Implementation of Bookkeeping Practices in Micro-Enterprises
Main Article Content
Keywords
micro-enterprises, bookkeeping practices, implementation, importance
Abstract
The study determined the implementation of bookkeeping practices of the microenterprises, as well as, the importance of bookkeeping practices in micro-enterprises. This study used descriptive research design utilising survey questionnaire as the method of data collection for the 80 micro enterprises determined through purposive selective sampling. The data gathered were analyzed and interpreted using frequency and percentage distribution for the profile variables, weighted arithmetic mean for implementation and importance, and chisquare test to determine any significant differences between variables. The results revealed that micro-entrepreneurs sometimes implement bookkeeping practices in their business operation and agree on the importance of it as well. Furthermore, their implementation of bookkeeping practices showed a significant difference in terms of the micro-enterprises' type of ownership, years in operation, level of knowledge, and recordkeeping system. Thus, bookkeeping is indeed important in every business operation. Therefore, a seminar-training program on proper bookkeeping for the micro-enterprises' financial sustainability may be conducted
References
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Ajao, O. S., Oyeyemi, O. G., & Moses, O. I. (2016). Bookkeeping and sustainability of small scale businesses in Nigeria: An assessment of Agbara Local Government Area, Ogun State. Unique Journal of Business Management Research, Vol. 3(1), pp. 011-021, ISSN 2333-6935. Retrieved from http://www.unique researchjournals.org/UJBMR.
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Breuer, A., Frumusanu, M. L., & Manciu, A. (2013). The role of management accounting in the decision making process: Case study Caras Severin county. Annales Universitatis Apulensis: Series Oeconomica, 15, 355-366. Retrieved from http:// oeconomica.uab.ro/upload/ lucrari/1520132/01.
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Chepkemoi, J. (2013). Factors influencing the Financial Sustainability of Selected SMEs in Kenya. Kenya Economic Review, 4, pp 24-29.
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Maseko, D., & Manyani, O. (2011). Accounting Practices of SMEs in Zimbabwe: An investigative study of record keeping for performance measurement (A case study of Bindura). Journal of accounting and taxation 3(8), 171-181. DOI: 10.5897/JAT11.031. Retrieved from https://www.researchgate.net/
Mbroh, J. K., & Attom, B. E. (2011). Accounting and Control Systems Practiced by Small and Microenterprise Owners within the Cape Coast Metropolitan Area of Ghana. Asian Journal of Business Management Sciences. 1 (9), pp 2847. Retrieved from http://ajbms. org/articlepdf/ajbms20129i1812.pdf
Nyathi, M., & Benedict, O. H. (2017). An Analysis of Bookkeeping Practices of Micro-Entrepreneurs in the Retail Clothing Industry in Cape Town, South Africa. Journal of Entrepreneurship and Organization Management. 6:216, Vol 6(2) DOI: 10.4172/2169-026X.1000216. Retrieved from https://semanticscholar.org/004/048c5b259cc2e3ad4f197d113788a7a6bf0b.pdf
Onaolapo, A. A., Fasina, H. T., Opoola, N. A., & Olatunji, A. (2011). Basic Accounting One. Ogbomosho: Johnny Printing Works
Romero, I., & MartÃnez-Román, J. A. (2012). Self-employment and innovation. Exploring the determinants of innovative behavior in small businesses. Research Policy, 41, pp 178-189. doi: 10.1016/j.respol.2011.07.005. Retrieved from www.elsevier.com/locate/respol.
Umeji, A. U., & Obi, C. A. (2014). Cost accounting skills needs of small business operators. doi:10.4236/ ajibm.2014.45032. American Journal of Industrial and Business Management, 4, pp 246-257. Retrieved from www.psa.gov.ph.
Zhou, L. (2010). The Research on Issues and Countermeasures of Accounting Information of SMEs. International Journal Business Management, 5(3), pp 223-225. DOI:10.5539/ijbm. v5n3p223. Retrieved from http:// www.ccsenet.org/journal/index.php/ijbm/article/view/5342.
Agyei-Mensah, B. K. (2010). Financial Management Practices of Small Firms in Ghana: An Empirical Study: Solbridge International School of Business. African Journal of Business Management, Vol.5 (10), pp. 3781-3793, ISSN 1993-8233. DOI: 10.5897/AJBM09.285. Retrieved from http://www.academicjournals. org/AJBM
Ajao, O. S., Oyeyemi, O. G., & Moses, O. I. (2016). Bookkeeping and sustainability of small scale businesses in Nigeria: An assessment of Agbara Local Government Area, Ogun State. Unique Journal of Business Management Research, Vol. 3(1), pp. 011-021, ISSN 2333-6935. Retrieved from http://www.unique researchjournals.org/UJBMR.
