CHAPTER 2

PRESENTATION, ANALYSIS, AND INTERPRETATION OF DATA

This chapter contains the presentation, analysis, and interpretation of

the gathered data. The collected data are presented with analysis with

corresponding interpretation using tables.

Presentation and Analysis of Data

There are three (3) sections presented in this chapter. The first (1st)

part presents the data on the profile of the small business enterprises in terms

of nature of business activity, form of business organization, years of

operation, number of employees and their monthly income. The second

(2nd) part presents the data on the level of efficiency of the manual

accounting system in terms of recording business transactions, reporting

business transactions, compliance of government. The last part presents the

result on the test of a significant relationship between the profile of the small

business enterprises in terms of the nature of the business activity, form of

business organization, years of operation, number of employees, monthly

income and their level of efficiency.

 Part I. Profile of the Small Business Enterprises

This part presents the data on the profile of the small business

enterprises in terms of their nature of the business activity, forms of business

organization, years of operation, number of employees, and monthly income.

Table 1
Profile of Small Enterprises
(n = 74)

Profiles Frequency Percentage

(f) (%)

Nature of Business
Merchandising 21 28.38%
Manufacturing 6 8.11%
Service 34 45.95%
Mixed 13 17.57%
Form of Business Organization
Sole Proprietorship 56 75.68%
Partnership 8 10.81%
Corporation 10 13.51%
Years of Operation
More than 44 years 2 2.70%
33-43 4 5.41%
22-32 10 13.51%
11-21 16 21.62%
2-10 42 56.76%
Number of Employees
13 and above 6 8.11%
9-12 14 18.92%
5-8 16 21.62%
1-4 38 51.35%
Monthly Income
More than 170,000 3 4.05%
130,000-169,000 5 6.76%
90,000-129,000 10 13.51%
50,000-89,000 14 18.92%
10,000-49,000 42 56.76%
 In the aspect of nature of businesses, seventy-four (74) respondents or

equivalent to 55.26%, engaged in merchandising business activity. This

result indicates that most of the small business enterprises chose a

merchandising business due to its clarity. Merchandising is the simplest to

manage out of the three types of businesses.

This is one of the primary reasons why most small business

enterprises are not complicated to operate because they tend to have fewer

decision-makers, which makes the decision-making faster. Weerasekara and

Bhanugopan (2022) backed up this conclusion, emphasizing that small

business enterprises emphasize that merchandising tends to have fewer

decision-makers, especially when entrepreneurs’ decision making style

impacts its financial performances.

On the other hand, only 6 (six) entrepreneurs, equivalent to 8.11%,

disclose that they were in the manufacturing business. The results showed

that entrepreneurs rarely choose manufacturing firms due to the process

complexity. Operating a manufacturing business is expensive and time-

consuming compared to commerce and services. At a manufacturing

company, finished products are put together from raw materials, parts, and

components. Manufacturing companies maximize the use of machines,

robots, computers, and humans to generate their products, manufacturing

organizations have more difficult daily operations than retailers (Gustavsson,

2007). They make the best use of the assembly line, which enables the

gradual assembling of a product as it moves from one station to the next. In

the Philippines, Micro, Small, and Medium-Sized Businesses (MSMEs) are

a crucial industry. Nonetheless, because they have limited market access,

their productivity is still much lower than that of larger companies

(Francisco & Canare, 2019).

Moreover, of the seventy-four entrepreneurs included in the study,

sixty-seven (67) or 75.68% engaged in a sole proprietorship. This result

reflects that most are the easiest and most typical business structure to

establish. A sole proprietorship is subject to the straightforward legal

requirements of registering a business name and acquiring any necessary

licenses or permits pertaining to the particular type of business. Hence, a

single proprietorship is the most common and basic type of business

organization. According to Huntington's 2017 analysis, sole proprietorships

are among the least expensive business structures to start because they are

owned by only one person.

 In contrast, only ten (10) entrepreneurs, equivalent to 13.51%,

discover that they were engaged in the corporation type of business. It

implies that small businesses who are looking to launch tend to avoid

corporations due to their complexity. Aspiring business owners should be

aware of the potential drawbacks before forming a corporation. This entails

going through a drawn-out application procedure, strict formalities and

protocols, expensive fees and running expenses, and, depending on the

corporation's structure, the potential for double taxation. A corporation is not

appropriate for everyone and may end up costing more time and money than

it is worth, according to Schooley (2019).

