Exploring the Bookkeeping Practices of Family-owned Business: A Case Study of Carriaga Traders Mart

Abstract

Carriaga Traders Mart (CTM), an established retail business, has transitioned from a small grocery store to a thriving enterprise, offering a diverse array of affordable products. Their sustained success is attributed to meticulous bookkeeping practices. This study explores how a family-owned business can effectively implement bookkeeping practices to address unique bookkeeping challenges, offering valuable insights from CTM's experiences that benefit entrepreneurs, investors, and policymakers. Positive Accounting Theory (PAT) underpinned this investigation, shedding light on how economic, political, market factors, and contracting considerations influence bookkeeping practices, particularly in the context of CTM. The research employed a qualitative case study approach. Through extensive interviews with key financial management personnel, it gained comprehensive insights into the company's bookkeeping and financial practices. Participants included individuals directly involved in CTM's bookkeeping and financial management, meticulously selected based on their expertise in the field. The study's findings underscored CTM's meticulous bookkeeping practices, encompassing technology-driven sales recording, rigorous expense management, and a commitment to financial transparency. The study recommends that entrepreneurs adopt advanced accounting software and technology to enhance efficiency, implement risk mitigation strategies, and prioritize cross-functional personnel training to strengthen their financial practices. For financial managers, the study suggests investing in ongoing training, diversifying financial tools and methods, and emphasizing skill development to navigate the ever-evolving business landscape effectively. In conclusion, this research contributes to the discourse on bookkeeping practices, bridging theoretical insights from PAT with practical knowledge from CTM. It underscores the importance of a versatile and adaptive approach to bookkeeping practices in real-world business settings.