College of Business and Entrepreneurial Technology

COLLEGE OF BUSINESS AND ENTREPRENEURIAL TECHNOLOGY
ACCOUNTANCY DEPARTMENT iv
CHAPTER IV
PRESENTATION, INTERPRETATION, AND ANALYSIS OF DATA
This chapter shall cover the presentation of data gathered in tabular
form. The data are from the respondents of selected SMEs in Pasig City. The
presentation of the data and interpretation of the result is following the
statement of the problems as shown in the first chapter of this research study.
The first part of this chapter shall present the quantitative analysis of data and
the second part shall present the qualitative analysis of data gathered.
1. Demographic Profile of the Respondents
1.1 As to the type of business
Table 1.1
Type of Business Frequency Percentage

Service 50 41.67%
Merchandising 60 50%
Manufacturing 10 8.33%
Total 120 100%
Frequency and Distribution of Respondents by Type of Business
As shown in Table 1.1, the frequency and percentage distribution of
respondents as to type business. It is shown in the table that the majority of
the respondents are a merchandising type of business with 60 out of 120
respondents (50%) followed by service type of business with 50 out of 120

respondents (41.67%) and the least is the manufacturing type of business
with 10 out of 120 respondents (8.33%).
According to the Department of Trade and Industry, in 2020 the List of
Establishments of the Philippine Statistics Authority (PSA) recorded a total of
957,620 enterprises that are operating in our country. The 952,969 or 99.51%
of it are MSMEs, the micro-enterprise is in a total of 850,127 or 88.77% and it
is followed by small enterprises that are a total of 98,126 or 10.25%. DTI also
stated that the top 1 industry sectors according to the number of MSMEs in
2020 were wholesale and retail trade. It means that merchandising is the most
common type of business here in our country because wholesale and retail
trade is considered as merchandise.
1.2 As to Capitalization
Table 1.2
Capitalization Frequency Percentage

3,000,000-15,000,000 99 82,50%
15,000,001-100,000,000 21 17.5%
Total 120 100%
Frequency and Distribution of Respondents by Capitalization
As shown in Table 1.2, the frequency and percentage distribution of
respondents by capitalization. It shows in the data that majority of the
respondents went to 3,000,000 – 15,000,000 capitalization with 99 or 82.50%

while 15,000,001 – 100,000,000 capitalization accounted for only 21 or
17.5%.
According to the Department of Trade and Industry (DTI) in the 2020 list
of establishments of the Philippine Statistics Authority or PSA, the total
recorded of the PSA is 957,620 business enterprises operating in the
Philippines. In the total of 957,620, 99.51% or 952,969 here are MSMEs and
4,651 (0.49%) are large enterprises. 88.77% or 850,127 consume by Micro
enterprises, followed by small enterprises at 10.25% or 98,126 and medium
enterprises at 0.49% or 4,716. In connection to the data gathered, small
enterprises are more than medium enterprises in the Philippines.
1.3 As to Years of Business Operations
Table 1.3
Frequency and Distribution of Respondents by Years of Business

Operations
Years of Business
Frequency Percentage
Operation
Below 5 years 74 61.67%
6 to 10 years 34 28.33%
11 years and above 12 10%
Total 120 100%
As shown in Table 1.3, the frequency and percentage distribution of the
years of operation of SMEs shows that "below 5 years" got the highest
frequency of 74 out of 120 which is 61.67% followed by 6-10 years which has
35 out of 120 and weigh 28.33% and last the 11 years and above that got 12
out of 120 respondents and 10% in the percentage.
Many businesses began their venture as MSMEs, though some sustain
this kind of market for long years. According to Investopedia (2020), MSMEs
can sustain their net assets and profit under a certain threshold, meaning
these kinds of enterprises were very accessible to establish in the early years
of business as potentially grow and maturity comes for longer years. Also,
there are indications that these MSMEs started to venture into the business
world because of the given support by the government. Moreover, The
Negosyo Center of DTI provides convenience for the businessman to be part
of MSMEs as they give more incentives and government grants. DTI also
stimulate entrepreneurship development as it gives result on how much these
businesses contribute to the country. This how much shows that if a person is
allowed to start venturing as MSME, they can receive overwhelming support
coming from the government here in the Philippines.

1.4 As to Method of Recordkeeping
Table 1.4
Frequency and Distribution of Respondents by Method of

Recordkeeping
Method of Recordkeeping Frequency Percentage

Manual Bookkeeping 71 59.17%
Software Bookkeeping 6 5%
Both 43 35.83%
Total 120 100%
As shown in Table 1.4, the frequency and percentage distribution of the
method of recordkeeping of selected small and medium enterprises (SMEs) in
Pasig City. The data shows that 71 out of 120 respondents uses manual
bookkeeping, having a percentage rate of 59.17%, which is the highest rate
among the method of recordkeeping. While 43 out of 120 respondents use
both manual and software as their method of recording and having a
percentage rate of 35.83% and lastly, only 6 out of 120 respondents use
software to record their financial transactions, it has a percentage rate of 5%.
The data shows also corresponds to the study of Yap F. (2019), wherein,
in the data it shows that manual bookkeeping system gathers the highest
percentage of 57 out of 80 respondents equal to 71.25% and 9 respondents
use computerized bookkeeping system and it is equal to 11.25% and the
remaining has no bookkeeping system.

In addition, the data of Grefalde J. (2020), in research entitled
“Bookkeeping Practices of Small and Medium Enterprises (SMEs)”, the result
is somehow identical to the result given above. Based on the study, 45 out of
100 respondents uses a manual bookkeeping system, 2 out of 100 uses a
computerized bookkeeping system, 1 out 100 use an online bookkeeping
system, and 52 out 100 uses a combination of manual and computer
bookkeeping system. The data shows a different ranking of users of the
bookkeeping system in comparison to the data in Table 1.4 since the highest
rank is the use of manual and computerized bookkeeping system that has
52% while the second to the rank is through manual bookkeeping that has
45%. Based on Grifalde J., computerized and software bookkeeping system is
different, computerized bookkeeping means through the use of excel
application while software bookkeeping system is with the use of accounting
or bookkeeping software such as QuickBooks and Zoho Books. Hence,
manual and computer bookkeeping system is the dominant way to record,
accumulate and store financial transactions since business enterprises can
save money using this method of recording rather than software bookkeeping
alone (Grifalde J. 2020).
In addition to the reason of Pacinu A. (2020), manual bookkeeping is the
most used recordkeeping method due to various reasons such as it is easy to
use and more convenient than software recordkeeping. Manual recordkeeping

