Accounting project small and medium enterprises

These small scale enterprises cannot function properly if they are not properly managed and monitored to ensure that they are successful, this concern has led us into this study of assessing the book keeping practices of small and medium scale enterprises. The unique feature of most SMEs is that, they can be easily established since their requirement in terms of capital, technology; management and even utilities are not as demanding as it is the case of large enterprises.

Accounting project small and medium enterprises

Accounting is and information system that identifies records, communicates the economic events of an organization to interested users. The success, growth and survival of any business depend on great extent on the quality of decision made by management.

This decision depends on the quality and timeliness of the information provide by good accounting information.

Accounting project small and medium enterprises

Information from a good source is competitively necessary for every business requiring a successful ending. This becomes imperative for every SME to manage a good information which entails the installation of a sound accounting information to guide and support the decision making process.

It has been recognised that appropriate accounting information is essential for a successful management of any business entity, whether large or small European Commission The criteria of an asset base is between N5 million and N million, and staff strength between 10 to employees.

However SMEs have been very important to the growth and development of any country, because of role it play. This research will assess the level of usefulness of accounting information toward evaluating the performance of SME in Akwa Ibom State.

Primarily, the role of accounting is to collect and communicate data that can be used for analysis and decision making, Ethredge, Shane, and Smith, From the International Accounting Standard Committee IASCframe work which identify the principles, and qualities of accounting information to include understandability, relevance, reliability and comparability.

It is noted the, most SME does acknowledge the importance of proper record keeping in their operation.

Sage Business Cloud

According to Oladejothe achievement of the firm objective is greatly influenced by the application of accounting records. But some challenges of inadequate, Infrastructural facilities, inability of most business firms to demand accounting system adequate to them for their need.

He concluded that, the accounting record has contributed immensely to the unprecedented rate in the growth of small business in identifying the expenses, income, and profit or loss of a firm at the end of an accounting year usually 12 months.

Even though most SMEs prepare financial reports for statutory purposes, many fail to use accounting report.

Accounting project small and medium enterprises

These shows that, poor record keeping and inefficient use of accounting information are a major cause of the small and medium size enterprises failure Berryman from Walton The misuse and inaccurate accounting information causes small and medium size enterprises to assess their financial situation, and make poor financial decisions, as well as leads them to high failure rate Byron and Friedlob Small and medium firms should recognize that accounting information can be a valuable component of a company management and decision-making systems for financial data, and provides the ultimate indicator of the failure or success of a business strategic direction.

The performance of small scale enterprises howeverindicates that their expected important role can be achieved through variables including the implementation of fundamental managerial expertise such as basic business accounting, which can serve as an important base for financial planning and controlling; most especiallyin the function of forestall cash flow problems.

In Uganga according to research, there are poor level of record keeping and insufficient use of accounting information to support financial decision making are the major cause of the SMEs failureBerryman quoted in Walton show that, poor performance and failure exhibited by SME in Uganda could be due to lack of quality accounting information.

In Nigeria, these is not exemption, The fact underlying the success of a business enterprise is the establishment and application of controls by their owners of management in addition to the systematic record keeping of business transactions which is at the end of the period keeps the owner well informed about performance of the business.

Journal of Business & Financial Affairs

Several challenges occurs that hamper the growth of SMEs in the Akwa Ibom State resulting from the accurate use of accounting information system which is expected to enable a fair preparation and presentation of accounting statement, to allow them meet their operational obligation.Abstract Realizing the potential market opportunity for business consulting services for Small Medium Enterprises or SMEs and the need for university to generate its own income, most public universities in Malaysia plan to embarks on business consulting services with the vision of enhancing SMEs capabilities to its full potentials.

Private enterprises are grouped into three main categories- large-scale, medium-scale and small-scale enterprises. For this study, small and medium scale enterprises shall be the focus. Small and medium enterprises account for very large segment of the productive population.

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