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| Role of Book Keeping on Sustainability of Small and Medium Enterprises (Smes) in Nigeria (A Case Study of Selected Smes in Osun State) |
Adeyemi, Moses Sunday and Akanji, Adedeji Akinkunmi
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Abstract:
The main objective of this study is to examine the role of bookkeeping on sustainability of small and medium enterprises in Osun State, Nigeria. The specific objectives are to: determine the effect of bookkeeping practice on sustainability of Small and Medium Enterprises (SMEs); ascertain the depth of SMEs owners' appreciation of the use of bookkeeping; and examine the constraints of SMEs on standard bookkeeping records. This study adopted descriptive research design. The sampling techniques employed for this study are stratified and simple random sampling methods. The instrument used for this study was obtained from primary data. The primary data was obtained through properly structured questionnaire. The descriptive statistics of frequency distribution, percentages mean and standard deviation were used to analyze and relate variables which were obtained from the administered questionnaire. Hypotheses were tested using correlation and regression analysis. The study found that there is a significant relationship between bookkeeping and SMEs sustainability. Also, it was also discovered that bookkeeping practice has significant effect on SMEs and finally, the study found out that the problem of proper bookkeeping has a positive and significant effect on SMEs sustainability. The study concludes that bookkeeping would help SMEs to grow, and hence, results in sustainability through act of proper record keeping of their basic transactions. The study recommends that SMEs should employ bookkeeper to help monitor the finances of the business while owners are advice that record of the business transactions should be adequate and timely in case of need for financial assistance when financial records are needed.
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