Is no need for expensive accounting software. Lastly, if the business uses
only a software system information leakage or information loss is probable
since it is recorded and in software.
2. The Bookkeeping Practice of Selected SMEs Owners
2.1 Single-Entry Bookkeeping
Table 2.1
Respondents’ Assessment on Bookkeeping Practices in terms of

Single-Entry Bookkeeping 4 3 2 1 Wx Vi
1. The daily transaction is
94 20 0 0 3.63 SA
recorded in a book or notes.
2. Inflow and outflow of cash
86 27 0 1 3.55 SA
are recorded in a book.
3. Business always makes
87 27 0 0 3.58 SA
accurate computations.
4. Recorded cashflows
85 28 1 0 3.55 SA
accurately and consistently.
5. Businesses keep track of
94 16 2 2 3.58 SA
their revenues and expenses.
Overall Weighted Mean 3.58 SA
Single-Entry Bookkeeping
Legend: SA-Strongly Agree; A- Agree; D-Disagree;
SD-Strongly Disagree; Wx= Weigthed Mean; Vi= Verbal Interpretation.
As shown in Table 2.1, It is stated in statement number 1, the daily
transaction of the business is recorded in a book or notes. The tally shows
that 94 out of 114 respondents (82.46%), strongly agree while 20 out of 114
respondents (17.54%) only agree. Hence, most of the respondents’ answers
are strongly agree with a mean of 3.63. It means that most enterprises use a
single-entry method to record the daily transaction of the business.

According to Rahamon and Adejare (2014), single-entry bookkeeping
is an informal bookkeeping method where the user of this method makes only
one entry to record a business transaction. All transactions are usually
recorded in one journal. It records the daily transaction of the business and
this method is practical for small businesses and also for those who are just
starting.
In question number 2, business inflow and outflow of cash are recorded in
a book. The tally shows that 86 out of 114 respondents (75.44%) while 27 out
of 114 (23.68%) of them agree and only 1 strongly agree with the question.
Most of the respondents are strongly agreed with a mean of 3.55. Based on
that data the SMEs businesses have a book to record their daily transactions.
According to Amanda Cameron (2017), the single-entry is a method that
collects and record the business’s finance. Businesses can record one entry
for every transaction and this method is the foundation of cash-basis
accounting. With this method of bookkeeping, the business mostly records
cash disbursements and cash receipts. The business will record the incoming
and outgoing money in the cash book. This method usually tracks the
business assets and liabilities separately.
In question number 3, business always makes accurate computations.
The table shows that 87 out of 114 respondents (76.32%) strongly agree and
the remaining 27 (23.68%) agree. Hence, most of the respondents are

strongly agreed with a mean of 3.575. Based on that result most of the SMEs
businesses have a systemized bookkeeping system despite being manual,
software, or both. Accurate bookkeeping is the key to consistently growing as
an industry. Moreover, according to Corstvet (2010), precise bookkeeping not
only helps the enterprise to comply with the law and paid taxes but it can also
helps track the status of the enterprise and inadequate bookkeeping can be a
factor in enterprise failure. But, some of the SMEs that the researchers
surveyed said that more often errors and misstatements happen. One of the
respondents who had challenges in making accurate computation said that
"lack of manpower", "unorganized bookkeeping" and "overcomplication of
data received".
This is supported by Yadav (2016) accordingly, unorganized
bookkeeping or accounting system can produce many mistakes especially
involving the taxing organization as a consequence an entity may pay
additional penalties due to these tax errors. Moreover, heavy decisions
always rely on accounting reports or financial statements and their
correctness has a heavy impact on the management deciding factor, and as
error or misstatements commit it could result in downfall to the enterprise.
Moreover, in question number 4, the tally shows that 85 out of 114
respondents (74.56%) strongly agree, while 28 out of 114 (25.56%) agree and
1 (.88%) of the respondents disagree. Hence, the respondents that use a

single-entry bookkeeping system strongly agree that cashflows are recorded
daily and consistently with a mean of 3.55. This is backed by the study of
Abdul-Rahamon O., & Adejare A., (2014), a single-entry bookkeeping system
is using a cashbook to record the daily transaction of the business. In
addition to the cashbook, businesses also use a cash receipt journal and cash
disbursement journal to record the cash inflows received from their customers
and cash outflow to track the expenses of the business. An additional reason
for business owners on how they consistently record cash flow using a single-
entry bookkeeping system is due to, it is easy to record it using this method.
Since, in the single-entry method, there are columns to record the date,
amount of receipt or disbursement, and the total amount of cash.
Lastly, in question number 5, as shown in Table 2.1, based on the tally
of 94 out of 114 respondents (82.46%) strongly agree, 16 of the respondents
(14.04%) agree, and 2 of them (1.75%) and the remaining strongly disagree
that businesses can keep track of their revenue and expenses. The
interpretation shows that respondents strongly agree and have a mean of
3.58 with regards to this statement. A business owner can easily keep track of
these since it is only recorded in one book and one entry wherein, revenue
and expenses can be monitored thoroughly.
This statement is supported by Carlson R. (2019), as stated, businesses
using a single-entry bookkeeping system are characterized by recording one

entry in each transaction, one entry for revenue, and one entry for expenses.
Hence, businesses can also use a two-column ledger to record in one column
the revenue and in another column the expenses of the business. Moreover, it
is easy to track revenue and expenses using the single-entry method because
business owners are just like checking a passbook in which information
needed is in the face of the passbook and every single transaction is recorded
and monitored.
2.2 Double-Entry Bookkeeping
Table 2.2
Double-Entry Bookkeeping 4 3 2 1 Wx Vi
1. The separation of cash and credit 3 3.6
83 4 0 SA
sales and purchases is important. 3 6
2. Maintains records and other 3 3.7
85 0 0 SA
operating expenses. 5 1
3. Errors in recording can be 4 1 3.4
66 1 A
determined easily. 1 2 3
4. The business keep track of
4 3.5
assets, liabilities, equity, revenue, 70 3 1 SA
6 4
and expenses.
5. The business owner is using the
3 3.4
debit and credit format for recording 71 5 9 A
5 0
transactions.
Overall Weighted Mean 3.5 S
8 A
Respondent’s Assessment on Bookkeeping Practices In Terms of
Double-Entry Bookkeeping
Legend: SA-Strongly Agree; A- Agree; D-Disagree; SD- Strongly
Disagree; Wx= Weigthed Mean; Vi= Verbal Interpretation.
As shown in Table 2.2, in question 1 if the separation of cash and
credit sales and purchase is important. Most of the respondents strongly

