Abstract
The implementation of a records management plan is an excellent approach to ensure small and medium-sized enterprises (SMEs) are sustained and continue to expand into huge or multi-national corporations. Maintaining records helps businesses in making better judgments and developing appropriate policies, resulting in enhanced effectiveness and efficiency. This will leverage means for tracking business progress and making appropriate decisions to expand the productive component of the economy. SMEs Business growth will help generate tax revenue for the government while also encouraging poverty reduction through tax transfers. We conducted a thorough investigation to determine the impact of each variable on business growth. For statistical analysis, a partial least squares structural equation modeling (PLS-SEM) methodology was applied. The results suggest that business records management and training have a positive indirect effect on business growth. However, the indirect effect of business records management policies insignificantly influences SMEs’ adoption of adequate record-keeping procedures, which harms business growth in Ghana. On the other hand, the total effect of the variables such as business records management training, business records management policies, and business records management positively impact business growth. Findings make a significant contribution to existing knowledge in the areas of record-keeping, management, and business growth. Business records management is an issue that requires more policy attention. This will business owners and managers strategically plan for new business directions based on data acquired. Proper record-keeping is necessary to satisfy end-users such as company directors, shareholders, external auditors, investors, creditors, and other interested parties. SMEs place a high value on business records management because of the impact it has on their long-term viability. The research outcomes provide a means for, and data on, business appraisal and management strategies.
Highlights
Small and medium-sized enterprises (SMEs) are critical to the economic success of most developed countries
Systems of accounting are critical in assessing a company’s profitability and growth [26,38,40]. It is critical for a system of accounting to be supported due to the following reasons; SMEs must employ an accounting system that allows them to determine the volume of sales, profits and losses, assets, and liabilities at any given time to achieve maximum business growth [41]
We reject hypotheses (H3 and H5) because policies do not significantly affect business growth, unless they are mediated through business records management training, business records management policies, and business records management to realize the total effect on business growth in this case
Summary
Small and medium-sized enterprises (SMEs) are critical to the economic success of most developed countries. There is a need to encourage SMEs to maintain proper records for the survival and growth of small businesses [4]. Many countries and researchers have regarded SMEs as the backbone of a country’s economic development [7–10]. Despite their contributions, these enterprises are confronted with numerous challenges in growing and managing their enterprises, which could lead to the collapse of these small and medium-sized firms, as suggested in [11]. IRMT and WB [16,17] affirmed and stressed the necessity and need for commercial and public entities to keep proper records for the successful functioning and efficiency of organizations, no matter how small, as well as the format for records, keeping. The focus of this study is on the relationship between business records management and its impact on the longterm viability of businesses
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