Also, there were thirty-eight (51.35%) small business enterprises out

of 74 who employed 1-4 employees. This outcome is caused by the nature of

these organizations, which are small business enterprises, which typically do

not perceive the need to hire employees. Most responders only have less

than four (4) employees since small firms typically run and manage their

businesses independently or enlist the assistance of family members as

needed.

The findings demonstrated that small business enterprises operate

with insufficient workers, improperly delegated responsibilities, or both.

Workers in businesses with a lack of staff may feel helpless in the face of a

mounting workload. Poor work performance and negative effects on the

organization can result from this stressful work environment. In other words,

stressed out employees are more likely to be overworked. This idea is

supported by a study done by Ali and Farooqi (2014), which discovered that

work overload causes subpar employee performance, which ultimately

results in job discontent and affects employee performance. Furthermore, as

employees are one of their most valuable resources, businesses must make

the most of them regardless of the nature of their industry (Motyka, 2018).

On the other hand, only six (6) out of seventy-four (74) respondents

have 13 and above employees. This study shows that only a very small

percentage of small business enterprises hire more workers, and those that

do so typically do so on a bigger scale than other small businesses. These

small business enterprises can afford to pay for additional human resources

for business operations, accounting for only 8.11% of the results. This

finding demonstrates that few small businesses decide to hire new staff

because the majority lack the financial means to pay for salaries and other

labor expenses. Also, this outcome showed that there was an improper job

distribution, with the owner doing the majority of the tasks.

 No single person should, in theory, initiate, approve, record, reconcile,

handle the linked asset, or evaluate reports for any business transaction.

Compensating controls must be put in place whenever segregation of duties

is not practicable due to the small size of the department because each

transaction should have at least two sets of eyes. The process through which

no single individual has total authority over the life of a transaction is known

as the separation of responsibilities (Gramling et al., 2010). By creating a

welcoming, development-enabling environment for employee engagement,

entrepreneurs can increase their chances of hiring and retaining valuable

employees. Having a micro-enterprise does not preclude you from hiring

more employees (Manna, 2008). Individual morale, individual task

performance, organizational performance, and extra-role performance were

all related to engagement in a positive way (Bailey et al., 2015).

As to the years of operation, thirty-eight (38) small business

enterprises out of 74 have been operating less than five (5) years. This is due

to the fact that micro-businesses do not require a large amount of capital to

establish; as a result, they can be easily penetrated and exited at any time.

More than half of small business owners start with their own money.

Because there are no educational requirements, many people attempted to

venture in the hope of earning extra money to feed their families (Schooley,
2019). Small business enterprises with a high level of competition tend to

close their doors quickly, with only a few surviving and continuing to

operate for more than 15 years (Alusen, 2018).

Furthermore, this finding revealed that the number of small business

enterprises established this year increased. While businesses across the

country were closing due to the coronavirus outbreak, Filipino households

were launching small businesses to supplement their income as a result of

the lockdown because their employment had been significantly impacted

(Statista Research Department, 2020). Furthermore, beginning in 2020, the

Philippines' household consumption expenditure for communication was

estimated to be nearly 400 billion Philippine pesos, and it has steadily

increased over the years (Statista Research Department, 2021). This situation

contributed to the immediate need for internet access for online classes and

work-from-home setups, which increased Filipino families' overall expenses.

More than half of families (56%) believe the pandemic is affecting their

finances (Cision, 2020), which explains why the majority of responses have

only been in business for less than five (5) years. According to the survey,

the majority of them started their enterprises just before or at the beginning

of the epidemic.
 In addition, only six (2) enterprises have been operating for more than

44 years, accounting to 2.70% of the results. As a result, very few small

businesses have lasted longer than 15 years. Even during the pandemic, they

have kept working. The entrepreneur's parents used to be in charge of these

firms. Even after successfully establishing a culture for years, the business is

still having trouble making money. Moreover, one of the factors contributing

to the failure of the majority of small businesses to succeed is the growing

concentration of them in one location (Meressa, 2020).

