scholarly journals The importance of record keeping to the growth of small and medium scale enterprises (SMEs) in Zimbabwe

2015 ◽  
Vol 12 (4) ◽  
pp. 744-754 ◽  
Author(s):  
Ongayi Vongai Wadesango
Keyword(s):  
Financial Reporting ◽  
Financial Management ◽  
Survey Design ◽  
Small And Medium Enterprises ◽  
Management Skills ◽  
Social Scientists ◽  
Accounting Systems ◽  
Record Keeping ◽  
Medium Enterprises ◽  
Descriptive Survey

This study sought to investigate the influence quality financial reporting systems have on the performance of small and medium enterprises. Descriptive survey design was employed. The sample size was 100 SMEs, selected using stratified random sampling. Data were collected using a questionnaire and an observation list. Data collected using questionnaire were analyzed using Statistical Package for the Social Scientists (SPSS). The study found an absence of formal accounting systems in many firms due to lack of financial and accounting knowledge among the owner‐managers. It is recommended that financial institutions and policy makers need to focus on educating such owner‐managers with necessary accounting and financial management skills.

scholarly journals Covid-19 financial distancing for MSMEs in Kenya

2021 ◽  
Vol 10 (3) ◽  
pp. 357-362
Author(s):  
Nathan Mwenda Mutwiri
Keyword(s):  
Financial Management ◽  
Small And Medium Enterprises ◽  
Management Skills ◽  
Institutional Reforms ◽  
Microsoft Excel ◽  
Decision Usefulness ◽  
Descriptive Research ◽  
The Government ◽  
Medium Enterprises ◽  
Analyze Data

The Micro Small and Medium Enterprises (MSMEs) are important for every nation’s economic development. They provide employment and spur the growth of multiple sectors in the economy.  The Covid-19 pandemic has negatively affected MSMEs' performance. The study seeks to demonstrate why COVID 19 may lead to the terminal quarantining of MSMEs. The study is anchored on decision usefulness and information asymmetry theories. The study adopted a descriptive research methodology and sampled MSMEs within Nairobi City County. The study used SPSS to analyze data in addition to Microsoft excel. The study found that over 70% of MSMEs had their sales decline by over 65% while 95% of them had their sales decline by over 30%. The study found that about 68% of MSMEs lacked financial management skills. The study recommends that with legal and institutional reforms, the government needs to develop a financing framework for MSMEs.  

scholarly journals Accounting in a single information space of the enterprise

2021 ◽  
pp. 158-165
Author(s):  
Svitlana Skrypnyk ◽  
Inesa Shepel ◽  
Hanna Holovchak
Keyword(s):  
Decision Making ◽  
Information System ◽  
Financial Reporting ◽  
Small Businesses ◽  
Small And Medium Enterprises ◽  
Accounting Information ◽  
Information Support ◽  
Accounting Systems ◽  
Medium Enterprises ◽  
The Impact

Purpose. The aim of the article is to study of accounting as an information system of enterprises for effective management decisions. Methodology of research. The study used general and special methods of cognition, in particular: methods of theoretical generalization and comparative analysis – for the analysis of relevant scientific literature; system approach, methods of analysis and synthesis – to substantiate the methodology of research of the accounting information system; generalization – in the study of current rules and regulations on the regulation of accounting, methods of reflecting its results and features of accounting processes in the enterprise; abstract and logical – in the generalization of theoretical positions and the formation of conclusions and proposals. Findings. The importance of disclosing the development and knowledge of accounting information and the impact it has on decision-making in small and medium-sized enterprises, as well as micro-enterprises, has been identified. It is established that the general economic development of the country requires adequate information, reliable and important for economic decisions from investors, managers, state administrators, etc. It is concluded that high-quality and reliable financial information is a key element in the decision-making process, in particular the availability of such information is of particular importance for business management and is generally in the public interest. Originality. The main factors of the influence of information support on the accounting of small enterprises are substantiated and revealed. The peculiarities of the practice of accounting systems that can be considered appropriate for small and medium enterprises in accordance with their specific circumstances and needs. It is suggested that an important factor influencing the construction of accounting in small business is the diversity of accounting systems. Practical value. The obtained results of the research allow to deepen the theoretical foundations and develop practical recommendations for improving the information support of accounting in small businesses, as well as to apply them for further research. Key words: small and medium enterprises, accounting, information, information system, financial reporting, decision making.

scholarly journals Financial management practices in successful Small and Medium Enterprises (SMEs)

2015 ◽  
Vol 7 (1) ◽  
pp. 88 ◽  
Author(s):  
Hendrik Petrus Wolmarans ◽  
Quentin Meintjes
Keyword(s):  
South African ◽  
Financial Management ◽  
Management Practices ◽  
Small And Medium Enterprises ◽  
Balance Sheet ◽  
Management Skills ◽  
Body Of Knowledge ◽  
Frequency Of Use ◽  
Medium Enterprises ◽  
Financial Practices

