ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN UYO LOCAL GOVERNMENT AREA


ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN UYO LOCAL GOVERNMENT AREA

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ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN UYO LOCAL GOVERNMENT AREA
ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN UYO LOCAL GOVERNMENT AREA

Nigeria’s economy is characterized very by large number a relative of micro enterprises, and in between lie small and medium enterprises (SMEs). The unique

 

feature of most SMEs is that, they can be easily established since their requirement in terms of capital, technology; management and even utilities are not as demanding as it is the case of large enterprises. Consequently, small enterprise sector is one of the leading employers (next only to peasant agriculture) in Nigeria and has been recognized as significant sector in employment creation, income generation, poverty alleviation and a base for industrial development. It is estimated that there are over 30 million enterprises in the sector employing between 15 to 16 million people. Despite the enormous potential of the private sector, poor record keeping is identified as a constraint hampering its growth in Nigeria. Businesses are unable to keep track of daily activities and banks are unwilling to lend to SMEs all due to lack of financial information. Hence, this study seeks to investigate whether SMEs practice bookkeeping or not, and the contributions of bookkeeping to the growth of SMEs in the Uyo in Akwa Ibom State of Nigeria. The study considered a total population of 450 comprising SMEs, 15 Banks as well as NBSSI office in the Local Government Area. Out of this figure, a simple random sampling technique was used to select a sample size of 136 for the study. From the findings of the study, it was revealed that, 80.8% SMEs were practicing bookkeeping and the manual system was predominantly used. The recommendations however were that, NBSSI must be strengthen and well resourced by government to offer support services in the area of organizing effective training programmes for SMEs operators. There must also be an intensive publicity in the local dialect through the mass media to sensitize SME operators on the need to maintain proper books of records.


 

5


 

 

 

TABLE OF CONTENTS

 

 

Content                                                                                                        Page

 

Title Page                                                                                                  i

 

Declaration                                                                                                ii

 

Dedication                                                                                                 iii

 

Acknowledgement                                                                                     iv

 

Abstract                                                                                                     v

 

 

 

 

 

 

 

 

CHAPTER ONE

 

1.0

Background of the Study

1

1.1

Statement of the Problem

3

1.2

Objectives of the Study

5

1.3

Research Questions

6

1.4

Significance of the Study

6

1.5

Limitation of the Study

7

1.6

The Scope of the Study

7

1.7

Methodology

7

1.8

Layout of the Study

8

 

 

 

 

CHAPTER TWO


 

 

 

7


 

 

 

2.0

Overview

10

2.1

Definitions of Small and Medium Enterprises

10

2.1.1

Qualitative Definition

10

2.1.2

Quantitative Definition

12

2.1.3

The Nigerian Situation

12

2.2

Bookkeeping Definitions and Concepts

13

2.3

Basic Steps in Bookkeeping

14

2.4

Financial Management in SMEs

15

2.5

Financial Reporting and Analysis

16

2.6

Benefits of Financial Information

17

2.7

Costs of Financial Information

18

2.8

SMEs Contribution to Economic Growth and Development

19

2.9

Nigeria Government Policies in Promoting SMEs Development

20

2.10

The Conceptual Framework

22

 

 

 

 

 

CHAPTER THREE

 

3.0

Overview

25

3.1

The Study Area

25

3.2

Research Design

25

3.2.1

Population

26

3.2.2

Sampling and Sampling Size

26

3.2.3

Instrumentation

27

3.3

Method of Data Collection

28

3.4

Data Analysis

28


 

 

8


 

 

 

 

CHAPTER FOUR

 

4.0

Overview

29

4.1

Demographic Features

29

4.1.1

Age Distribution

29

4.1.2

Gender

30

4.1.3

Educational Background

31

4.2

The Length of Period in Business

32

4.3

Forms of SMEs Business Organisation

33

4.4

Nature of Business

34

4.5

Number of Employees in SMEs

35

4.6

Organisations Dealing with SMEs

36

4.7

Training Programs for SMEs

37

4.7.1

Effectiveness of Training Programs to SMEs

38

4.8

Business Records

39

4.8.1

Reasons for not Practicing Bookkeeping

40

4.8.2

Bookkeeping Management

41

4.9

Availability of Credit Facilities to SMEs

41

4.9.1

Accessing Loans From Banks by SMEs

43

4.10

Difficulties Businesses Encounter in Bookkeeping

44

4.10.1

Reasons for no Bookkeeping by SMEs

45

4.10.2

Benefits of Bookkeeping

46

4.10.3

Difficulties Businesses Face for not Practicing Bookkeeping

47


 