Lastly, in terms of the respondent's monthly income, forty-two (42)

respondents, equivalent to 56.76%, had a monthly income of ₱10,000 -

₱49,000. The study's results showed that participants with monthly incomes

falling within this range could still operate in small business enterprises

using manual accounting systems.

The ability of businesses to operate further is by income. The

entrepreneur's financial level determines whether they will continue to

operate or not (McConnell & Brue, 1999).

In contrast, only (3) respondents, or equivalent 4.05%, responded of

having a monthly income of more than 170,000 and above. The findings

suggested that the monthly income of the respondents, in general, is

indicative of their businesses and capabilities in still operating the

businesses.

In agreement with Satyawati (2018), which tested respondents'

profiles, including their monthly income, the conclusion reached is that the

monthly income of small business enterprises in Canduman, Mandaue City

provides some indication of their efficiency in using manual accounting up

to the recent.
 Part II. Level of Efficiency of Manual Accounting System

This part of the discussion presents the data on the level of efficiency

of the Manual Accounting System in recording business transactions.

Level of Efficiency of Manual Accounting System in terms of Recording

Business Transactions

This section presents the results of the level of efficiency of small

business enterprises in Barangay Canduman, Mandaue City, in recording

business transactions.

Table 2.1
Level of Efficiency in terms of
Recording Business Transactions
(n = 74)
Indicators Weighted Interpretation

Mean

1.The manual accounting is efficient in terms of monitoring the data. 3.09 Moderately Efficient

2. When it comes to tracking of sales and cash receipts, manual 3.32 Highly Efficient

accounting is efficient to use.

3. Payments and cash disbursements are properly documented and 3.43 Highly Efficient

maintained.

4. The inventory management works well with the manual accounting 3.32 Highly Efficient

system.

5. It is up-to-date and provides accurate information. 3.42 Highly Efficient

6. It generates a smooth work transaction, 3.23 Moderately Efficient

7. The manual accounting system makes it easier to simply locate and

access the needed transactions. 3.24 Moderately Efficient

8. It efficiently gathers data transactions for the financial statements.

9. It is easy to tabulate the cost and expenses of the enterprise. 3.34 Highly Efficient

10. The manual accounting system guarantees that for every value 3.23 Moderately Efficient

received, an equivalent value is given. 3.27 Highly Efficient

Overall Mean

3.29 Highly Efficient

The results showed small business enterprises in Canduman, Mandaue

City, practiced a high level of efficiency of assessment in using manual

accounting systems in small business enterprises as they pay close attention

to the business’ cash inflows and outflows daily with the highest weighted

mean of 3.29. The result indicated that small business enterprises record how

much money is coming in and out to their business. Hayes (2021) stated that

telling as their sources and destinations is one of the primary goals. It is

essential for assessing the liquidity, adaptability, and overall financial

success of a corporation. Recording business transactions is an essential

ability for any business owner to possess is managing cash flow. The key to

managing cash flow is to comprehend incoming expenses and compare them

to accounts receivable and anticipated future revenues. In order to assess

your current financial situation and where you will be in a few months, it is
essential to keep track of the money flowing into and leaving your business

every day (Schooley, 2021).

According to Ward (2020), small business firms must maintain a solid

cash flow because it is the source of their existence. Small businesses can

improve strategies and decisions, comprehend business expenses, safeguard

business relationships, and expand at the appropriate time by monitoring

cash flow and tracking business transactions. One of the highly critical

aspects of owning a small business is cash flow. It is impossible to grow the

business, hire new employees, or properly manage the finances without a

stable cash flow. Small business enterprises owners need to understand how

much money they receive compared to what they spend. If they spend more

than they make, they must make adjustments to keep from filing for

bankruptcy.

On the other hand, small business enterprises practiced a high level of

efficiency as they recorded the business transactions to maintain the cash

inflows and outflows, based on the lowest weighted mean of 3.29. The result

indicated that small business organizations are aware of the value of having

bank accounts for preserving the company's cash flow, which is essential for

all businesses.
 Small business enterprises practiced a high level of efficiency in terms

of recording the business transactions based on the overall mean. This result

showed that the small business enterprises in Canduman, Mandaue City

manage are literate enough to manage their transactions on a day-to-day

basis.

Based on the study of Amanamah (2015), small business enterprises

possess a high level of efficiency in terms of recording business transactions.

