RELEVANCE OF ACCOUNTING RECORDS IN SMALL AND MEDIUM SCALE INDUSTRY

ABSTRACT

This research study delves into the significant contributions of efficient accounting records to the performance of small-scale businesses. With the aim of enhancing the understanding of this vital aspect of business management, three hypotheses were formulated to guide the research. The research adopts a survey methodology, collecting data through structured questionnaires. Data analysis encompasses key statistical measures such as means, standard deviation, and weighted values. To evaluate the hypotheses and draw robust conclusions, the Z-test statistical technique is employed. The findings of this study underscore the importance of practical accounting skills in addressing the reporting needs of small and medium-sized enterprises (SMEs). It highlights the crucial role that well-trained accountants play in supporting the financial management of these businesses. Furthermore, the study advocates for increased government involvement in providing financial assistance to SMEs. Adequate financial support can not only boost the growth of small businesses but also serve as a means of livelihood for unemployed individuals, ultimately contributing to economic development. In light of these findings, the research recommends a renewed focus on practical accounting training by academic institutions and professional bodies. This shift in training emphasis can empower accountants to address the specific reporting requirements of SMEs effectively. This study serves as a valuable resource for policymakers, educational institutions, professionals, and stakeholders interested in promoting the growth and sustainability of small-scale businesses in the Nigerian context.