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Every organisation, whether small, medium or big is established to achieve specific target objective. Such objective derived from adequate returns on investment and the ability of the organisation and or, its representatives maximally provide social service that would meet the immediate and long term needs of its environment or community.

In order to actualize set objective, organisation employ adequate and effective accounting records as well as employ the services of available resources (human or non-human) towards actualizing dreams.

Virtually, every organisation and business minded individuals take proper records of it’s activities. This is to enable team measure or ascertain the level of success or failure recorded in the organisation at a specified period of time. Consequent upon this, one may ask, how adequate, accurate and reliable are feese records especially they are not taken by a professional book-keeper or accountant?

Keeping of records is not only required but also vital any organisation. According to Alayide (2009); inadequate records or failure to bring the accounting records up-to-date usually leads to commitment of errors and fraudulent practices. As such, organisation whether in the private or in public sector, really requires the services of a qualified and certificated accountant or book-keeper.

Organisation need to employ the services of professional accountants and or, book-keepers in order to:

(a)   Keep all accounting records.

(b)   Set up sound accounting records for staff to follow.

(c)   Assist them to keep in closing the books of account where there is difficulty and or discrepancy.

(d)   Prepare and-of-year account or financial report systems to facilitate clients efficiency in processing management information and controlling of operation.

(e)   Write up accounting and administrative procedure manuals.

(f)     Ensure adherence to the internal deck system, and so on.

Wanogho (2006) opined that the services of the accountant to organisation and individuals among others includes;

(a)   Drafting of financial statement incorporating profit and balance sheet for companies.

(b)   Preparation of management account on a regular basis and for whatever period e.g. yearly, quarterly, six monthly, daily etc.

(c)   Preparation of accounts for specialized area as trust non-profit making organisation charities and pension schemes.

(d)   Maintenance of computerized record of clients book of prime entry from the information supplied.

(e)   Preparation of necessary financial information.


The importance of book-keeping and accounting in a profit making organisation can not be over emphasized or underestimated. But some small scale enterprises have been faced with some problems which resulted to their winding-up.  

These problems are as listed here under:

Ø Lack of permanent and systematic records for financial transaction by accounting professionals that will ascertain whether the business has make profit or loss in an accounting period.

Ø Accounts prepared at best are single entry and feese account proper information regarding assets are lacking.

Ø Accounts prepared by non-professional have no safeguards for fraud and errors.

Ø Final accounts prepared are not reliable and cannot be acceptable for tax proposes.

Ø Accounts prepared does not take into cognizance of issues relating provision for doubtful debt and depreciation.

Ø Financial statement prepared cannot be compared between periods because the bases of preparation is faulty.   

To this end, the study is embarked upon to address these problem identified.


For the purpose of getting relevant responses, the study hereby formulates the under-listed hypothesis.

1)  To what extent can it be said that booking keeping and accounting practices and services are employed in small scale business organisation?

2)  To what extent can it be said that book keeping and accounting functions are preformed by experts in small scale business organisation?

3)  To what extent is the application and expertise use of book keeping and accounting of small scale business organisations achieve the expected goals?

4)  What are the major problems faced by business without the use of professional accountants or book-keepers?


The major purpose of the study is to highlight book-keeping and accounting practices in small scale enterprise. The study will be of a great aid to private organisations, both large and small scales to enlighten them on the importance of book-keeping or recording the day-to-day activities information in profit making organisation and also to find possible suggestions of stressing the importance of book-keeping through seminars to our business organisations and officers managing these firms.

The study is also design to achieve the following objectives;

1)  Investigate and report the problems associated with business that do not keep proper accounting records.

2)  Investigate and report what business would gain when proper books of accounts are kept and maintained.

3)  Investigate and report on the place of professionals in the preparation of financial statement of business enterprise.

4)  Make appropriate recommendation on the subject matter in order to have an efficient and effective financial reporting business.


The study hereby formulates the following hypothesis:

A.      Ho: Hull Hypothesis

Proper record keeping of business transaction does not necessitate the growth and survival of a business organisation.

B.      H1: Alternative hypothesis

Proper records keeping of business financial transaction necessitate the growth and survival of a business organisation.

C.      H2: Proper book keeping and accounting has not reduced error/fraud in business organisation.

D.     H3: Proper book keeping and accounting has reduced error/fraud in business organisation.


Book keeping and accounting practice is a major determinant of organisational success. This is because, for any organisation to function well, it must have proper professional documentation of it’s activities. To this end, this study on book keeping and accounting practice in small scale enterprise, with focus on P.A. Table Pure Water, if strictly  studied and observed, will go along way in:

§  The study will encourage small and medium scale firms to make use of exports in managing their financial records.

§  Business firms and other individuals, who would have been using the services of quack book-keepers or accountants to manage their records, will find this study motivating and profitable as they would employ the services of professionals.

§  To the management of P.A. table water, recommendation will go a long way to maintain good accounting system that will be able to report state of affairs of the business promptly.

§  This study can be a basis for further studies.


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