Impact of Financial Record Keeping on Sustenance of Smes in Gwalgalada Area Council of Fct

Student: Omotolani Josephine Makanjuola (Project, 2025)
Department of Accounting
University of Abuja, Abuja, Fct

Abstract

This comprehensive study delves into the pivotal role of financial record-keeping in the sustainability of Small and Medium Enterprises (SMEs). Drawing on a diverse range of sources, including surveys, reports, and scholarly works, the research investigates various dimensions of SMEs' financial practices and their impact on sustainable development. Utilizing primary data from a structured survey that includes 85 SMEs across different sectors and employing descriptive and regression analyses for test of hypotheses. Positive correlations between effective record-keeping and SME growth highlight the importance of financial practices. Regression analysis further indicates that a higher understanding of bookkeeping practices significantly influences SME growth. Recommendations include enhancing awareness and understanding through workshops and training sessions, promoting active involvement in record-keeping, and evaluating compliance with accounting standards. Implementing these strategies can enhance SME performance and contribute to their longterm viability and growth.

Keywords
impact financial record keeping sustenance gwalgalada council
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