Accounting Problems in the Small and Medium Size Industries
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Abstract on Accounting Problems in the Small and Medium Size Industries
An expansive wisdom is bought by experience learning teacheth more in one year than experience in twenty. Rogar Ascham (in the scholaoter). Furthermore, “it is impossible for a man to learn what the thinks he already know (Epictelus).
On this note I state that a great number of people go suddenly and with force into business without having a sound knowledge of what business is all about, what it takes to run or manage a business. One cannot be said to have committed an offence nor made a mistake to make an ascertain that it is a daily practice to set up small and medium scale firms in every nooks and crawrices of Nigeria, but simple though worthy questioning. “How many actually stand with the test of time?” many business lovers commenced business with huge sums of money (capital) have experienced a mistiness running down of the business the predicament has been attributed to many factors but the writer is chiefly concerned with “accounting and management” as one of the said such factors.
The study critically worked into the accounting systems and management problems in separation in both small and medium scale industries. (A case study of Mr. Bigg’s and Uncle Joe’s Bread) Enugu State, I have found out if records actually existed, the problems encounter in keeping them, and the effects they have on the entire business organization. Questionnaires and personal interviews were used by the researcher in obtaining the necessary factors.
The main findings at the end of this research reveals that improper accounting and poor management techniques played a vital role in the failure of most business firms. Based on the major findings the researcher made the following recommendation.
1. Proper planning and control
2. Use of good accounting techniques
3. Application of sund credit policy
4. Sound wage and salary policy
5. Use of marketing research
6. Improved inventory management
7. Reduction of operating cost expenses
8. Striving to improve sales.
Chapter One of Accounting Problems in the Small and Medium Size Industries
BACKGROUND OF THE STUDY
A basic reality of modern economic life is the inter dependence of the business. No modern business is an outlay in itself. There is no doubt whatsoever that the small scale and medium companies constitute the real fabric of a nation’s economy. And to say that the present and future economic advancement of this our great country Nigeria lies in the dynamism and growth of small-to-medium scale enterprises (SME) is not an overstatement.
This opinion was upheld during the economic conference in Lagos in 1989 at the instance of three bodies namely – the Nigerian institute of social and economic research (NISER). The National Association of small-scale industries (NASSI) and the Friedrich Albert foundation. In other words, SMEs constitute a vital engine to economic growth and development.
However, the environment in which this sector operates in Nigeria is both challenging and rewarding. It is challenging because it is fraught with the changers of risks arising from having, in the first place to invest money in a business and the problems of managing it in the country’s recessed economy.
Moreover, there is the challenge of government regulatory activities which may effect the performance of SMEs adversely.
Nevertheless, there is smiling countenance of success, should the SMEs be given dynamic leadership and properly managed in the present economically recessive climate in the country, and with the aid of the various packages of incentives given by governments (Federal, State and Local) to this group of business.
Past records of different countries that are regarded to be developed revealed that industrial revolution had been the main cause for their economic survival. The financial capacity the said developed countries has, come mainly from the acquisition industrial and technological power. Small and medium scale industries undisputedly constitute the bed-rock for any meaningful industrial development and for the acquisition of this trial and technological power.
In recent years, development economists and policy makers have become increasingly troubled by two problem found commonly in less developed and develop countries. There are slow growth in industrial development and lag in rural development, it is often suggested that small-scale and medium scale enterprises (SME) would help promote rural development as well as general urban employment. It is however remarkable to note that inspite of this high hope, little success has been achieved in Nigeria. The
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