Ballada, W. (2010). Basic Accounting. Manila: Domdane Books.
Bowen, M., Morara, M., & Mureithi, S. (2009). Management of business challenges among small and micro enterprises in Nairobi Kenya: KCA. Journal of Business Management, Vol.2, Issue 1. doi.org/10.4314/kjbm.v2i1.44408. Retrieved from https://www.ajol. info/index.php/kjbm/article/ view/44408
Breuer, A., Frumusanu, M. L., & Manciu, A. (2013). The role of management accounting in the decision making process: Case study Caras Severin county. Annales Universitatis Apulensis: Series Oeconomica, 15, 355-366. Retrieved from http:// oeconomica.uab.ro/upload/ lucrari/1520132/01.
Butler, A. (2009). Importance of Bookkeeping in Business. Darby: Butler and Company.
Chepkemoi, J. (2013). Factors influencing the Financial Sustainability of Selected SMEs in Kenya. Kenya Economic Review, 4, pp 24-29.
European Commission (2008). Accounting system for small enterprises recommendation and good practices. Final report of the expert group. Retrieved from http://ec.europa.eu/ enterprise/policies/sme/files
Germain, P, J. (2009). Small Business Bookkeeping. Ezinearticles.com.
Hatteu, T. S. (2012). Principles of small business management: 5th edition, International edition. South Western Lenage Learning.
Ibarra, V. C. (2012). Bad Debts Practices of Selected Small and Medium Enterprises in the Philippines. Integrated Business and Economics Research (RIBER), Volume 1, Issue 1. rieved from https://sibresearch. org/uploads/2/7/9/9/2799227/ riber2012-166_163-178.pdf.
Maseko, D., & Manyani, O. (2011). Accounting Practices of SMEs in Zimbabwe: An investigative study of record keeping for performance measurement (A case study of Bindura). Journal of accounting and taxation 3(8), 171-181. DOI: 10.5897/JAT11.031. Retrieved from https://www.researchgate.net/
Mbroh, J. K., & Attom, B. E. (2011). Accounting and Control Systems Practiced by Small and Microenterprise Owners within the Cape Coast Metropolitan Area of Ghana. Asian Journal of Business Management Sciences. 1 (9), pp 2847. Retrieved from http://ajbms. org/articlepdf/ajbms20129i1812.pdf
Nyathi, M., & Benedict, O. H. (2017). An Analysis of Bookkeeping Practices of Micro-Entrepreneurs in the Retail Clothing Industry in Cape Town, South Africa. Journal of Entrepreneurship and Organization Management. 6:216, Vol 6(2) DOI: 10.4172/2169-026X.1000216. Retrieved from https://semanticscholar.org/004/048c5b259cc2e3ad4f197d113788a7a6bf0b.pdf
Onaolapo, A. A., Fasina, H. T., Opoola, N. A., & Olatunji, A. (2011). Basic Accounting One. Ogbomosho: Johnny Printing Works
Romero, I., & MartÃnez-Román, J. A. (2012). Self-employment and innovation. Exploring the determinants of innovative behavior in small businesses. Research Policy, 41, pp 178-189. doi: 10.1016/j.respol.2011.07.005. Retrieved from www.elsevier.com/locate/respol.
Umeji, A. U., & Obi, C. A. (2014). Cost accounting skills needs of small business operators. doi:10.4236/ ajibm.2014.45032. American Journal of Industrial and Business Management, 4, pp 246-257. Retrieved from www.psa.gov.ph.
Zhou, L. (2010). The Research on Issues and Countermeasures of Accounting Information of SMEs. International Journal Business Management, 5(3), pp 223-225. DOI:10.5539/ijbm. v5n3p223. Retrieved from http:// www.ccsenet.org/journal/index.php/ijbm/article/view/5342.
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Published
Aug 27, 2019
Article Details
How to Cite
Yap, F. D. (2019). Implementation of Bookkeeping Practices in Micro-Enterprises. Asia Pacific Higher Education Research Journal (APHERJ), 6(1). https://doi.org/10.56278/apherj.v6i1.1316
Section
Research Article