ASSESSMENT OF FINANCIAL RECORDS KEEPING BEHAVIOUR OF SMALL SCALE BUSINESSES IN KUMASI: A CASE STUDY OF ADUM

Abstract

This study examined the financial records keeping behaviour of Small Scale Businesses in Kumasi using Adum as a case study. Quantitative research methodology was adopted to collect data for the study to achieve the objectives of the study. The study utilized questionnaire in the gathering of primary data. As reflected from the study, it is evident that financial records keeping behaviour is an important contributor to profitability of SSBs. This therefore, reflects the need for training programmes on budgeting and planning, debt management, record keeping, saving and retirement plans in schools and other institutions that seek to promote financial literacy and practice. Findings of the study brings to the fore the need to provide SSBs with permanent services, facilities, training and access to credit facilities to boost their businesses. Planning and zoning should be done to ensure the space allocated for SSBs is accessible, with proper communication network, and with proper sheds. This study recommends that, there is the need for government agencies along with micro finance institutions and banks to undertake financial education programmes such as risk management, debt management, record keeping and budgetary skills among others that will create awareness on areas that are lacking such as more effective sources of funds for start-up businesses. This will encourage SSBs to expand and grow in areas they are lacking. Financial education programmes will not only improve the growth of the enterprises but also the entire economy as SSBs contributes so much to the economies where they exist.