Bookkeeping and sustainability of small scale businesses in Nigeria: An assessment of Agbara Local G

Bookkeeping and sustainability of small scale businesses in Nigeria: An assessment of Agbara Local G

Author by Mrs. Grace Ogundajo

Language: English

Abstract

Small Scale businesses play a pivotal role in the development of the economy of developing countries but this function is being dwindled due to lack of understanding and applicability of proper bookkeeping practices by these businesses. This paper focuses on bookkeeping practices among the small scale businesses and its influence on their growth and sustainability. Data used were obtained through the administration of questionnaire; descriptive statistics (tables and percentages) and regression analysis were used in analyzing the data collected for the study through SPSS. It was found that majority of the respondents do not know the meaning and usefulness of source documents, do not keep records of their business transactions and could not determine whether their businesses are growing or not; although most of the owners of small business are eager to know the importance of proper book-keeping. It is recommended that government and the accounting professional bodies should enlighten the owners of small scale business owners on the meaning and importance of book-keeping for sustenance of their businesses thus positively influence the development of Nigerian economy.


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