It found out that small business enterprises use a manual accounting system

since it is more convenient for entrepreneurs to record transactions. When

small business enterprises record transactions, it means they can deliver an

accounting information system, even though it requires a greater

understanding of how to book keep, it can be easier to manage once the key

concepts of double entry bookkeeping have been learnt.

Furthermore, small business enterprises kept track of their business

activities in notebooks or even in scrap papers or in MS Excel. They did not

always observe a suitable book of accounts such as journals and ledgers. As

a result, the small business enterprises could monitor outflows, inflows in

their business.
Level of Efficiency of Manual Accounting System in terms of Reporting

Business Transactions

This section presents the level of efficiency of small business

enterprises in Barangay Canduman, Mandaue City, in reporting business

transactions.

Table 2.2
Level of Efficiency in terms of
Reporting Business Transactions
(n = 74)
Indicators Weighted Interpretation
Mean

1. It assures that the employees will not complain about delays in 3.07 Moderately Efficient
completing the transactions.
2. It produces financial information that will be useful for decision 3.11 Moderately Efficient
making.
3. Accounting reports can help you maintain the track of your business. 3.36 Highly Efficient
4. Checks transactions that occurred in the ledger over time. 3.26 Highly Efficient
5. Manage business decisions and examine different financial statements to 3.18 Moderately Efficient
figure out better ways to maximize profits.
6. Financial reporting prevents cash flow problems. 3.24 Moderately Efficient
7. Accounting reports reveal the business’ financial condition. 3.30 Highly Efficient
8. It summarizes information in terms of monetary. 3.26 Highly Efficient
9. Cash flows are simple to monitor, 3.34 Highly Efficient
10. It keeps track of income expectations 3.30 Highly Efficient
Overall Mean 3.24 Moderately Efficient

Legend:
3.26-4.00 Highly Efficient 1.76 - 2.50 Less Efficient
2.51 -3.25 Moderately Efficient 1.00 - 1.75 Not Efficient

The data shows that small business enterprises practiced a moderate

efficiency in using manual accounting in small business enterprises in the

context of reporting business transactions. This results means that small

business enterprises acknowledge in reporting business transactions how

much money is coming in and out to their business. Apjarba (2015) stated

one of their objectives that in utilizing manual accounting systems, the

respondents claimed in this study that though they are also able to finish

their job accurately, establishing a computerized accounting system is still

more convenient wherein the main problem in using manual accounting is

time consuming.

Businesses are primarily concerned with techniques for documenting

transactions, keeping records, executing audits, reporting and analyzing

financial information to management, and seeking tax guidance while

keeping track of financial information. Hence, organizations establish a

structured procedure for identifying, logging, measuring, classifying,

verifying, summarizing, interpreting, and communicating financial

information. This shows the organization's profit or loss for the specified

time period as well as the value and make up of its assets, liabilities, and

equity.

Hence, some small enterprises still hire accountants to help them carry

out the mathematical requirements of accounting and balancing their books.

Before the introduction of information technology into accounting, these

accounting protocols were performed manually. As manual accounting is

very detailed since accountants must carefully enter information into

physical books, computerized accounting uses software programs designed

from traditional manual accounting systems and involves the use of

computers, spreadsheets and programs designed to record and report

financial information electronically (Osmond 2011).

Based on the study of Mujiyono (2018), some small business

enterprises are still in the manual recording and reporting process of

financial transactions and financial reporting. It is not effective and efficient

in business operations. The manual accounting system often goes wrong,

especially if the transaction data are abundant, which may cause as well the

financial information presented to be not accurate, relevant and timely.

Level of Efficiency of Manual Accounting System in terms of

Compliance of Government Regulation

Table 2.3 presents the results on the level of efficiency of manual

accounting systems in small business enterprises in terms of compliance of

government regulation.
 Table 2.3
Level of Efficiency in terms of
Compliance of Government Regulation
(n = 74)
Indicators Weighted Interpretation

Mean

1. It provides information that is completely trustworthy. 3.31 Highly Efficient

2. It needs to have clear processes and procedures for recording and 3.35 Highly Efficient

verifying revenues, expenses, assets and liabilities.

3. It produces information concerning past operations and present 3.26 Highly Efficient

conditions.

4. Provide more relevant information that will result in greater 3.27 Highly Efficient

accountability by state and local governments.

