MANAGERS’ EXTENT OF UTILIZATION OF FINANCIAL RECORD KEEPING PRACTICES FOR SMALL AND MEDIUM SCALE ENTERPRISES SUCCESS IN DELTA STATE

Abstract

The study sought to ascertain managers’ extent of utilization of financial record keeping practices for small and medium scale enterprises success in Delta State. One research question was raised and one null hypothesis was tested at 0.05 level of significance using descriptive survey research design. Convenience sampling technique was used to select 600 out of 1347 SMEs managers in Delta State. A self-developed and validated questionnaire with a reliability co-efficient of 0.71 obtained with Cronbach alpha formula was used for data collection. The researcher administered the instrument with the help of three research assistants to the respondents. Mean and standard deviation were used to answer the research question and determine the homogeneity or otherwise of the respondents while t-test was used for testing the null hypothesis. Findings of the study revealed that managers highly utilize financial record keeping practices for SMEs success in Delta State. Managers do not differ significantly in their mean ratings on the extent they adopt financial record keeping practices for SMEs success based on their years of business experience in Delta State. The study concluded financial record keeping practices were highly adopted by managers for SMEs success in Delta State. It was recommended that SMEs managers should engage professional accountants and auditors on contractual basis to help them examine the financial health of their business enterprises with financial record keeping practices so as to enable them quickly identify financial distress that may affect the success of their enterprises in Delta State.