Financial record keeping and performance of small and medium enterprises in Lira town - northern Uganda
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Date
2015-11
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Kampala International University, College of Economics and Management
Abstract
The study sought to establish the significance of financial record keeping on the performance of SMEs in Lira town, Northern Uganda. The study was guided by three research objectives that included; establishing the extent of financial record keeping among SMEs in Lira town; assessing the level of performance of SMEs in Lira town; and establishing the relationship between financial record keeping and the performance of SMEs.The research employed descriptive correlation study designs. Source of data was from both primary and secondary
sources and the instrument of data collection was the questionnaire and interview guide. Analysis was through the use of both descriptive and inferential statistics. The finding revealed the following: majority of the respondents were aged between 26 — 35 years (41.8%), married (51.9%), male (6 1.5%), were diploma holders (38.0%) were in trading business (43.8%) and has spent 1-3 years in the business (61.5%), On the extent of financial record keeping among SMEs, the finding revealed that it was satisfactory as this was indicated by overall mean of 2.60.The level of performances of SMEs was found to be high as this was indicated by overall mean (mean 2.75). The finding further indicated a positive significant relationship between financial record keeping and the performances of SMEs since sign. Value (.000) was less than 0.01. The researcher made a number of recommended which included the following; SMEs owners should appreciate the importance of financial record keeping since it has some utility. SMEs owners should institute a system of financial record keeping that is accurate, reliable, easy to follow, consistent as to the basis used and very simple; SMEs owners should make a deliberate attempt to improve on the capture and maintenance of financial record overtime; training of SMEs owners by organization of business association in areas of record keeping.
Description
A thesis presented to the college of higher degrees and research of Kampala International University
Kampala, Uganda. in partial fulfillment of the requirements for the Degree Master of Business Administration
Keywords
Record keeping, medium enterprises, Lira town