Technological Accounting Practice and Financial Performance of Selected Listed Food and Beverage Manufacturing Firms in Nigeria.

Abstract

Literatures reveal that Technological Accounting Practice (TAP), has become essential for ensuring accountability and relevance in daily business activities. Despite literature suggesting the potential benefits of TAP in the digital era, its impact on business performance in the food and beverage sector remains underexplored and warrants empirical investigation within the Nigerian context. This study therefore sets out to evaluate the factors influencing TAP usage in the selected firms and assess the relationship between TAP and Financial Performance (FP) of the selected food and beverage firms in Nigeria. Mixed method was employed. Primary data were collected through the use of questionnaire. Secondary data covering the years 2013 and 2022 was collected through audited financial reports of the fourteen (14) purposive selected food and beverage manufacturing firms. 126 questionnaires were distributed among staff at 14 selected firms, covering various departments through a stratified random technique. Data collected underwent descriptive and inferential statistical analysis. Hypotheses were tested through ANOVA and Pearson Product Moment Correlation Coefficient (PPMCC). Results revealed that all identified variables significantly impacted the adoption of technological accounting in the food and beverage firms. Furthermore, there was a notable correlation between technological accounting practices and financial performance (p <0.05). The study concluded that variables such as Perceived Benefit, Market Demand, Business Environment, Firm Size, and Cost of Technology influenced technological accounting usage and were positively correlated with firm performance, enhancing accounting procedures and the quality of financial statements. It is recommended that food and beverages manufacturing firm should invest in advanced accounting software and tailored technology accounting solutions.