agreed with the tally that shows 83 out of 120 respondents having (69.17%)
strongly agree that using the double-entry bookkeeping method that the
separation of cash and credit sales and purchases is important. While 33 out
of 120 respondents had (27.5%) agree to the questions. Lastly, 4 out 120
which have (3.333%) disagree that separating the cash, credit sales, and
purchase is important. Thus, most of the respondents strongly agree that
having a double-entry method to separate the cash, credit ales and
purchase is important which has a mean of 3.66.
According to Chelimo and Sopia (2014), the double-entry bookkeeping
method is the standard method used by businesses and enterprises to record
the transactions in the business. Double-entry bookkeeping uses debits and
credits, this device provides the ability to record the entries twice. The
separation of the cash, sales, purchases, and expenses is shown in the debit
and credit values. Due to debit and credit values, the double-entry method is
also self-balancing. The total of the debit values record must be equal to the
total of the credit values record.
In the number 3 question, errors in recording can be determined easily.
The tally shows that 66 out of 120 respondents (55%) strongly agree, 41 out
of 120 respondents (34.17%) agree, while 12 of the respondents (10%)
disagree and only 1 of them strongly disagree that errors in the record can
find easily. Hence, most of the respondents agreed with a 3.43 mean. It
means that MSME with their organized bookkeeping system can keep up for
reporting accurately. But there are instances that the respondents see some
challenges in avoiding error and misstatements. They said that the reason
that errors exist is because of a lack of manpower or professionals to facilitate
the recordings and reporting. They also experience overcomplication of the
data and documents, that is why they are having hard times in presenting the
report with no error. SMEs business trying hard to make accurate statements
because this is very critical for the future decision of business. According to
Chepmokoi (2013) keeping accurate records can help the management to
track and forecast what is happening on its assets and operation of the
business. Accurate reporting is one of the critical success factors for the
business to obtain growth. Moreover, as they establish their bookkeeping
system it secures the business from internal thieves and dishonest
employees.
In the number 4 question if the business keeps track of assets,
liabilities, equity, revenue and expenses most of the respondents strongly
agreed with the mean of 3.54. This could be mean that SMEs that have a
bookkeeping system does not have a very complicated statement of financial
position and its profit and loss report. According to CPBRD Philippines (2018)
Micro, small and medium enterprises which are considered the backbone of
many economies have only a size of fewer than 200 employees and less than
100 million assets. Their net assets is ranging from 3,000,0001 to 15,000,000
(PCW, 2019). Same for their operation their transaction of business is ranging
from 30,000-300,000 a day. This explains how simple for the manager or
bookkeepers to track their net assets and their operation.
Table 2.1, question number 5 provides information regarding the
respondent’s assessment in using double-entry bookkeeping whether the
respondents are using debit and credit format in recording transactions.
Based on the tally, 71 out of 120 respondents strongly agree (59.17%) that
double-entry bookkeeping is with the use of debit and credit format. While 35
out of 120 respondents agree (29.17%), 5 out of 120 disagree (4.17%) and 9
out of 120 strongly disagree (7.5%). The data shows that the mean is 3.40
and based on interpretation, the respondents agree with the use of debit and
credit format in recording transactions.
According to Adejare & Abdul-Rahamon (2014), double-entry
bookkeeping is another way of recording financial transactions. The person
who records it will have an entry on the left side which is the debit and the
right side which is the credit in recording the transactions. The amount on the
debit side must be equal to the amount on the credit side. Hence, the table
only shows that respondents agree with this format of recording. As the
researchers conducting the survey, most of the respondents coming from
small enterprises are not knowledgeable of double-entry bookkeeping.

The statement is supported by Tripathi P. (2021), who stated that most
of the small enterprise owners nearly 60% of them do not have adequate
knowledge regarding accounting systems. This lack of knowledge of the
owner leads them to use single-entry rather than double-entry bookkeeping.
3. Effect of Bookkeeping Practices on Business Growth in terms of;
3.1 Monitoring Business
Table 3.1
Respondents’ Assessment on The Effect Of Bookkeeping Practices on

Business Growth In Terms of Monitoring Business
Monitoring Business 4 3 2 1 Wx Vi
1. Businesses create good
recordkeeping of their daily 96 20 3 1 3.76 SA
business transaction.
2. Businesses can oversee
the cash receipts and
78 40 2 0 3.63 SA
disbursements of the
business.
3. Businesses can
accomplish their timely
78 39 2 1 3.62 SA
financial statement or
records.
4. Businesses can keep track
of inventory inflow and 86 31 68 1 3.68 SA
outflow of the business.
5. Records keeping provides
information to enable the
91 28 1 0 3.75 SA
control of cash in the
business.
Disagree; Wx= Weighted Mean; Vi= Verbal Interpretation.
As shown in Table 3.1, In question 1 it is asked if businesses create
good recordkeeping of their daily business transaction. Most of the
respondents strongly agree with 96 out of 120 respondents having (80%) of
the tally, 20 out of 120 respondents agree to have (16.67%) shown in the tally.
While 3 out of 120 respondents disagree which have (2.5%) of the total tally.
Lastly, the remaining 1 respondent strongly disagree that businesses create
good recordkeeping of their daily business transaction. Hence, most of the
respondents strongly agree with the questions that have a mean of 3.76.
According to Yap (2019), bookkeeping knowledge helped entrepreneurs
to be successful. It is a compilation of business daily transactions in a precise
and coherent way. It is important to keep records on every business
transaction to know how to break even or to know if each different product is
making a profit. In addition to that, bookkeeping practices are one thing that a
business owner or an entrepreneur should not set aside and ignore because it
helps decision-makers to come up with a good decision-making idea for the
growth of the business.
In question number 2, if businesses can oversee the cash receipts and
disbursements of the business. The tally for this question shows that 78 out
of 120 respondents strongly agree with the percentage rate of (65%), while
40 out of 120 respondents agree to the question with a percentage rate of
(33.33%). Lastly, the 2 remaining respondents disagree with this question with
a percentage of (16.67%). Hence, most of the respondents are strongly
agreed with the mean of 3.63. Based on that result most of the businesses
have a cash receipt and their disbursement of the business.
According to Rosemary Carlson (2022), Keeping track of the business’s
cash receipts in an up-to-date is necessary for efficient financial management.
Appropriate accounting procedures for the cash receipts allow the business to
maintain adequate records for financial statement development and income
tax preparation.
In the number 3 question, the tally shows that 66 out of 120 respondents
having a percentage of ( 55%) strongly agree with the question, 41 out of 120
of the respondents (34.17%) agree while 12 of the respondents (10%)
disagree and only one of the respondents strongly disagree that through
bookkeeping they can accomplish their timely financial statement or records.
Hence, the data shows that most of the respondents strongly agreed with a
mean of 3.62. It means that most SMEs can create a timely report of their
financial statements in a certain period. SMEs business design is seeking
potential growths in the future, that is why opportunities or threats may come
after a period of the business.
According to Perez Goree and Associates (2015), When properly used,
bookkeeping and financial reporting provide valuable information to assist in
making key day-to-day operational decisions such as whether the company is