5. It carries out the financial business of the government in a timely, 3.38 Highly Efficient

efficient and reliable manner.

6. Government accounting is concerned with systematic and scientific 3.30 Highly Efficient

recording of government revenues and expenditures.

7. Accounting principles are the rules and regulations that companies 3.26 Highly Efficient

must follow when reporting financial data.

8. It assists small business owners in determining their possible tax 3.36 Highly Efficient

liability at any given time.

9. Government regulation can protect consumers and help businesses 3.32 Highly Efficient

thrive at the same time.

10. Government protects consumers from dangerous situations and 3.31 Highly Efficient

ensures they have information to make informed choices.

Overall Mean 3.30 Highly Efficient

Legend:

3.26-4.00 Highly Efficient 1.76 - 2.50 Less Efficient

2.51 -3.25 Moderately Efficient 1.00 - 1.75 Not Efficient

In this section, the results showed that small business owners from

Barangay Canduman in Mandaue City had the highest weighted mean of

3.30 and showed a high level of efficiency in manually transcribing their

accounts in accordance with legal requirements. According to Shanker

(2019), the paper-and-pencil manual accounting system is less expensive

than the automated version, which necessitates the purchase of a computer,

software, printer, and other system expenses. The manual technique might

be effective for small businesses up to a point, but with the low cost of

computers and software, many businesses are choosing the automated

system.. They are simple to use, and it is not hard to find experienced

employees to run the system. This statement comes to mind in realizing why

small business owners still rely on manual accounting systems as it can still

comply with the regulations imposed by the government.

In Section 232 of the National Revenue Code of 1997. All businesses,

regardless of their form or mode of organization, shall keep and maintain the

books of accounts and other accounting records, including the supporting

vouchers and receipts, in such a manner as to clearly reflect the true and

accurate income and expenditures of the business for each taxable year.

Which narrows down to a point where business owners do not necessarily

need to go beyond the books and proceed to digitizing their records, thus it

still simply follows through the code and does not go beyond what the

government requires.

However, the Bureau of International Revenue (BIR) (2019) declared

that in Revenue Memorandum Circular No. 68. Taxpayers are recommended

to automate their accounting processes and utilize BIR-accredited

accounting software or computerized accounting systems to ensure that their

financial records are accurate and that they adhere to all applicable laws and

regulations. Which business owners are required to use, all returns,

statements, and other documents that must be filed with the BIR shall be

filed using the eBIR Forms System (Revenue Regulations No. 6, 2016)

arguing for a more tactical way of keeping records and holding out business

information in a more recent and a safe innovation.

Level of Efficiency of Manual Accounting System in terms of Keeping

Business Transactions

Table 2.4 presents the results on the level of efficiency of manual

accounting systems in small business enterprises in terms of keeping

business transactions.

Table 2.4
Level of Efficiency in terms of
Keeping Business Transactions
(n = 74)
Indicators Weighted Interpretation

Mean

1.It provides backup and recovery capabilities in case of data loss. 3.31 Highly Efficient

2. It is easy to modify and access critical records. 3.28 Highly Efficient

3. It efficiently gathers information about customers and employees. 3.38 Highly Efficient

4. It provides feedback information on various transactions. 3.24 Highly Efficient

5. The business transaction and contracts are properly secured. 3.35 Highly Efficient

6. It protects the business in the event of an audit or employee issue. 3.47 Highly Efficient

7. It fulfills and maintains accurate tax obligations. 3.32 Highly Efficient

8. It efficiently ensures financial document copies. 3.39 Highly Efficient

9. It monitors the health of the business and spots any potential issues. 3.39 Highly Efficient

10. It efficiently forecasts the future profit and losses. 3.51 Highly Efficient

Overall Mean

3.36 Highly Efficient

Legend:
3.26-4.00 Highly Efficient 1.76 - 2.50 Less
Efficient
2.51 -3.25 Moderately Efficient 1.00 - 1.75 Not Efficient

Reaching out to this part, the results showed how business

entrepreneurs from Barangay Canduman, Mandaue City, gave much favor to

the usage of Manual Accounting System in terms of keeping business

transactions as the overall mean reached 3.36, technically indicating high

efficiency. In a statement by Donohoe (2019) she emphasized that the

manual accounting method is much cheaper than a computerized system.

