CLOUD ACCOUNTING AND THE PERFORMANCE OF SMALL AND MEDIUM SCALE ENTERPRISES IN YENAGOA BAYELSA STATE

This study investigates the relationship between cloud accounting practices and the performance of Small and Medium-sized Enterprises (SMEs) in Yenagoa, Bayelsa State, using a descriptive survey research design. Primary data was collected through structured questionnaires, and Spearman rank correlation analysis was used to examine the relationships between cloud accounting practices and SMEs' performance. The findings reveal significant correlations between cloud accounting practices and SMEs' performance, including time saving, cost effectiveness, and accurate financial accounting. The study found strong positive correlations between time saving and business growth (ρ = 0.751), cost effectiveness and business growth (ρ = 0.605), and accurate financial accounting and business growth (ρ = 0.801). The study concludes that cloud accounting practices have a significant impact on SMEs' performance and can drive business growth, improve cost effectiveness, and ensure accurate financial accounting. The study recommends that SMEs adopt cloud accounting practices to automate financial processes, reduce costs, and enhance financial decision-making. The findings contribute to the existing body of knowledge on cloud accounting and its impact on SMEs' performance, and have practical implications for SMEs, policymakers, and accounting professionals.