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| Assessment of Financial Management Practices on Development of Small Scale Enterprises (A Case Study of Ondo State) |
Popoola, Elizabeth Toluwani; Samuel, Oladele Obisesan; Makinde-Ojo, Yetunde Adeola; Mbah, Fatima Imike; Adegbola, Muritala Makinde
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Abstract:
This study focuses on assessment of financial management practices on development of small scale enterprises in Ondo state, Nigeria. The specific objectives are to: identify the type of book keeping practice of SSEs in Ondo State; examine the process of managing cash flow and credit among SSEs in Ondo State; assess how SSEs control their stock with respect to working capital and accounts receivables in Ondo State; examine the challenges of SSE with respect to financial management practices in Ondo State. This study adopted a cross-sectional survey design. The technique used for sampling method is a non-probability sampling technique. Primary data was used in this study and questionnaire was used as research instrument. The primary data was obtained using properly structured questionnaire administered to the respondents from selected small scale firms. Data collected was analyzed using simple percentages and frequency of respondent. The study concluded that most of the respondents do sometimes practice financial management .The results further revealed that most of the respondents totally agreed to the importance of financial management. The study brought to light that most of the respondents do not have the will to sell on credit to their customers. It was also concluded that most of the respondents only do investigations about their client when the need arises representing. It was also deduced that most of the respondents do purchase goods on credit from their suppliers representing. However, it was concluded that most of the respondents engaged in short term investment. The study revealed that most of the respondents face challenges in the management of their finances. The overall study indicated that financial management practices is very critical in all business enterprises irrespective of the size and location
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