Assessing the bookkeeping practices of some selected small and medium scale enterprises in the Suhum municipality.
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Date
2016-08
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KNUST
Abstract
This study discusses the bookkeeping practices of some selected small and medium scale enterprises in the Suhum Municipality in the Eastern Region of Ghana. The study examined the detailed profile of SMEs, bookkeeping practices, whether it conforms to best practices and the challenges they face in their bookkeeping practices. This is to guide policy makers to develop accounting and bookkeeping modules that aims to improve ways by which SMEs bookkeeping can meet international best practices. The research was conducted in the form of a survey. Information was collected from selected SMEs in order to describe some aspect of the population of which the target constitutes a part. The descriptive sample survey helped the researcher to obtain a large sample of information, the result of which could be used to generalize the entire population. The main way through which information were collected was through administering of questionnaires and interviews; answers to these questions by members of the group constituted data for the study. Irrespective of the contributions of SMEs to national development, proper bookkeeping play critical role in the performance and growth of small businesses. The research indicated there was lack of professional skills particularly in bookkeeping procedures among SMEs in Suhum Municipality. It is therefore imperative for accounts clerks to be hired whether businesses are manned by owners or employees no matter the cost, for accounts to be appropriately maintained to enable SMEs keep track of business activities and used it as a source for effective economic planning. In order to ensure bookkeeping and financial management practices of SMEs meet international and best standards, the NBSSI/BAC should collaborate with professional accounting bodies particularly ICA-Ghana to develop accounting and bookkeeping modules that will serve critical needs of SMEs. Government should grant tax incentives to relieve the plight of SMEs that employ professional accounting staff to manage their bookkeeping duties.
Description
A Thesis Submitted To The Department Of Accounting And Finance In Partial Fufilment Of The Requirements For The Award Of The Degree Of Master Of Science In Accounting.