IMPACT OF RECORD KEEPING FOR SUSTAINABILITY OFSMALL SCALE BUSINESS OPERATORS FOR NATIONAL ECONOMY DEVELOPMENTIN NIGERIA

Abstract

The study examined the impact of record keeping for the sustainability of small scale business operators for national economy development in Nigeria. The importance of record keeping cannot be over emphasized because of its essential role in the sustenance of small scale business operators in Nigeria. Record keeping is the recording of business transactions in a systematic manner so that the financial position of an organization can be ascertained at any point in time. Every successful
organization keeps records for self-assessment, evaluation, and planning. Records show what happened in the past and guide decisions. Record keeping should not be a necessary evil to small scale business operators because it is the source of business sustainability. The success of any business operation depends on creating and maintaining an effective record system. The objective of this paper, therefore, was to look at the records needed to be kept by small scale business operators
for sustainability of small scale business for national economy development. Specifically, the concept of records keeping and importance of records keeping for sustaining small scale business was highlighted, benefits of keeping good records for small scale business sustainability was equally examined, more so, reasonswhy small scale businesses should keep good records, was emphasized.Common record keeping tools were effectively looked into.In addition, what is required by law with regard to records keeping in small scale business sustainability was equally highlighted, objectives of record keeping to small scale business operators were discussed, conclusion was drawn and recommendations made among others thatthose small scale businesses should employ sale
clerks to keep records of daily transaction.

Key words: Recordkeeping, Sustainability of small scale business, Economy Development in Nigeria.