Accounting Knowledge: A Tool for the Success of Females in Small-scale Enterprises in the Post-COVID-19 Era

Abstract

Despite the fact that the pandemic has made entrepreneurs out of people, especially females who venture into diverse small-scale enterprises to cope with the residue of the pandemic, the majority of the enterprises seem to be dwindling and stagnant. The knowledge of accounting will provide a platform for the effective administration and management of these enterprises. This study specifically probes the methods used in the management of finances, inquires about the continuity plan and explores the contribution of entity theory to the success of females in small-scale enterprises in the post-COVID-19 era. The study adopts an exploratory research design. A mixed-method sampling technique was adopted (multi-stage and judgemental). In-depth interviews were used to collect data from 36 participants who commence their business during and after the ease of the lockdown in southwestern, Nigeria. Findings revealed that females in small-scale enterprises lack accounting knowledge. This, coupled with the motivation of the establishment of their businesses has predominantly affected its administration and management which has led to their lack of strategic plan for the continuity of their businesses. Despite their lack of knowledge of entity theory, some of them have been applying it in the administration of their businesses. It is therefore recommended that irrespective of the motivation behind the establishment of their businesses, a proper book-keeping record should be maintained. This will enable them to track their profit and growth over time, enlighten them to be conservative with their finances and assist them to develop a strategic plan for their business continuity.