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International Journal of Innovation and Research in Educational Sciences

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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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
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

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