The Need for Accounting Education in Small Scale Enterprises in Nigeria (a Case Study of Uyo Lga)
SUMMARY, CONCLUSIONS AND RECOMMENDATIONS:
This chapter summarizes the findings on The Need For Accounting Education In Small Scale Enterprises In Nigeria, A Case Study Of Uyo LGA. The chapter consists of summary of the study, conclusions, and recommendations.
5.2 Summary of the Study
In this study, our focus was on The Need For Accounting Education In Small Scale Enterprises In Nigeria, A Case Study Of Uyo LGA. The study is was specifically focused on examining the impacts of accounting education in small enterprises in Uyo Local Government Area, investigating the challenges of accounting education in small enterprises Uyo Local Government Area and investigating the success level of entrepreneurs that acquired accounting education and their counterparts that did not receive accounting education.
The study adopted the survey research design and randomly enrolled participants in the study. A total of 100 responses were validated from the enrolled participants where all respondent are entrepreneurs and SME operators in Uyo Local Government Area of Akwa-Ibom state.
With respect to the analysis and the findings of this study, the following conclusions emerged that business is an economic act/endeavour which is being carried out in other to achieve a target(s) such as production excellence, product innovation, and/or profit making. From the study, it is seen that accounting knowledge/skills has a major and crucial role to play in entrepreneurial success especially in areas such as accurate revenue/profit determination, effective budget preparation, application of financial management techniques, such as working capital management and capital investment decision. In other words, accounting knowledge and skills are indispensable and essentially the life wire of any business for sustainability and excellent performance. This is evidenced by the business success level (high turnover and profit) being experienced by entrepreneurs that acquired accounting experiences/skills which is higher than that being experienced by the entrepreneurs that did not acquire accounting experiences/skills.
Based on the findings the researcher recommends that;
- The SMEs owners as well as their employees should strive toward the acquisition and effective application of book-keeping/accounting, office technology and management, marketing, leadership and business management skills. This is because these skills are instrumental to organisational success. However, since it may not be possible for a single person to master all these skills, SMEs operators should strive towards engaging specialists in the different areas, or at least seek for professional advice from specialists for the betterment of their businesses.
- The government at all levels (Federal, State and Local) through the relevant ministries such as the Federal Ministry of trade and commerce, States’ ministries of commerce and industry and agencies such as The National Directorate of Employment (NDE) and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), should organize training or workshops for the SMEs operators so as to equip them with the business education skills that would enhance the success and survival of their businesses.
- Non-Governmental Organizations (NGOs) and development partners should also help in training the SMEs operators and their employees. This is because the training/workshops are expected to widen their horizon on the necessities of such skills and as such lead to business success and survival.
- The score card of the SMEs in terms of how they apply the business education skills should be a pre-requisite for their ability to secure financial assistance from the government, NGOs, development partners and financial institutions. Through this, the skills would be effectively and efficiently used.
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