Every business company deals on either sales of products or services or both Whichever the case may be, business transactions take place Business transaction is more than buying and selling of goods; it also includes rendering of services and more According to Doyle (2014), business transactions are the interactions between businesses and their customers, vendors and others with whom they do business This explanation implies that exchange of messages, items, and ultimately money, for the purpose of business all constitutes business transaction

Business transactions by companies could be in form of sales, expenses, bonuses, discounts, and so on Proper records of such transactions need to be kept Keeping such records constitutes accounting

Reynolds (2009) defined Accounting as “the systematic recording, analysis and appraisal of financial data which results from activities undertaken in pursuit of the objectives of a firm” Thus, accounting systems monitor revenues and expenditures and quickly establish the firm’s position at particular lines Furthermore, firms need to know the values of their fixed Assets (Land, buildings, vehicles, plant and equipments), and current assets (stocks, debtors, work in progress, and cash in hand) Because every transaction contributes to an increase or decrease in assets, it must therefore be recorded accurately and stored in easily retrievable form From the going, accounts should show areas of inefficiency, and reveal the exact cost of all the firms’ activities, as accurate and detailed accounts will make policy formation easier and facilitate the well organized implementation of corporate plans

Accounting has also been seen by Meigs (2005) as consisting of gathering of financial and other economic data Just as physical measurements are provided by the metric system, economic measurements are provided by the accounting system, and are stated in financial terms These economic measurements are put together in reports that carry the information essential for planning activities, control of operations, and for decision making by business units

Thirdly, accounting provides financial reports that are needed by outside persons who invest in business units, lend money to them, or extend credit to them It also furnishes reports to be used by government agencies which regulate businesses and by tax authorities such as internal revenue authorities which must ensure that the correct amount of tax is collected When the unit of consideration is a non-profit organization (such as school, hospital, church or other charitable group), its members and those who contribute to it need to know for what purposes and in what proportions their money is being used These important pieces of information are furnished by accounting, thereby making accounting a very important aspect of every business

Thus, accounting can be referred to generally as a set of rules and methods by which financial and economic data are collected, processed, and summarized into reports that can be used in making decisions, relating to the accomplishment of organizational goals

The major role of financial accounts is the preparation of profit and loss account and the balance sheet The methods used by a business to keep records of its financial activities and to summarise these activities in periodic accounting reports comprise the accounting system

Fine Brothers & Co Ltd Abakaliki, like every other profit companies, runs an accounting system Only a few of these companies run computerized accounting systems; the others rely on manual accounting systems

The advantages of computerized account management systems over manual ones are innumerable Manual accounting systems involves hiring an accountant who keeps the company’s accounts, using books and other writing materials while a computerized account management system entails the use of computer programs to keep and maintain a company’s accounting information Manual accounting systems are characterized by human errors, including mutilation, omission, duplication, miscalculation; wastage of time and energy, data loss, and so on On the other hand, according to Francis (2014), computerized account management systems are automated, accurate, and fast Computerized systems can be used to generate reports easily; errors can be corrected easily; data can be backed up on external devices or on the cloud; duplications are automatically detected and data manipulation (especially numerical figures) is easy Recently, computerized decision making tools have been developed to aid managers in decision making and forecasting, using computerized accounting information

To solve the problems posed by manual accounting systems, the researcher has embarked on this project which is aimed at designing and implementing a computerized account management system, using Fine Brothers & Co Ltd Abakaliki as the case study company When implemented, this project will help the company to overcome all the challenges posed by their manual accounting system, including mutilation, omissions, duplications, miscalculations and so on