overpaying for supplies, whether the company should repair or replace critical
business assets, whether the company can afford to hire new employees and
many other important decisions. Leadership has just partial information to
make key decisions without this financial data. The added benefit of current
and accurate financial data can assist management in making the best
decisions possible.
In question number 4, if the businesses can keep track of inventory inflow
and outflow of the business. The tally shows that 74 out of 120 respondents
strongly agree with the question with a percentage of (61.67%), while 42 out
of 120 respondents agree with the percentage of (35%). Lastly, the 4
remaining respondents disagree with this question with a percentage of
(3.33%). Hence, most of the respondents strongly agree with the question that
businesses can keep track of inventory inflow and outflow of the business.
Every entrepreneur should not set aside and must maintain a proper
record of his or her daily business transaction and keep track of the inventory
inflow and outflow of the business. According to Chelimo and Sopia (2014),
having proper record keeping and keeping track of every transaction of the
business is important in sustaining and expanding their business. The
purpose of having proper bookkeeping practices is that it helps in managing
the business properly. It is also important to keep track of the records to
prevent theft and keep things organized. Effective and efficient record-keeping
practices secure businesses from internal thieves and dishonest customers.
Thus, keeping accurate records is highly fundamental for a successful
business to stay organized and profitable.
In question number 5, the respondents strongly agree that bookkeeping
practices have a direct effect on business growth in terms of monitoring the
control of cash of the business. The tally shows that 91 out of 120
respondents strongly agree (75.84%) that recordkeeping provides information
to enable the control of cash in the business. While, 28 out of 120
respondents (23.33%), agree to this question. Lastly, the remaining 1
respondent disagree (0.83%) that recordkeeping provides information for cash
control. Hence, most of them strongly agree that bookkeeping enables them
to control and monitor the cash of the business and has a mean of 3.75.
The bookkeeping practices enable the business owners and
bookkeepers to facilitate the monitoring of the cash inflows and cash outflows
of the business as well as monitoring the cash balance of the company.
According to Saurabh A. (2021), a business that prevents the inadequacy of
cash must accurately monitor the flow of the company’s cash. Based on
Saurabh, it can only be kept track of by using bookkeeping. A business owner
must know the significance of it. The business may also monitor the cash
receipts from customers and cash expenses as well as provide sound
financial judgment.
According to the Central Bank of Trinidad & Tobago, the record-keeping
for cash used by the businesses are cash book, cash receipts journal, and
cash disbursement journal. The reason for controlling cash for the business
growth of the business is that cash is the most used asset of the business, it
serves as a payment for any expenses and acquiring other assets like
inventory. Proper monitoring of cash may help businesses to survive and
grow. Cash flow serves as the lifeline of the business, if the company has a
positive cash balance, then the business is in a good position (Gateway
Commercial Finance, 2021).
3.2 Decision-making
Table 3.2
Decision-making 4 3 2 1 Wx Vi
1. Record keeping is essential
for decision-making and 86 33 1 0 3.71 SA
business adjustment.
2. Businesses can decide
quickly on the trend and 60 55 5 0 3.50 SA
changes in the business.
3. Business decision-making
is based on company 78 39 3 0 3.625 SA
recorded data.
4. Recordkeeping can project
74 42 4 0 3.58 SA
future judgment of a business.
5. Records keeping provides
information to enable the
78 42 0 0 3.65 SA
control of cash in the
business.
Respondents’ Assessment on The Effect of Bookkeeping Practices on

Business Growth In Terms of Decision-Making
Disagree; Wx= Weighted Mean; Vi= Verbal Interpretation.
As shown in Table 3.2., In question 1, it is asked if record-keeping is
essential for decision-making and business adjustment. Most of the
respondents strongly agree with 86 out of 120 which is (71.67%) in the tally.
While 33 out of 120 respondents which are (27.5%) in the tally. Lastly, the
remaining 1 respondent disagree that record-keeping is essential for decision-
making and business adjustment. Thus, most of the respondents strongly
agree with the question which has a 3.71 mean.
Proper record-keeping is important in sustaining, maintaining, and
expanding the business. According to Chelimo and Sopia (2014), without
proper record-keeping practices, an entrepreneur runs the risk of hitting cash
flow crunches, wasting money, and missing out on an opportunity to expand
the business. Hence, bookkeeping is the one thing that an entrepreneur
should not ignore because it helps entrepreneurs to make good decisions for
maintaining and expanding their business.
In question number 2, if the business can decide quickly on the trend
and changes in the business. The table shows that 65 out of 120 respondents
strongly agree with a percentage of (54.17%), while 50 out of 120 of the
respondents agree to the question with a percentage of (41.67%). Lastly, the