<p>Although the success of small, medium and micro enterprises (SMEs) is extremely important for the South African economy, their failure rate is amongst the highest in the world; some researchers estimate as high as 90 percent. Research has shown that the lack of financial management skills and application of financial management practices are some of the biggest factors contributing to SME failure. However, it is not clear from the literature which of these skills and practices are more important than others. This study aims to fill this gap by determining which financial management skills are relevant for successful SMEs. A survey was done on a sample of owner-managers of successful SMEs who had been asked, firstly, whether they performed different financial management practices and, secondly, how frequently they performed these in their companies. The study concludes that practices regarding working capital as well as profitability are much more relevant than those regarding a balance sheet or strategic finance. Similarly, financial practices related to cash flow and decision making are more relevant than those related to planning or analysing. It may be true, due to the high risk and volatile environment of SMEs, as well as the challenges that are often underestimated, that financial practices which academics regard as important are not always implemented by these companies.  This study contributes to the existing body of knowledge as it determines the relative relevance and frequency of use of financial management practices by successful SMEs.</p><p><strong>KEY WORDS </strong></p><p>Small and medium enterprises, Financial management practices, Successful SMEs, Entrepreneurship education</p>

scholarly journals Financial Management for UMKM at the RW Level Discussion Forum in Tangerang City

2021 ◽  
Vol 6 (1) ◽  
pp. 86-90
Author(s):  
Afaf Boru Bulan Namora ◽  
Djenni Sasmita
Keyword(s):  
Financial Reporting ◽  
Financial Management ◽  
Small And Medium Enterprises ◽  
Management Training ◽  
Discussion Forum ◽  
Service Activity ◽  
The Government ◽  
Medium Enterprises ◽  
The City ◽  
And Training

The main objective of community service is to carry out financial management for MSMEs at RW level in Tangerang City. Micro, Small, and Medium Enterprises (MSMEs) are micro, small and medium enterprises which are one of the business sectors that still survived during the Indonesian economic crisis in 1998. These businesses can survive, because they do not depend on import trade or expect funding from banks. This financial management is carried out in a discussion forum at the RW level in the city of Tangerang to improve the welfare of the community in managing finances for micro businesses independently. The government realizes that financial management is one of the places for the community to empower and develop MSMEs. This service activity is carried out to manage finances in detail and properly managed at the RW level, Tangerang city. This implementation method consists of seminars and training. The results of the seminar and financial management training at the RW level discussion forum in the city of Tangerang went well because the participants received knowledge that was useful for training for the progress of their business. Based on the results of research carried out conducting umkm activities can improve detailed and correct financial management even though many people do not understand financial reporting in accounting, but because of the holding of seminars and training it has produced good results for the people of Tangerang city, thereby reducing unemployment.

scholarly journals Role of Financial Innovation in Enhancing MSMES Access to Credit: An Empirical Investigation on Tanzania

2020 ◽  
Vol 7 (3) ◽  
pp. 126
Author(s):  
Wilfred E. Mbowe ◽  
Fredrick R. Shirima ◽  
Deogratius Kimolo
Keyword(s):  
Financial Services ◽  
Small And Medium Enterprises ◽  
Process Time ◽  
Management Skills ◽  
Loan Repayment ◽  
Record Keeping ◽  
Access To Credit ◽  
Lending Rates ◽  
Loan Size ◽  
Medium Enterprises

This study assesses the extent to which financial innovations contribute to improving micro small and medium enterprises (MSMEs) access to credit in Tanzania. Information was collected through interviews using a structured questionnaire administered on a sample of 318 respondents. Probit estimates were used for robustness check of the factors that influence MSMEs borrowing behavior.The findings indicate that factors, which influence MSMEs to borrow money through innovative channels, comprise the need for meeting business start-up, operational and expansion costs. Other factors are in respect of ease of access; convenience; short loan process; and a relatively high degree of control of the loan process by the borrower. In contrast to progress made in improving access to financial services by MSMEs, loan access by individuals or businesses through innovative platforms is still low. Only 28.8 percent acknowledged having received loans through innovative platforms, and coefficient on innovation variable was found to be statistically insignificant. Explaining this anomaly include unfavorable terms of loans; high lending rates, inadequate knowledge; small-size loans; and short repayment period. Meanwhile, loan process time, loan size, loan access (distance) have a higher probability of increasing loan access by MSMEs.Therefore, there is a need to intensify measures towards enhancing MSMEs access to credit, taking advantage of available innovative platform channels. Increasing efforts towards reducing credit risk will help to lower the lending rates, while moral suasion measures by financial regulators together with borrowers’ traceable business-record can as well entice loan providers to offer loans of larger size and longer maturity. Meanwhile, capacity building is imperative in enabling MSMEs to acquire requisite business management skills and inculcate record-keeping culture. Equally crucial is enhancing measures towards maintaining the country’s macro-economic stability with a view to boosting demand for credit and improving MSMEs’ loan repayment capabilities.

