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CHAPTER ONE
1.1 BACK GROUND OF STUDY
Finance is very important, it is as old as man and it is pivot on which every business hinges.
Finance is an economic force, a means of economic empowerment or
enablement; where withal available to an organization to discharge or
settle it’s obligations. It is therefore any or means of settlement. A
transaction is said to be financed when it is settled through the
payment of money and other credit facilities such as commercial bank
loans, bank overdraft, letter of credits, finances of establishment
comprise both cash and other liquid resources such as stock, bond,
contract right etc, as well as the credit and loan facilities available
to the organization (Adapted from Okofor 2003).
To achieve proper
financial records, records of transactions must be kept, such financial
records of business establishments includes, cash books, Receipt
booklets, Bank Account books, ledger account books, invoices and payment
books and booklets etc.
For effective management, these records must be kept ready at every point in time when they are needed.
Accounting to right and record institute London (march 2001), Record
management is concerned with achieving economy and efficiency in the
creation, maintenance use and disposal of the records of an organization
and in making the information contain available in support of the
business of that organization- the objective is to finish accurate and
complete information when it s required.
Financial records in
business organization cover greater aspects including control of file
movement, location, types equipment, classification, index, procedures
access and supervision, follow-up, retention period etc.
Financial
record management is to help guide the organization in future. It also
helps in providing a base for future action. Data on cost, pay vouchers
financial statements, research findings etc. may assist management in
future decision making by providing them with evidence for past
experiences.
Financial records maintenance help to provide statutory
obligation, which the low requires, that the organization keep detailed
records about certain areas of the business, there are obligations
which have to be met, for instance, recording all business transaction
for purpose of value Added Tax (VAT), Taxable income etc. it also show
evidence of transactions. Detailed records are needed as a payment
record of the inputs and outputs of the organization. It is needful that
written records be filed; this is because files are essential for the
continual operation of business, which is the memory of a business.
In modern business offices vital decision must be based upon available
up to date information. This is to say, risk are too great for the
executives, decision to be based up on guesses, heresy etc. thus, a
business establishment cannot hope to remain in a competitive field
without adequate financial records are the life wire of any
organization. The importance of record management cannot be over
emphasized, because of the information reason, hence, the researcher bid
to find out the effects of poor financial records in some business
establishments.
1.2 STATEMENT OF PROBLEM
• Lack of storage facilities
• Inadequate care for financial records
• Neglect of filling and records keeping
• Inadequate policy concerning information collection, processing, storage and retrieval.
Financial record maintenance is a pivot for every organization, the
research is being undertaken to examine and make yourself clearer
important yet neglected area of office management, filling and record
keeping is the life wire of any organization. It is recognized as a
means of orderly arrangement of letters and records to ensure safe
custody and retrieval. The successful execution of record management aid
speedy and efficient decision making in an organization, lack of
adequate record storage facilities consisting of office space, poor
equipment protection, bad management of the record paper and files,
tapes, diskette etc. determination of general policy concerning
information collection, processing storage and retrieval measures. For
our established business to excel administratively there is need to find
solution to these problems.
1.3 PURPOSE OF THE STUDY
The purposes of this study are as follows
• To determine the general policy concerning information collection
processing storage and retrieval measure undertaking by business
establishments.
• To determine the storage facilities for keeping records, if there are adequate care of records in business establishments.
1.4 RESEARCH QUESTIONS
• In what way does lack of storage facilities affect record management?
• How does lack of general policy of information gathering, storing and retrieved measures affect record?
• In what way can inadequate care of records impede the effectiveness of records management?
1.5 RESEARCH HYPOTHESIS
The following hypotheses were formulated for the purpose of this study.
Ho- there is no significant relationship between general policy on information gathering and record keeping
Ha- there is significant relationship between general policy on information gathering and record keeping.
Ho- there is no significant relationship between storage facilities and record management.
Ha- there is significant relationship between storage facilities and record management.
Ho- there is significant relationship between inadequate care of
financial records and impediment of effective records management.
Ha- there is significant relationship between inadequate care of
financial records and impediment of effective records management.
1.6 SIGNIFICANT OF STUDY
The study will expose the problems of
record management. As soon as the problems are identified, it will call
for fast eradication, which makes the study significant.
The result
of the study and the literature will generally be useful to business
establishment, educational institutions and government for purposes of
further research and decision making.
Finally, if the recommendations are adopted there will be remarkable improvement on many business establishments.
1.7 SCOPE / LIMITATION OF THE STUDY
The academic project of this nature can start and reach completion inch
free without some hindrances. Due to the limited time available for
both classroom work and the project it is pretty difficult to reach out
for several things that would have remain relevant to this work but the
limitations notwithstanding the available literature on financial record
maintenance practices and questionnaires were combined to collect data
managers secretaries accountants, cashers, receptionists of the five (5)
selected business establishments in Aba Abia state to make this project
to reach a readable standard.
1.8 DELIMITATION
This work is limited to five business establishment in Aba Abia State.
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