 

9


 

 

 

4.11

Those Responsible for Bookkeeping

48

4.12

Analysis of Data From Banks

50

4.12.1

Banks Support to SMEs

50

4.12.3

Banks Criteria in Granting Loans to SMEs

50

4.13

Major Problem of SMEs in Accessing Loans from Banks

51

4.14

Lending Rate to SMEs

52

4.15

Role of Business Records in Granting Loans to SMEs

52

4.16

Analysis of Data From NBSSI

52

4.16.1

The Role of National Board for Small Scale Industry

52

4.17

The Specific Activities of NBSSI With SMEs

53

4.18

Challenges of NBSSI/BAC in Dealing with SMEs

53

4.19

Bookkeeping Practices of SMEs

54

4.20

Challenges Businesses Face for Failure to Practice Bookkeeping

54

 

 

 

 

 

 

 

CHAPTER FIVE

 

5.0

Overview

55

5.1

Summary of the Study

55

5.2

Summary of Findings

56

5.3

Conclusions

59

5.4

Recommendations

60

 

References

62

 

Appendix I

65

 

Appendix II

74


 

 

10


 

 

 

 

LIST OF TABLES

 

Table 4.1:

Researches on SMEs Annual accounts uses

18

Table 4.2:

Population and sample size

27

Table 4.3:

Age Distribution

30

Table 4.4:

Gender

31

Table 4.5:

Educational Backgrounds

31

Table 4.6:

Duration of SMEs in Business

32

Table 4.7:

Forms of Business Organisations

33

Table 4.8:

Kinds of Business Ventures Respondents

34

Table 4.9:

Number of Employees in Business

35

Table 4.10:

SMEs and Organise Groups

36

Table 4.11:

Forms of Training to SMEs

37

Table 4.12:

Effectives of Training

38

Table 4.13:

Business Record keeping

39

Table 4.14:

Reasons for no Recordkeeping

40

Table 4.15:

Satisfy with Business Records

41

Table 4.16:

Ways of Recordkeeping

42

Table 4.17:

Difficulty in Trying to Access Credit Facility

42

Table 4.18:

Reasons for lack of access to loans

43

Table 4.19:

Difficulties in Bookkeeping

44

Table 4.20:

Reasons for no Bookkeeping

45

Table 4.21:

Benefits of Bookkeeping

46

Table 4.22:

Micro Credit Support to SMEs

50

Table 4.23:

Criteria Banks used in Granting Loans

51


 

 

11


 

 

 

 

 

 

 

 

 

LIST OF FIGURES

 

 

 

 

 

Figure 1:

Problems Business face for not Keeping Records

48

Figure 2:

Those Responsible for Bookkeeping

49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12


 

 

 

CHAPTER ONE

 

 

INTRODUCTION

 

 

 

 

 

 

1.0 BACKGROUND

 

 

Small and Medium-sized Enterprises (SMEs) play a major role in economic development through employment creation and income generation. SMEs are sometimes referred to as Micro, Small and Medium Enterprises (MSMEs). They cover non farm activities such as manufacturing, mining, commerce and services. There are different criteria for categorizing SMEs. Commonly used criteria are total number of employees, total investment and sales turnover (Burns & Dewhust 1996; Bushong 1995; Holmes et al. 2003).

 

In the context of Nigeria, SMEs are those enterprises engaging up to 29 employees, in most cases family members, with capital amounting up to N100,000. Majority of SMEs fall under the informal sector. SMEs are formalized undertakings engaging between 1 and 29 employees, with capital investment from N100, 000.

 

According to World Bank (2006); Nigeria is characterized by low capital formation, SMEs are the best option to address this problem. SMEs tend to be more effective in utilization of local resources using simple affordable technology. SMEs play a fundamental role in utilizing and adding value to local resources. In addition, development of SMEs facilitates distribution of economic activities within the economy

ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN UYO LOCAL GOVERNMENT AREA

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Nigeria’s economy is characterized very by large number a relative of micro enterprises, and in between lie small and medium enterprises (SMEs). The unique feature of most SMEs is that, they can be easily established since their requirement in terms of capital, technology; management and even utilities are not as demanding as it is the case of large enterprises. Consequently, small enterprise sector is one of the leading employers (next only to peasant agriculture) in Nigeria and has been recognized as significant sector in employment creation, income generation, poverty alleviation and a base for industrial development... accounting project topics

ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN UYO LOCAL GOVERNMENT AREA

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