remaining 5 respondents disagree with the question with a percentage of
(4.17%). Hence, most of the respondents strongly agree that bookkeeping
practices enable them to decide quickly on the trend and changes in the
business with a mean of 3.5.
Quick decision-making is possibly the most important ability for the
business today. The reason for quick decision-making is a rapid change in the
business world, it’s the quick decision-making that can let your business get
ahead of your competitors. It was supported by Brand Tracking (2020), which
found that high-performing businesses were making a decision fast, with less
effort, and executing them more frequently than their worse-performing
counterparts. On the other side, the businesses that considered the decision
for almost a month saw a growth stagnate, while the competitors overtook it.
In question number 3 if business decision-making is based on company
recorded data, most of the respondents answered strongly agree and the tally
shows that 78 out of 120 (65%) answer it, then 39 out of 120 respondents
(32.5%) answered agree and only 3 of them (3.33%) disagree. Moreover, it
shows a mean of 3.62 meaning most of the MSMEs respondents rely on the
data for making decisions.
The reason for the data is supported by Jason L. (2020) accordingly,
financial data or specifically financial statements assists the mind of the
management for running the business, it gives more clear insight enabling for
the best decision on the business. Having reliable and rational data lower the
chance of failure of the business, this could also help to compare data from
the past activities or the other business or competitors or benchmarking.
Furthermore, according to Abdulshakour (2019), financial data or statements
act as a form of communication wherein these quantitative or qualitative data
on these financial statements is being absorbed by the management to
conduct studies or forecast opportunities and threats for decision making.
In Table 3.2, the respondents strongly agree with the weighted mean of
3.61 that recordkeeping can project future judgment of business, the tally
shows 74 out of 120 respondents (61.67%) respond strongly agree with this
question, while 42 out of 120 respondents (35%) only agree, and 4 out of 120
respondents (3.33%) disagree that recordkeeping will help them to project
future judgment of their business. Hence, most of the businesses, with the
use of bookkeeping guide them to project future judgment.
According to Neil Marshall Tax and Business Advice, recordkeeping can
help businesses significantly. Bookkeeping is essential to businesses since,
with the use of recorded data the business can assess the current situation of
the entity and provide sound judgment regarding the future operations of the
business. In addition, through recordkeeping business owner or manager can
provide future decisions on whether there is a need for improvement or re-
invention for the company.

Moreover, the question is also in conformity to Accountant and Business
Advisors that once the business has precisely recorded data of their financial
transactions, businesses can ease the planning and predicting the future of
the company. Since businesses have present financial information of the
business and with this data, a company can forecast judgment. Lastly as cited
by Accountant and Business Advisors, for a better plan and judgment, the
company must have past recorded financial data.
Further discussion, in question number 4, there are 78 out of 120
respondents (65%) who strongly agree, while the remaining 42 respondents
(35%) respond agree with the question. Overall, most of the respondents
strongly agree with the statement that recordkeeping can help to improve the
operations and productivity of the business.
The data is from the study of Abdul-Rahamon A. & Adejare A. (2014)
entitled “Analysis of the Impact of the Accounting Records Keeping on the
Performance of Small-Scale Enterprises”, that recordkeeping serves as a
pathway for the business wealth information. This information can be used by
customers, regulators, and most especially managers and owners who are
responsible for making decisions for the business. Through analysis of the
financial statement with the primary tool bookkeeping, the managers and
owners can determine the strengths and weaknesses of the business, thus it
will help for corrections and improvement. Ultimately, these records can help
the managers and owners to improve the performance of the business
operations and productivity. Hence, in connection to their study, only 25 out
of 113 respondents (22%) strongly agree that recordkeeping improves
efficiency and productivity while 51 out of 113 (45%) of the respondents agree
regarding this statement and the remaining disagree and strongly disagree.
However, the data will support the claim that recordkeeping will help to
improve the business operations and productivity of the entity and most of the
managers and owners used these records to evaluate the performance of the
business.
3.3. Budgeting
Table 3.3
Respondents’ Assessment on The Effect Of Bookkeeping Practices on

Business Growth In Terms of Budgeting
Budgeting 4 3 2 1 Wx Vi
1. Accounting records assist in
resource allocation and 94 24 2 0 3.76 SA
performance planning.
2. Recordkeeping increases
3.72
the chance of the business 88 31 1 0 SA
5
achieving success
3. Recordkeeping can forecast
3.77
the income and expenses of 91 26 3 0 SA
5
the business.
4. Businesses with record-

keeping can minimize 91 26 3 0 3.73 SA
unfavorable budgeting.
5. Recordkeeping creates the 3.77
94 25 1 0 SA
pattern of business budgeting. 5
Overall Weighted Mean 3.75 S
3 A
Disagree; Wx= Weigthed Mean; Vi= Verbal Interpretation.
As shown in Table 3.3., question number 1, is asked if accounting
records assist in resource allocation and performance planning. 94 out of 120
respondents strongly agree to the question having a percentage of (78.33%)
recorded in the tally. While 24 out of 120 respondents agree to it having
percentage of (20%) recorded in the tally. Lastly, the 2 remaining respondents
which are (1.67%) disagree that accounting records assist in resource
allocation and performance planning. Hence, most of the respondents
strongly agree with the question having a mean of 3.76
Bookkeeping is the compilation of business transactions and events in
a precise and coherent way with the goal that the financial condition and
performance of the company are communicated or can be tracked anytime. It
is supported by Yap (2019), according to him accounting record-keeping skills
and knowledge helped entrepreneurs to make their businesses sustainable
and successful. It is said that if a business transaction is recorded properly,
the decision-making process and planning would be easy for SMEs and
MSMEs businesses to reflect the changes on the records. The recorded
transaction can easily reflect the changes in the wealth of entrepreneurs and
this can also explain why major economic decisions in businesses are
important.
In question number 2 if recordkeeping increases the chances of the
business achieving success, the data shows that most of the respondents
strongly agree to this question with the mean of 3.725. The tally shows 88 out
of 120 strongly agree with a percentage of (73.33%), while 31 out of 120 of
the respondents agree to the question with a percentage of (25.83%). Lastly,
the remaining 1 respondent disagrees with the question gaining percentage is
(0.83%).
For small business owners everywhere, recordkeeping is a necessary
and sometimes tricky part of making sure a business runs smoothly. Keeping
clear records of income, expenses, employees, tax documents and accounts
isn’t just good business. It helps you monitor progress toward goals and save
you time and money. The implementation of a records management plan is a
best practice to ensure small and medium-sized enterprises (SMEs) are
assisted and continue the business to expand into large and multi-national
businesses (Mintah et. al. 2022).
In question number 3 if recordkeeping can forecast the income and
expenses of the business, most of the SMEs respondents strongly agreed
with 91 out of 120 respondents (75.83%) strongly agree, then 26 out of 120 of
the respondents (21.67%) only agreed and 3 of the respondents (2.50%)

disagreed. The mean in question number 3 is 3.775, meaning most of the
respondents use bookkeeping as a tool for planning and budgeting in terms of
income and expenses of the business. According to Stevens (2021) apart
from the current data made with the use of bookkeeping historical recordings
also helps analyze the future of the business and these are used by
successful CEOs and entrepreneurs around the world because of their
accuracy. With their established bookkeeping system financial forecasting for
sales and expenses become at ease. The respondents also said that it helps
them to make new standards for the business as a guide for the future
activities of the company.
In the number 4 question if businesses with record-keeping can minimize
unfavorable budgeting, most of the respondents answered strongly agree with
91 out of 120 respondents (75.83%), then 26 of them (21.67%) only agreed
and 3 of the respondents (2.50%) disagreed with a mean of 3.733. It means
that bookkeeping helps the SMEs respondents having a shortage for their
annual budget, it could also infer that because of this they made many wise
decisions when it comes to managing their resources. According to Controller
(2020), effective budgeting refers to the best allocation of resources to run the
business, bookkeeping helps the management to carry out practical budgeting
tasks because as they record transactions, they also identify strengths,
weaknesses, and also the saving.

