ACCOUNTING PRACTICES IN SMALL AND MEDIUM SIZE ENTERPRISES IN THE BUEA MUNICIPALITY
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The main research objective was to examine the role of accounting practices on profitability, why other research objectives include the types of accounting practices adopted by SMEs, challenges faced in adopting accounting practices among SMEs and to make recommendations, the independent variable was accounting practices while the dependent variable was profitability,
the study adopted a descriptive research design with a total sample size of 30 SMEs in the Buea municipality, a purposive sample was used for the study.
Primary data was collected for the study using a 30 questionnaire as a method of data collection. Also, data was analyzed using SPSS version 21 software, data was equally presented in tables and charts.
The result of the finding revealed accounting practices assist businesses in tax declaration as well as help businesses in tracking account receivables and payables.
The study also recommended that The union of SMEs in the Buea municipality should develop law for all the SMEs to acquire computer software to improve the accuracy of their record-keeping and financial reporting.
This study further concludes that accounting practices were having a significant positive effect on the profitability of SMEs.
Keywords: accounting practices, profitability, SMEs
1.3 Research Questions
What is the role of accounting practices on the profitability of SMEs in Buea municipality?
1.3.1 Specific Research Question
- What are some of accounting practices adopted by of SMEs in Buea municipality?
- What are some of the challenges faced adopting accounting practices among SMEs in Buea municipality?
- How can accounting practices be improved by SMEs in Buea municipality?
1.4 Objectives of the Study
The main objective of this study was to examine the role of accounting practices among SMEs in Buea municipality.
1.4.1 Specific Research Question
- To identify the types of accounting practices adopted by SMEs in Buea municipality.
- Evaluate the challenges of adopting accounting practices among SMEs in Buea municipality
- To make recommendations on how accounting practices can be improved by SMEs in Buea municipality.