service provider. Cloud accounting also known as “online accounting'’, is the practice of using an accounting software that accessed the internet such as oracle 10.0, Finacle 50, xero etc. This accounting software can now be accessed from the internet no need for installation on the user’s computer. Access to accounting information is therefore, made easier. Some of the advantages of using cloud-based accounting are that it does not require physical installation on the client’s work station, the accounting application can be easily accessed through a browser. With no compatibility check to be performed between the computer system and the accounting software application, accounting program run through the cloud are compliant to a variety of requirement personnel, suppliers and clients can access and update information from any location, with no need to go to the office, internet can be accessed everywhere, balances enquiring can be made, payment can be made from one account to the merchant account. The result from the study on the relationship oracle financial cloud and Return on Assets show that oracle financial cloud had a mean of 4.3513and a standard deviation of .65710 and Return on Asset had a mean of 4.2627and a standard deviation of .63044 with a degree of freedom (df - 316 - 1)= 315, while correlation coefficient (r) - .903, which shows that the result is significant at 0.05 two tail lest (P<.05) level of significance, (using SPSS). Since the significance level or p value of .001 is greater than the chosen 0.05 alpha level and The 37.261 also indicated a positive relationship. Therefore, the null hypothesis of “there is no significance relationship between oracle financial cloud and Return on Asset" is rejected. Hence, the result indicates that the There is significance relationship between oracle financial cloud and Return on Asset.