EXTENT OWNERS OF SMALL AND MEDIUM-SCALE ENTERPRISES ADOPT FINANCIAL RECORDS KEEPING MANAGEMENT PRACTICES FOR BUSINESS SUCCESS IN IMO STATE

Abstract

The study determined the extent to which owners of Small and medium-scale Enterprises adopt financial records-keeping management practices for business success in Imo State. One research question was raised to guide to study, and one null hypothesis was tested at 0.05 level of significance. The study adopted a descriptive survey research design. The population of the study consisted of 1886 owners of small and medium-scale enterprises that were registered in Imo State. The sample for the study consisted of 320 owners of SMEs drawn from the population. This number was arrived at using the sample size determination from the Table of Krejcie and Morgan (1970). A structured questionnaire containing 10 items, which was validated by three experts was used for data collection. Cronbach alpha formula was used to determine the internal consistency of the questionnaire, which yielded an overall reliability coefficient of 0.76. The researchers administered the instrument with the help of four research assistants to the respondents. Mean and standard deviation were used to answer the research question and determine the homogeneity of the respondents' opinions, while a t-test was used to test the null hypothesis. The study's findings revealed that SMEs' owners highly adopted financial record-keeping management practices for business success in Imo State. Owners of SMEs do not differ significantly in their mean ratings on the extent they adopt financial records keeping management practices for business success based on years of business existence in Imo State. The study concluded that SME owners in Imo State have solid knowledge of different financial record-keeping practices and are making efforts to gather accounting information that can promote the success of their enterprises. It was recommended among others that owners of SMEs should be trained through seminars and workshops to make more realistic evaluations of their business capabilities and incorporate advanced financial records keeping management practices management practices in their accrued expenses and advanced income operations