Some people are not comfortable working with computers, and perform

better with the paper and pencil system. The manual system works, even if

electricity is off, unlike most computer setups. Although manual accounting

systems rely on human processing, they may be inefficient in today’s

complex business environment, and because they are labor intensive, they

may be prone to error. (Ballada, 2017) Small Business owners still prefer

manual systems as it identified that one merit of manual accounting systems

is that is always accessible, power or internet outages wouldn’t prevent you

from working on accounts unless you’re thrown into complete darkness.

(Shpak, 2019)
 And with regards to Amanamah and team (2016) as they state,

Manual accounting systems provide a useful way of recording business

transactions and can deliver an accounting information system for the small

and medium enterprise business owner. Furthermore, the manual accounting

system is basically useful and more manageable for small business owners

especially in keeping business transactions as it states as one of the

advantages of the manual accounting system is its easy accessibility. It is

also characterized by confidentiality, which makes the sensitive information

hacking free. (Surbhi, 2018)

In another statement Donohoe (2019) explained that Another benefit

of the manual system is that there is no data corruption or duplication, as

sometimes happens with accounting software. Because manual accounting is

simple and doesn’t require computer skills, firms can hire employees for less

money, a major advantage to small businesses. Pertaining to a more diverse

type of transmission small business owners would gradually grab due to the

fact that it is more convenient to use and it requires less expense.

Summary on the Level of Efficiency using Manual Accounting System

in Small Business Enterprises

 The table presents an overview of the level of efficiency using manual

accounting systems in small business enterprises in the aspects of recording

business transactions, reporting business transactions, compliance of

government regulations and keeping business transactions.

Table 2.5
Summary on the Level of Efficiency of Small Business Enterprises
(n = 74)
Indicators Overall Interpretation

Mean

Recording Business Transactions 3.29 Highly Efficient

Reporting Business Transactions 3.24 Moderately Efficient

Compliance of Government Regulation 3.30 Highly Efficient

Keeping Business Transactions 3.36 Highly Efficient

Grand Mean 3.29 Highly Efficient

Based on the table, small enterprises practiced a high level of financial

literacy in all indicators: recording business transactions, reporting business

transactions, compliance of government regulations, and keeping business

transactions, with a grand mean of 3.30. This result indicates that small

business enterprises show how highly satisfied a small enterprise is in using

manual accounting systems in recording, reporting, compliance of

government regulations, and keeping business transactions, this further

reflects small enterprises effectiveness.

Moreover, the result supported the Picincu (2020) study, which

asserted that manual accounting systems are convenient to use and ideal for

small enterprises owners only. This is why it is necessary to bridge the gap

in the small enterprise owner’s level of efficiency since this study also

showed that manual accounting is an essential tool for the success of small

enterprises, as it aids in preparing a relevant financial report at a minimal

cost for the business.

Part III. Test of Significant Difference on the Profile of Small

Enterprises on their Level of Efficiency using Manual Accounting

System

This section presents the results on the test of a significant

relationship between the small business enterprises profile and their level of

efficiency. The table shows the results on the test of a significant

relationship between the nature of the business activity and their level of

efficiency.
 Table 3
ANOVA Results for the Significant Differences on the
Level of Efficiency Using the Manual Accounting System
Source Sum of df Mean of F-Value P-Value
Squares Squares

Between 32.9345 3 10.9782 9.72 0.0001

Within 329.9646 292 1.13

Total 362.9646 295

Statistically Significant at 0.05 levels

The data in Table 3 shows that there were significant differences on

the responses of small enterprises owners on the level of efficiency using the

manual accounting system.

The result was based on the P-value of 0.0001, which was less than

0.05 (5%) level of significance and F-value of 9.72 was greater than the

critical value of 3.72. Therefore, the null hypothesis was rejected. It implies

that the respondents have different levels of efficiency using the manual

accounting system.

The findings are supported by Andra Picincu (2020), whose study

describes that for small business owners, manual accounting systems are the

best option because they are inexpensive and simple to use. Aside from, all

calculations are conducted manually, which reduces the possibility of data

corruption and duplication errors. Also, it does not need to worry about
power or internet interruptions. Corrections are also simplified. In addition,

data loss or financial information disclosure is not risky due to data

breaches. Furthermore, it is convenient and accessible, as only a pen and

paper are required.

