Financial records keeping and small-scale enterprises: a case study of kassena-nankana municipality
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Date
2021
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KNUST
Abstract
Good financial recordkeeping enables business organizations to plan properly y and also check for misappropriations of resources. The stud y evaluated the effects of financial records keeping on Small Scale Enterprises (SSEs) in the Kassena-Nankana municipality. The stud y made use of the mixed app roach which combines both the quantitative and qualitative designs. A descriptive c ross-sectional stud y design was adopted in the stud y. The quantitative data was analyzed using descriptive statistics such as frequencies, tables and percentages. The stud y found that record keeping assisted SSEs in calculating profit for the r businesses and enabled them to analyze in detail the spending and revenue of their businesses. The stud y also revealed that man y SSEs earned income which goes a long way to reduce their poverty levels indication a vital role in reducing poverty y. The study recommends that that record keeping in SSEs must be made mandatory to imp rove the r accounting practices and increase chances of them imp roving their business operations. Additionally, SSEs should separate the activities of their businesses from their personal activities.