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•Analyzing how SMEs in Nigeria are production. They are the backbone of job
adopting accounting information to
evaluate their financial performance creation, income generation, and overall

•Identifying challenges SMEs face when welfare in developing countries. In fact, the
implementing accounting systems prosperity of many great nations is built

•Examining the influence of maintaining upon these smaller enterprises that serve
proper accounting records on performance
as foundations for larger corporations.
•Exploring the methods SMEs use to keep
records Entrepreneurship activities stemming from

•Assessing their attitude towards record- SMEs are essential for economic growth.
keeping
For instance, in Nigeria, approximately

•Determining if manual accounting 75% of the private sector is dominated by
methods are more popular than
computerized accounting systems (CAS) Micro, Small, and Medium Enterprises

• Opportunities for Loans After all, it's all about making our By exploring these objectives, the study (MSMEs).

business journey successful and adds valuable insights to the existing
Business owner looking to secure a enjoyable. Let's remember, literature on small businesses' accounting

loan? Financial institutions need to see "accountability" begins with practices and contributes to the global

those well-maintained records. Yes, "accounting". Let's do our best in the knowledge pool. The findings can be SMEs play a crucial role in

consistently engaging with this world of business. beneficial for SME organizations in Nigeria, advancing the economy by
practice might lead to beneficial aid for business schools and also government contributing to over 90% of

your business (Amoako, 2013). agencies.
private sector production.

• The Need of the Hour Study Objectives SMEs can be defined in various ways
depending on the country, institution, or They are the backbone of

Despite the clear factual mandate for a The main goal of this study is to individual you ask. Typically, factors like job creation, income

sound accounting system, it’s often understand the extent to which SMEs number of employees, sales, financial

sidelined unless statutory use accounting information to measure generation, and overall

requirements demand it. This their financial performance. Some strength, relative size, initial capital outlay welfare in developing
negligence has led to the unfortunate specific objectives include: and also independent ownership are used to

collapse of many SMEs (Ibrahim, 2015; characterize these businesses. SMEs play a countries.

Germain, 2010; Udoh & Jaja, 2002). crucial role in advancing the economy by

contributing to over 90% of private sector

The Impact of Record Keeping on the Performance of
JULY | 2023 Selected Small and Medium Enterprises in Lagos Metropolis 4