Thesis Abstract

Abstract
Proper and adequate financial records keeping is an essential component for the success of small-scale businesses. This research project aimed to investigate the impact of maintaining detailed and accurate financial records on the growth and sustainability of small businesses. The study utilized a mixed-methods approach, incorporating both quantitative data analysis and qualitative interviews with small business owners. The findings revealed that small businesses that maintained proper financial records experienced improved financial management practices, leading to better decision-making processes. Businesses that kept accurate records were better equipped to track their income and expenses, manage cash flow effectively, and identify areas for cost savings and revenue growth opportunities. Additionally, maintaining detailed financial records enabled small business owners to comply with legal and regulatory requirements, reducing the risk of penalties and fines. Furthermore, the research highlighted the role of financial records in facilitating access to external funding sources for small businesses. Lenders and investors often require businesses to provide comprehensive financial statements and records to assess creditworthiness and investment potential. Small businesses with organized and up-to-date financial records were more likely to secure loans, attract investors, and establish credibility within the financial market. The study also explored the challenges faced by small business owners in maintaining proper financial records, including limited resources, lack of financial literacy, and time constraints. Recommendations were provided to address these challenges, such as implementing digital accounting software, seeking professional accounting assistance, and investing in financial management training for business owners. In conclusion, the research emphasizes the critical importance of proper and adequate financial records keeping for the success and sustainability of small-scale businesses. By maintaining detailed and accurate financial records, small business owners can enhance their financial management practices, make informed decisions, comply with legal requirements, and access external funding opportunities. Moving forward, efforts should be made to raise awareness about the benefits of financial records keeping and provide support to small businesses in implementing effective record-keeping systems.

Thesis Overview

INTRODUCTION
1.1 BACKGROUND OF STUDY

In these days, in every part of the country people are engaged in the process of planning and opening up new business every day, already existing business strive for survival. In different stages. These business may fail.
More over, financial record keeping in modern concern is the most important step to be taken by any serious entrepreneur before and after floating an enterprises, equipment furniture and capital for the business must be into diligently recorded and kept, curiously enough, these business represent will conceived ideas that are well developed by businessmen who have the experiences, the resources and determination to make their business succeed.
In the light of this therefore, it has become necessary to examine another variable in business namely: accounting information in order to high light its importantly its place in the success of small scale business.
The research work will under score the consequences and causes of inadequate and complete lack of proper financial record among our small business proprietors it will also under line the benefits of good financial record keeping ascertain the extent to which sample companies maintain proper and adequate financial records.
Finally, a relationship will be established between proper and adequate financial record and success of small businesses reaming unemployed citizen at the country.
1.2 OBJECTIVE OF THE STUDY
· To derive total and describe properly the constituent of proper and adequate financial record keeping.
· Why is it necessary to design a direct and short cut system of a financial record keeping for a specific small – scale business?
· What are the requisite steps to recommend ways to building and subsequently maintaining effective accounting system for proper maximization of good management
· To design a direct and shot cut system of financial record keeping specific small business
· To recommend ways of building and subsequent maintaining effective accounting system or proper maximization of good management and decision – making and optimum growth.
1.3 SIGNIFCANCE OF THE STUDY