Category - Hollack OBENG

Garden City University College, Ghana


Does Record-Keeping Matter in Small Businesses?

Records are a fundamental aspect of organizations and must be maintained. This study investigated the essence of record-keeping from the perspectives of small business owners on their operations. This was a cross-sectional survey which used the questionnaire to solicit information from the business owners. The data analysis was descriptive statistics with the aid of Minitab 17 software. Our findings attest to the relevance of business registration and the prominence of the family business in small businesses. It was revealed that 89% of the respondents were conscious of keeping records, 74% recording their business operations manually while retention of records for a year had 77% representation. The benefits of recordkeeping hinge on decision-making and stock-taking. The study concludes that small businesses should not look down on record-keeping as part of running their businesses and suggests education on the importance of record-keeping for small business owners for the effective...

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