Impact of Big Data on Accounting Practices: Empirical Evidence from Nigeria

Abstract

This research examines the impact of Big Data Analytics (BDA) on accounting practices in Nigeria, focusing on financial reporting, risk and fraud management, and tax management. To address gaps in empirical evidence, a survey research design based on a quantitative method was deployed. Data were collected primarily from 200 professional accountants through structured Google Form questionnaires. Regression analysis was employed to measure BDA's influence, assessing its core dimensions: volume, variety, and velocity. Results reveal that BDA significantly enhances financial reporting accuracy and timeliness, improves fraud detection through real-time data analysis, and streamlines tax compliance processes. Despite these benefits, Nigerian accounting practices face challenges, including limited technological adoption and data integration inefficiencies. The findings emphasize fostering a data-driven culture, investing in advanced analytics technologies, and continuous professional development for accountants to leverage BDA's potential fully. This study highlights the interplay between technology and accounting in an emerging economy and contributes to the broader discourse on BDA's role in modernizing global accounting practices.

Keywords: Accounting Practices, Big Data Analytics, Data-Driven Decision-Making, Financial Reporting, Fraud Management, Tax Management