scholarly journals Market Orientation and Survival of Small and Medium Enterprises in Nigeria

2019 ◽  
Vol 11 (1) ◽  
pp. 291-304
Author(s):  
Cosmas Anayochukwu Nwankwo ◽  
Macdonald Isaac Kanyangale
Keyword(s):  
Market Orientation ◽  
Survey Design ◽  
Small And Medium Enterprises ◽  
Business Failure ◽  
Effective Management ◽  
Entrepreneurial Marketing ◽  
Marketing Model ◽  
The Past ◽  
Medium Enterprises ◽  
Descriptive Survey

Abstract The adoption of a market orientation (MO) model for effective management of small and medium enterprises (SMEs) in Nigeria and beyond has drawn diverse views. Extant studies conducted in Nigeria in the past decades have leveraged on the existing entrepreneurial marketing model that has not significantly contributed to the survival of SMEs in Nigeria. The objective of this quantitative study is to investigate the effects of MO on the survival of manufacturing SMEs in Nigeria. The study adopted a positivistic ontology and descriptive survey design. The study randomly selected 387 owner-managers of manufacturing SMEs in Nigeria. The results show that MO significantly contributed to the survival of SMEs in Nigeria. Based on the results, the study recommends that integrative Entrepreneurial Marketing (EM) should be adopted by both the owners and managers of SMEs as this would help reduce the rate of business failure in Nigeria.

scholarly journals Accounting Policies, Management Judgements And Financial Reporting Quality Of Small And Medium Enterprises In Nigeria: A Survey

2021 ◽  
Vol 2 (2) ◽  
pp. 58-70
Author(s):  
Efeeloo Nangih ◽  
Samuel Chikwuchehia Wali ◽  
Peggy Oluchi Anyanwu
Keyword(s):  
Financial Reporting ◽  
Survey Design ◽  
Small And Medium Enterprises ◽  
Reporting Quality ◽  
Financial Statements ◽  
Financial Reports ◽  
Financial Decisions ◽  
Medium Enterprises ◽  
Accounting Policy

The accounting policy adopted by an enterprise, together with the level of approximations done by the management in financial statements, could either enhance or impair their relevance and reliability, and by extension, the credibility of financial decisions made by users of such reports. This is because financial statements portray the financial position and performance of entities. This study assesses the influence of management’s choice of accounting policy and accounting approximations in financial statements on the quality of financial reports of Small and Medium Enterprises in Nigeria. The study was anchored on the Stakeholders’ theory. The study also adopted the survey design approach. Data were mainly collected through the questionnaire and was analyzed using descriptive statistics and regression techniques. Findings revealed that wrong approximations may affect the quality of financial reports, together with other factors.  It was recommended that management of small and medium enterprises should adhere to the provisions of accounting standards when designing their accounting policies and in their judgements/approximations; in order to reduce material errors and enhance the quality of their financial report.

scholarly journals Women Entrepreneurs in Bangladesh- Challenges and Determining Factors

2015 ◽  
Vol 9 (2) ◽  
pp. 27-41 ◽  
Author(s):  
Tania Afroze ◽  
Md Kashrul Alam ◽  
Eliza Akther ◽  
Nahid Sultana Jui
Keyword(s):  
Gender Discrimination ◽  
Women Entrepreneurs ◽  
Small And Medium Enterprises ◽  
Secondary Data ◽  
Business Environment ◽  
Sales Promotion ◽  
Social Constraints ◽  
Management Skills ◽  
Economic Activities ◽  
Medium Enterprises

The aim of this study is to find out the major challenges that hinder smooth operation of women entrepreneurs of Bangladesh. It also finds the reasons behind the success of the women entrepreneurship. Both primary and secondary data have been used to conduct the study. The questionnaire included questions about economic problems, family related issues, social constraints and other limitations faced by women entrepreneurs and the reasons behind their success. Women involved in various small and medium enterprises take on the challenge to work in a male-dominated society, competitive and complex economic and business environment. However, the identified challenges are inadequate capital, sales promotion, getting permission to start-up a business, gender discrimination, illiteracy and lack of knowledge among women, non-availability of training program and technical support, lack of managerial experience, in some cases young people make ill talk about the enterprise and so on. Personal qualities such as hard work and perseverance, management skills and marketing skills, support provided by their spouses or family are the main reasons behind the success of the women entrepreneurs. The level of participation of women in mainstream economic activities remains insufficient and the percentage of women in business is still much below than that of their male counterparts.Journal of Business and Technology (Dhaka) Vol.9(2) 2014; 27-41

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