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Research Article

Cloud Accounting and Computing for Cost Prediction and Control

Grace Oyeyemi Ogundajo*, Tamunokonbia Promise Ogan, Adeyanju Joel Oluwasijibomi and Jafaru Marughu

Corresponding Author: Grace Oyeyemi Ogundajo, Department of Accounting, School of Management Sciences, Babcock University, Ogun State, Nigeria.

Received: September 06, 2023 ;    Revised: December 06, 2023 ;    Accepted: January 09, 2024 ;   Available Online: February 19, 2024

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The importance of forecasting and controlling costs in business cannot be overemphasized. Costs if left unchecked will have a significant negative impact on profitability. In today's business environment, many companies face challenges in making effective and prudent decisions in the area of forecasting and cost control. Companies can only overcome these challenges through strategies that optimize resources to maximize profits. Therefore, this study examines the impact of accounting and cloud computing on the cost forecasting and control of Nigeria-listed depository banks. The study subjects included all (14) listed depository banks in Nigeria as of December 31, 2021. However, due to data availability and accessibility, 13 depository banks were listed. chosen. Research data were obtained from the 10-year annual report (2012-2021) of the study subjects, while regression analysis was used to analyze the research model developed for the panel data specification. Regression estimation results show that the F-statistic is statistically significant at the 5% level (the F-statistic is 7.9286, the P-value is 0.000000). This indicates that the combined ROI, TOC and SOB have a statistically significant impact on cost control and forecasting at 5% significance level. Therefore, the study concludes that accounting and cloud computing have a statistically significant impact on cost control and forecasting in Nigerian depository banks. So, an important step in reducing the huge infrastructure costs of deposit banks in Nigeria is forecasting and controlling costs. Cloud computing offers a solution to overcome this challenge.

Keywords: Cloud accounting, Cost control and prediction, Software-as-a-Service, Infrastructure-as-a-Service, Platform-as-a-Service

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