Open AccessManagement of Account Receivable and Payable for Improved Financial Performance of Small Scale Industries in Imo State, Nigeria
Author(s) -
Honesta Chidiebere Anorue,
Ernest.O. Ugwoke
Publication year - 2022
Publication title -
international journal of research and innovation in social science
Language(s) - English
Resource type - Journals
ISSN - 2454-6186
DOI - 10.47772/ijriss.2022.6408
Subject(s) - accounts receivable , accounts payable , scale (ratio) , business , accounting , null hypothesis , statistic , factoring , finance , actuarial science , statistics , mathematics , payment , quantum mechanics , physics
The study was conducted to determine management of account receivable and payable for improved financial performance of small enterprises in Imo state. The study used a survey research design, with 1390 participants, including 70 Accounting lecturers, 1,300 small scale enterprises operators and 20 professional accountants. The study used a multistage sampling procedure to draw a sample size of 396 participants. To answer the research questions, the collected data were analyzed using mean and standard deviation while the ANOVA statistic was used to test the two null hypotheses at the 0.05 level of significance. In particular, the research identified effective ways for managing account payable and receivable of small scale enterprises for financial performance in Imo state. Based on the research findings, it was proposed, among other things, that a retraining initiative for the owners or potential owners of small scale enterprises in the state be established to educate them on the effective ways to manage accounts payable and receivable for efficient financial performance and business success.