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Impact of Financial Management Practices on the Growth of Small and Medium Scale Enterprises in Ghana: The Case of Birim Central Municipality

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• Volume 5,Issue 2, March 2018

Year:

2018

Type of Publication:

Article

Keywords:

Financial Management, Working Capital, Book-Keeping, Economic Growth, Business Enterprise, Credit Control

Authors:

• Bismark, Okyere
• Kofi, Adjei-Gyabaah Frank
• Kofi, Obeng Acheampong
• Eric, Hope

Journal:

IJIRES

Volume:

5

Number:

2

Pages:

177-184

Month:

March

ISSN:

2349-5219

BibTex:

@article{1224, author = "Okyere Bismark and Adjei-Gyabaah Frank Kofi and Obeng Acheampong Kofi and Hope Eric", abstract = "The main purpose of the study was to investigate the ‘Impact of Financial Management Practices on the Growth of Small and Medium-Scale Enterprises in Ghana within the Birim Central Municipality. The specific objectives of the study were to ascertain the type of book keeping practice of SMEs, examine the process of managing cash flow and credit among SMEs, assess how SME’s control their stock with respect to working capital and accounts receivables and examine the challenges of SMEs with respect to financial management practices in Birim Central Municipality. The study concluded that most of the respondents do sometimes practice financial management. The results further revealed that most of the respondents totally agreed to the importance of financial management Practices. It was deduced from the data obtained that most of the respondent use more of the cash book and sales day book as compared to the other type of book keeping. However, it came to light that most of them had not had training in managing their financial resources", issn = "23495219", journal = "IJIRES", keywords = "Financial Management, Working Capital, Book-Keeping, Economic Growth, Business Enterprise, Credit Control", month = "March", note = "This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. CC BY-NC-SA 4.0 Creative Commons License: https://creativecommons.org/licenses/by-nc-sa/4.0/", number = "2", pages = "177-184", title = "{I}mpact of {F}inancial {M}anagement {P}ractices on the {G}rowth of {S}mall and {M}edium {S}cale {E}nterprises in {G}hana: {T}he {C}ase of {B}irim {C}entral {M}unicipality", volume = "5", year = "2018", }

Note:

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. CC BY-NC-SA 4.0 Creative Commons License: https://creativecommons.org/licenses/by-nc-sa/4.0/

Abstract:

The main purpose of the study was to investigate the ‘Impact of Financial Management Practices on the Growth of Small and Medium-Scale Enterprises in Ghana within the Birim Central Municipality. The specific objectives of the study were to ascertain the type of book keeping practice of SMEs, examine the process of managing cash flow and credit among SMEs, assess how SME’s control their stock with respect to working capital and accounts receivables and examine the challenges of SMEs with respect to financial management practices in Birim Central Municipality. The study concluded that most of the respondents do sometimes practice financial management. The results further revealed that most of the respondents totally agreed to the importance of financial management Practices. It was deduced from the data obtained that most of the respondent use more of the cash book and sales day book as compared to the other type of book keeping. However, it came to light that most of them had not had training in managing their financial resources

Full text: IJIRES_1224_FINAL.pdf Online version [Bibtex]