Based on Decker’s (2019) study, for small businesses, manual

accounting is an effective solution. Although it may seem contradictory,

many small businesses find that a manual accounting system is the most

sensible and useful choice. For receivables, payables, and sales, a

conventional manual system would normally use one ledger per category

before combining the data into one general ledger. They can be set up by

you or a bookkeeper on your behalf. Yet, it isn't always required to use

technology when summarizing transactions, which is something that is

simple to ignore. It's not necessary to utilize it all the time.

Despite the fact that some manual systems are complex, manual

systems work effectively for companies with simple, straightforward

accounting requirements. Some small businesses don't require double-entry

systems that verify each transaction with credit card and bank account

statements. These might function just fine with single-entry systems that

catalog and classify sales and expenses. You can be happier with a manual
system than a digital accounting system if your accounting requirements are

straightforward (Gartenstein, 2019).

According to Hermanson et al. (2020), small businesses have used a

manual accounting system with just one general journal and one general

ledger for hundreds of years. Over time, many manual methods grew to

include many journals and ledgers, which helped them become more

efficient. Furthermore, Craig Woodman (2020) stated that a manual

accounting system could be cheaper initially, especially if the business

owner knows about accounting. It can set up the primary process with little

help from a professional. Doing the bookkeeping by hand, at least at first,

will give a closer look at the business's accounting, which will help to

understand and run it better.

 CHAPTER 3

SUMMARY, FINDINGS, CONCLUSION

AND RECOMMENDATIONS

This chapter presents the summary, findings, conclusion, and

recommendations of the study.

Summary

This study aims to assess the level of efficiency of the manual

accounting system among the small enterprises in Barangay Canduman,

Mandaue City, Cebu, Philippines, based on the perspectives of the owners.

Furthermore, the results of this study will serve as the basis for the

formulation of a proposed simplified bookkeeping for small enterprises.

Specifically, this research will seek to address the following sub-

problems:

1. What is the profile of the small enterprise in terms of:

 1.1 nature of business activity;

1.2 form of business organization;

1.3 years of business operation;

1.4 number of employees; and

1.5 monthly income?

2. What is the level of efficiency of using manual accounting system in the

aspects of:

2.1 recording business transactions;

2.2 reporting business transactions;

2.3 compliance of government regulations; and

2.4 keeping business transactions?

3. Is there a significant difference in the responses of small enterprises

owners on the level of efficiency using the manual accounting system?

4. Based on the findings of the study, how may a proposed simplified

bookkeeping be formulated to provide development on small enterprises?

 The study utilized the descriptive-survey research design using

researcher-made survey questionnaires as the main instrument in data

gathering. The survey questionnaire collected information on the profile of

the small enterprise and the efficiency of using a manual accounting system.

Hence, qualitative data was gathered, analyzed and interpreted using

statistical tools.

In the study, there were seventy-four (74) respondents. They were

selected as Small Enterprises from Barangay Canduman, Mandaue City,

Cebu, Philippines. The abovementioned respondents are the owners of

enterprises that are registered both in the local government office of the said

barangay and in the Business Permit and Licensing Office in Mandaue City.

Using a random sample technique, the respondents were chosen at random

or with equal odds of being chosen.

The survey used to collect the data was research-designed, and its

reliability were determined by pilot testing. The survey used to collect the

data was research-designed, and its reliability were determined by pilot

testing. In analyzing the data collected, the proponents used a simple

percentage to analyze the data about the profile of small enterprises in terms

of the nature of business activity, form of business organization, years of

business operation, number of employees, and monthly income. Arithmetic

means were used to analyze the data about the level of efficiency of using

the manual accounting system of the respondents in the aspect of recording

business transactions, reporting business transactions, compliance of

government regulations, and keeping business transactions. Finally, the One

way anova was applied to determine the significant difference in the

responses of small enterprises owners on the level of efficiency using the

manual accounting system.

Findings

The following are the salient findings of the study:

1. Small business enterprises in Canduman, Mandaue City are

engaged in service activities, are sole proprietorship, employ 1 to 4 people

only, and monthly income are 10,000-49,000 and have been operating for 2

to 10 years.