In question number 5, the respondents strongly agree with a weighted
mean of 3.775 that recordkeeping creates the pattern of business budgeting.
The tally shows that 94 out of 120 respondents (78.34%) strongly agree, 25
out of 120 (20.84%) agree, while there is 1 out of 120 (0.82%) disagree.
Hence, most SMEs strongly agree that recordkeeping is a tool to create
patterns for their company’s budget. In accordance with AgEdLibrary.com,
the efficient way to create an accurate budget, the business must have a tool
that will serve as the preparer of this budget pattern. It happened with the use
of bookkeeping. Since with the use of recordkeeping the business can track
the expenses and revenues of the entity that will be used for creating a
budget for succeeding years of operation and essential for the profitability of
the business. The pattern for budgeting shall be accurately determined if the
business has written documentation of every transaction of the business.
4. Significant Relationship Between the Bookkeeping Practices in terms

of;
4.1 Type of Business
Table 4.1
Relationship Between The Bookkeeping Practices of the Respondents’

as to Type of Business
X p- α Decision Remark
Type of Variables valu
Busines e
s
Single-Entry 6.315 0.097 0.0 Fail to Not
Significan
Bookkeeping 5 Reject Ho
t
Double-Entry 10.46 0.0 Significan
0.015 Reject Ho
Bookkeeping 8 5 t
As shown in Table 4.1, the single-entry bookkeeping variable about
bookkeeping practices in the type of business is greater than a 5% level of
significance which means that it fails to reject the null hypothesis with a
remark not significant. On the other hand, the double-entry bookkeeping in the
relation between bookkeeping practices in the type of business is less than
5% level of significance which means reject the null hypothesis with the
remark significant. Hence, it means that double-entry bookkeeping has a
significant relationship to the type of business.
The reason for that is, double-entry bookkeeping is an accounting way
to record debit and credit for each financial transaction that occurs in the
business. In every business, it is important to maintain accurate financial
record keeping. Furthermore, double-entry bookkeeping practices help
businesses to avoid fraud by leaving an audit trail which an audit trail means
allows an entrepreneur to trace the transactions from the journal entries that
were posted to the general ledger. Double-entry bookkeeping can also help a
company to easily prepared financial statements because the information is
gathered directly from the double-entry bookkeeping transaction (Johnson R.
2019).
4.2 Years of Business Operation
Table 4.2
Relationship Between Bookkeeping Practices of the Respondents’

as to Years of Business Operation
X p- α Decisio Remark
Variables valu n
Years of e
Business Fail to
Single-Entry Not
Operatio 6.053 0.109 0.05 Reject
Bookkeeping Significant
n Ho
Double-Entry Reject
78.653 0.000 0.05 Significant
Bookkeeping Ho
As shown in Table 4.2, the single-entry bookkeeping variable concerning
bookkeeping practices to years of business operation is greater than 5
percent level of significance where it fails to reject the null hypothesis with the
remarks of not significant. The double-entry bookkeeping in the relation
between bookkeeping practices to the years of business operation is less than
5% level of significance where it rejects the null hypothesis with remarks of
significance. It means double-entry bookkeeping has a significant relationship
to the years of business operation.
The data implies that as Small and Medium Enterprises (SMEs) keep
longer on their operation and also those businesses that are starting in the
business sector use double-entry bookkeeping as their method of
recordkeeping. Thus, double-entry bookkeeping has a significant relationship
to years of business operation of the SMEs respondents, since, to maintain a
business for a longer period there is a need for accurate and complete
information. In addition, it is important in maintaining an accurate financial
system. Businesses benefit greatly from using double-entry bookkeeping
because it helps to aim at accurate financial reporting and reduces errors.
The claim is supported by Rose Johnson (2019), Double-entry
bookkeeping provides a more accurate look at a business’s financial
position than single-entry bookkeeping. The key reason for this is that
double-entry bookkeeping implements the T-account or accounting
equation. Recording both revenue and expenses provide an accurate
calculation of profits and losses since double-entry bookkeeping provides
information on both cash and credit transaction of the business. Lastly,
human errors can cause a misrepresentation of a business’s financial
position. Double-entry bookkeeping reduces errors because it provides
checks and balances.
4.3. Capitalization
Table 4.3

as to Capitalization
Capitalizatio Variables X p- α Decision Remark
n value
Single-Entry Fail to Not

25.246 0.713 0.05
Bookkeeping Reject Ho Significant
Double-Entry Fail to Not
14.336 0.993 0.05
As shown in Table 4.3, In the part of the capitalization, both single-entry
and double-entry bookkeeping has a p-value greater than 5 percent level of
significance alpha (α=0.05). It means that both of this bookkeeping system
has no significant relationship as to its capitalization of the business.
This could imply that SMEs do not invest heavily or importantly in their
bookkeeping system as they start their business and while on its growth. They
are more focused on the operation of business than its internal control, as
they believe it is much better for the sustainable development of their
business.
According to the studies of Ranko (2018) small and medium businesses
heavily rely on outsourced staff to manage their finances as the data exposed
that these businesses do not happily invest in permanent internal control. This
study shows that 45 percent of medium and small businesses do not employ
either an accountant or a bookkeeper, for the companies who hired
bookkeeping and accounting staff, it shows that it has only 22 percent
regardless if it is full or part-time. For the three-quarters of the business 72%
of this business shows that only one person handles the responsibility in
accounting and human resource management, that is why it becomes more

hustle to comply the technicality of its financial statement. In this part, it could
infer that when it comes to investing priorities of small and medium
enterprises, the bookkeeping system or its internal control comes last to their
list. They much prioritize the growth of its operation, while not adding security
and monitoring on their finances and activities.
4.4. Method of Recordkeeping
Table 4.4.

