The Golly of Professional Accounting System and Profitability of Selected Non-Profit Making Organizations

Importance, comprehensiveness, verifiability, neutrality, timeliness, comparability, and integrity characterize a well-defined financial report of any organisation. Nigeria has a thoroughly reviewed accounting system which is a major factor that enhances the profitability of most NGOs. For anybody to collect genuine data from a real source, a questionnaire has to be drafted and used. The results so obtained were analysed, and in most cases, presented in the form of percentages, averages, and standard deviations. The intended respondents off this research included financial professionals of renowned non-profit organizations in Rivers State of Nigeria. The respondents distributed a total of 55 questionnaires and returned 50 questionnaires, representing 90% of the total. To achieve a better analysis, the ANOVA One-way technique ware was used. Our findings revealed that, the accounting system has a substantial impact on the effectiveness of non-profit organizations. It is our recommendation that Non-profit organizations maintain adequate record-keeping in full compliance with the international reporting standards; follow proper recruitment procedures; carry out regular trainings for their accounting personnel in modern software on a constant schedule; carry out routing and annual auditing of their financial statements; and most importantly, incorporate good accounting and internal control systems.