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| Financial Records and Financial Performance of Small and Medium Enterprises in Mukono Municipality
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Bbosa K. Peter, Rutaro Abas
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Abstract:
The study examined the relationship between financial records and financial performance of SMEs in Mukono Municipality. Specifically, the study aimed at; establishing the relationship between safety of financial records and financial performance; examining the relationship between ease of access to financial records and financial performance; assessing the relationship between completeness of financial records and financial performance. Correlational cross-sectional survey design was used. The study used 252 proprietors of SMEs in Mukono municipality as the population of the study (Mukono municipality performance report 2021), from which, the researcher selected a sample of 154 respondents using Slovene's formula. Simple random sampling and purposive sampling methods were used to select the sample. Self-administered questionnaire and documentary review checklist were used for data collection. The findings indicated that; Safety of financial records has a positive significant relationship with financial performance. Regarding ease of access to financial records has a significant relationship with financial performance was revealed by the finding. The financial performance of SMEs can be improved once ease of access to financial records is effectively worked on. Completeness of financial records has a positive significant relationship with financial performance of SMEs as revealed by the findings. The study recommended; Proprietors of SMEs should develop a good data safety systems to monitor and track all the business transactions, develop and improve an effective data access system for sound financial reporting as well as ease of access to financial records, and develop an effective and reliable financial records system which evaluates each SMEs' performance, as well.
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