Variables
value
Method of Single-Entry
56.512 0.002 0.05 Reject Ho Significant
Recordkeeping Bookkeeping
Double-Entry Fail to Not
21.832 0.86 0.05
as to Method of Recordkeeping
As shown in Table 4.4, the two methods of recordkeeping have a
different remark to its relationship between the bookkeeping practices of the
respondents when sorted according to the method of recordkeeping. The
single-entry bookkeeping has a p-value of 0.002 and it is lower than the 5
percent level of significance alpha (α=o.05). Therefore, single-entry
bookkeeping has a significant relationship between the bookkeeping practices
of the respondents and the method of recordkeeping. On the other hand,
double-entry bookkeeping has a p-value of 0.86 which is above the 0.05
percent level of significance alpha (α=0.05), thus double-entry bookkeeping

has no significant relationship between the bookkeeping practices of the
respondents and the method of recordkeeping.
The reason that single-entry bookkeeping system has a significant
relationship for the reason that single-entry is easy to apply and it has limited
to no cost in implementing this method, on the contrary, the double-entry
bookkeeping can provide accurate information, hence the implementation of it
needs bookkeeper or accountant and costly to the respondents.
This claim is supported by Commerce Mates (2021), accordingly, single-
entry bookkeeping is easy to be implemented by the owner of the business, it
is also cost-effective since there is no need to hire a chartered accountant and
it is also time-saving for the business because there is no need for a dual
entry in the books. Hence, double-entry shall not be omitted since it provides
accurate and complete information of the transaction of the entity’s operations
(Tamplin T. 2021).
5. Significant Difference in the Effects of Bookkeeping Practices when
group in terms of;

5.1. Type of Business
Table 5.1.
Difference in the Effects of Bookkeeping Practices of the Respondents’
As to Type of Business
Variables X p-value α Decision Remark

Not
Monitoring Fail to
0.451 0.93 0.05 Significan
Business Reject H1
t
Type of
Decision- 16.50 Significan
Business 0.001 0.05 Reject H1
Making 9 t
Not
Fail to
Budgeting 0.554 0.907 0.05 Significan
Reject H1
t
As shown in Table 5.1, monitoring business variable in the effects
of bookkeeping practices to the type of business is greater than 5% level of
remark not significant. While the decision-making variable is less than a 5%
level of significance which means that it rejects the null hypothesis with a
remark significant. Lastly, the budgeting variable in the effects of bookkeeping
practices on the type of business is greater than 5% to the level of
remark not significant. Thus, decision-making in the effects of bookkeeping
practices is significant to the type of business.

Accordingly, bookkeeping practices are a tool for financial control that
enables managers to know the financial status and the financial position of the
enterprise. It also enables them to measure and improve the performance of
the company. Furthermore, keeping a proper record of the day-to-day
transaction of the business is crucial for the successful performance of the
business. A comprehensive record-keeping system makes it possible for
entrepreneurs to develop accurate plan and decision that shows the progress
and the current condition of the business. Hence, having an accurate and
timely financial record can help entrepreneurs to have a strong plan and a
good decision for maintaining and growth of the company (Adejare, 2014).
5.2. Years of Business Operation
Table 5.2

As to Years of Business Operation
Variables
value
0.0 Fail to Not
Years of Monitoring Business 0.348 0.951
5 Reject H1 Significant
Business
Operation 0.0
Decision-Making 12.002 0.007 Reject H1 Significant
5
0.0 Fail to Not
Budgeting 3.731 0.292
As shown in Table 5.2, in terms of years of business operation,
monitoring business and budgeting have a p-value higher than 5 percent level
of significance alpha and it fails to reject the null hypothesis. It means that the
two variables have no significant difference as regards the years of business

operation. Decision-making has a p-value lower than 5 percent level
significance alpha which means that it rejects the null hypothesis with a
remark of significance.
Decision-making is a vital component of small business success.
According to Kate Eby (2018), making decisions – both small and large – is a
key to the success of a business. All decisions are taken from the need to
solve a problem or the need for a potential opportunity. Collecting more right
information and input from key stakeholders is necessary for making informed
decisions. Good decisions get the decision-maker, department, and company
closer to their goal, and solve the initial problem.
Moreover, according to Eric Bolland and Carlos Lopez (2016), when it
comes to strategic decisions, time and years are crucial. It matters because
the strategic decision and its consequence are separated. The period
between decision formation and complete execution allows the observer to
see the decision in action and for the organization and its personnel to adjust
to it. The more time and years passes, the more things can happen to
influence performance outcomes.
5.3. Capitalization
Table 5.3

X p- α Decisio Remark
Variables
value n
Fail to Not
Monitoring 0.39 0.0
0.941 Reject Significan
Business 7 5
H1 t
Capitalizatio
Fail to Not
n Decision- 2.45 0.0
0.483 Reject Significan
Making 9 5
H1 t
Fail to Not
5.48 0.0
Budgeting 0.14 Reject Significan
1 5
H1 t
As to Capitalization
As shown in Table 5.3, In terms of capitalization of the business,
monitoring, decision-making budgeting has a p-value lower than 5 percent
level of significance alpha (α=0.05). It means that these three have no
significant difference in the capitalization of the business. Further results show
that monitoring, decision making, and budgeting have no impact on the
business capitalization regardless of how large or small its investment is.
Lastly, SMEs do not invest in these three despite their growing net assets,
these are like the character development of management to achieve it and not
by any monetary means.
For monitoring of business, Lee (2015) stated that monitoring of financial
performance is a very critical role in the management and it can be achieved
through accurate financial reporting or hiring a professional who can do

accounting tasks. This activity is also a key for timely basis actions and
growth plans of the business.
In the decision-making section, According to Rollings (2020), effective
decision-making requires business leaders to practice their discipline in
analyzing financial information to create critical actions for improving their
business. In a recent study by Gartner (2018), 65 percent of decisions are
more difficult than they were two years ago (including more parties or
choices). The current decision-making process is unsustainable.
Good decision-making is more connected, contextual, and ongoing to re-
engineer judgments in a way that deals with increasing complexity and
unpredictability.
To achieve successful budgeting, according to Fowles (2021) adopting a
positive mindset and having a financial data backup on the planning will make
it more organized. Fact’s basis budgeting and not emotional planning or
creating a budget base on what the management desire will create a clearer
path for the business to achieve growth or success.

5.4. Method of Recordkeeping
Table 5.4.

As to Method of Recordkeeping
Variables
value
Monitoring Fail to Not
4.61 0.203 0.05
Method of Business Reject H1 Significant
Recordkeeping 7.52 Fail to Not
Decision-Making 0.057 0.05
7.57 Fail to Not
Budgeting 0.056 0.05
As shown in table 5.4, in terms of method of recordkeeping, the
variables, monitoring business, decision-making, and budgeting have a p-
value higher than the 0.05 percent level of significance alpha ( α=0.05). It
means that these three have no significant difference as regards the method
of recordkeeping of the SMEs.
It implies that monitoring business, decision-making, and budgeting has
no significant difference to the method of recordkeeping used by SMEs. Thus,
the respondents believe that either single-entry bookkeeping or double-entry
bookkeeping or both can provide and be used to monitor the business, utilized
for their decision-making and budgeting process. SMEs used either or both of
the two methods of recordkeeping for the reason that, using only one method
of recordkeeping may not provide complete and prompt information and other
advantages to the SMEs respondents.

According to Commerce Mates (2021), one of the reasons SMEs in
using single-entry bookkeeping is that it is cost-effective, easy to implement,
and time-saving. In addition, based on Nuramalia H. & Ratna A. et. al (2019),
54% of the SMEs used single-entry while 46% used double-entry
bookkeeping. The SMEs use single-entry bookkeeping because of the
following reasons such as it is easy to understand if the owner has no
financial or accounting background. Implementation of it can also without the
help of accountants or bookkeepers and lastly, it does not require complex
accounting software thus it is not costly for the SMEs.
Hence, using single-entry bookkeeping alone may not provide full
information for the SMEs since it only provides transaction related to cash
basis and neglect to provide information regarding accrual and dual effect of
the transaction, therefore it may affect the monitoring, decision-making, and
budgeting of the SMEs. This claim is supported by Carter R. N., (2020), who
says that one of the disadvantages of single-entry bookkeeping is that it does
not provide completeness of the transaction since there is no recording of real
and nominal accounts. Then, in consequence, no financial position is
formulated and no true measurement of profit and loss of the SMEs.
Thus, double-entry bookkeeping is also used by the SMEs respondents
to support the inefficiency of the single-entry bookkeeping method. It is by
Johnson R., (2019), said that SMEs use double-entry bookkeeping to

maintain an accurate financial system. The concept behind this is the
matching principle of accounting, which matches revenue from its related
expenses. Moreover, revenue and expenses recorded are complete and can
help in preparing the profit and loss statement of the business. Furthermore,
with the use of double-entry bookkeeping, SMEs may reduce the error of
recording since it provides information for checking the balance. Lastly, SMEs
use double-entry bookkeeping because it provides an audit trail. Wherein, if
there are fraudulent acts committed in the records. The one who maintains
the records can detect it.

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COLLEGE OF BUSINESS AND ENTREPRENEURIAL TECHNOLOGY

PRESENTATION, INTERPRETATION, AND ANALYSIS OF DATA

This chapter shall cover the presentation of data gathered in tabular

presentation of the data and interpretation of the result is following the

1. Demographic Profile of the Respondents

1.1 As to the type of business

Type of Business Frequency Percentage

As shown in Table 1.1, the frequency and percentage distribution of

respondents as to type business. It is shown in the table that the majority of

the respondents are a merchandising type of business with 60 out of 120

respondents (50%) followed by service type of business with 50 out of 120

respondents (41.67%) and the least is the manufacturing type of business

with 10 out of 120 respondents (8.33%).

According to the Department of Trade and Industry, in 2020 the List of

Establishments of the Philippine Statistics Authority (PSA) recorded a total of

of it are MSMEs, the micro-enterprise is in a total of 850,127 or 88.77% and it

trade is considered as merchandise.

Capitalization Frequency Percentage

As shown in Table 1.2, the frequency and percentage distribution of

respondents by capitalization. It shows in the data that majority of the

respondents went to 3,000,000 – 15,000,000 capitalization with 99 or 82.50%

while 15,000,001 – 100,000,000 capitalization accounted for only 21 or

of establishments of the Philippine Statistics Authority or PSA, the total

recorded of the PSA is 957,620 business enterprises operating in the

4,651 (0.49%) are large enterprises. 88.77% or 850,127 consume by Micro

enterprises, followed by small enterprises at 10.25% or 98,126 and medium

enterprises at 0.49% or 4,716. In connection to the data gathered, small

enterprises are more than medium enterprises in the Philippines.

1.3 As to Years of Business Operations

Frequency and Distribution of Respondents by Years of Business

out of 120 respondents and 10% in the percentage.

Many businesses began their venture as MSMEs, though some sustain

world because of the given support by the government. Moreover, The

Negosyo Center of DTI provides convenience for the businessman to be part

stimulate entrepreneurship development as it gives result on how much these

allowed to start venturing as MSME, they can receive overwhelming support

coming from the government here in the Philippines.

1.4 As to Method of Recordkeeping

Frequency and Distribution of Respondents by Method of

Method of Recordkeeping Frequency Percentage

method of recordkeeping of selected small and medium enterprises (SMEs) in

bookkeeping, having a percentage rate of 59.17%, which is the highest rate

among the method of recordkeeping. While 43 out of 120 respondents use

both manual and software as their method of recording and having a

software to record their financial transactions, it has a percentage rate of 5%.

percentage of 57 out of 80 respondents equal to 71.25% and 9 respondents

use computerized bookkeeping system and it is equal to 11.25% and the

remaining has no bookkeeping system.

In addition, the data of Grefalde J. (2020), in research entitled

“Bookkeeping Practices of Small and Medium Enterprises (SMEs)”, the result

100 respondents uses a manual bookkeeping system, 2 out of 100 uses a

computerized bookkeeping system, 1 out 100 use an online bookkeeping

system, and 52 out 100 uses a combination of manual and computer

bookkeeping system. The data shows a different ranking of users of the

45%. Based on Grifalde J., computerized and software bookkeeping system is

different, computerized bookkeeping means through the use of excel

application while software bookkeeping system is with the use of accounting

or bookkeeping software such as QuickBooks and Zoho Books. Hence,

manual and computer bookkeeping system is the dominant way to record,

accumulate and store financial transactions since business enterprises can

alone (Grifalde J. 2020).

In addition to the reason of Pacinu A. (2020), manual bookkeeping is the