2.The small business enterprises in Canduman, Mandaue City, applied a

highly efficient method in using manual accounting in the aspects of

recording business transactions, reporting business transactions, compliance

of government regulations and keeping business transactions.

 3.There is a significant difference in the responses of small enterprise

owners on the level of efficiency using the manual accounting system.

Conclusions

Small Businesses' financial awareness, knowledge, skills, and

competences are combined in the manual accounting system to help them

make the best financial decisions possible. The study evaluated the

effectiveness of small businesses' use of manual accounting systems in

Barangay Canduman, Mandaue City, and discovered that these businesses

use manual accounting in a highly efficient method in using manual

accounting in the aspects of recording business transactions, reporting

business transactions, compliance of government regulations and keeping

business transactions. The study's conclusions are applicable to small

businesses and policymakers in determining the critical actions to support

the sector that generates jobs and the nation's economic growth.
 Recommendations

Based on the findings of the study, the following may be

recommended:

1. It is extremely advisable to develop an inclusive program that

attempts to assist Small Businesses in addressing concerns related to their

recording, keeping, and reporting transactions in order to improve their

competences and subsequently improve their business performance.

2. The owners of small business enterprises may use and apply the

proposed simplified bookkeeping.

3. The national and local governments should investigate the state

of Small Enterprises today, not only in terms of using Manual Accounting

System but also in other relevant issues and provide significant support

measures for the betterment of Small Enterprises.

4. The study was made to a specific barangay, and only a certain

number of people participated in the survey. It is recommended to focus on

other places not limited to other cities, municipalities and other regions in

the Philippines. It is also recommended to increase and widen the scope.

5. Future researchers, it is recommended to find out the reasons

for possible gaps as to why some variables, such as the number of

employees and location of enterprise, and should conduct study that will

provide different aspects that could be categorized as growth-affecting

components of manual accounting. It will help further enhance and

strengthen the conclusions of this research.

PROPOSED SIMPLIFIED BOOKKEEPING

The Philippines' economy depends heavily on small enterprises,

which account for nearly all of the nation's businesses. The economic

significance of small enterprises to neighborhood communities is founded

on the buying and selling among friends and neighbors. Small enterprises in

rural areas and large cities is further illustrated by the financial benefits of

doing business locally. Small enterprises are the only ones that can thrive in

communities with declining populations. Small enterprises in big cities

frequently have a wider selection of products or focus on offering distinctive

or customized customer experiences. Also, small enterprises create fresh job

possibilities and act as the foundation for the biggest firms in the

Philippines.

According to the Department of Trade and Industry (2019), reports

that microbusinesses and small enterprises account for up to 89 percent and

10 percent of all MSMEs, respectively. By giving the expanding workforce

in the nation jobs, they aid in the reduction of poverty. According to the

Philippine Statistics Authority, 4,859,369 Filipinos were employed by micro

and small businesses in the same year, accounting for around 55.1% of all

employment in the nation and supporting 431,056 jobs in Central Visayas

alone. Small businesses are essential components of the economy since they

serve as suppliers and partners to major firms as well as a nursery for

aspiring business owners.

On the other hand, bookkeeping is a crucial instrument to provide

useful information for your small enterprises' decision-making. No matter

how big or little, bookkeeping is vital to the development of every company

since it enables management to monitor the health and performance of their

finances. Proper bookkeeping is necessary for running and growing a

business.
 However, one of the major obstacles facing these small enterprises is

their external sources of funding (Senate of the Philippines, 2012). In order

to get money and achieve growth, companies and investors need to be able

to evaluate the success of the business. Subsequently, efficient

implementation of small business depends on proper bookkeeping.

According to Yap (2019), bookkeeping enables the owner to assess if the

company is profitable or not. Yet, a lot of business owners and entrepreneurs

don't treat bookkeeping properly and put it at the bottom of their list of

priorities (Moore, 2015). The majority of micro and small enterprises fail

because of bad management; owners may be good at selling but find it

difficult to run the company as a whole.

A simplified bookkeeping will take you step-by-step through the

various bookkeeping techniques, how transactions are recorded, and the key

financial statements involved. Your company's success is driven by accurate

bookkeeping. It is a fundamental accounting procedure, and without it, it

would be quite difficult to come up with plans to enhance your company's

core competencies. Even though bookkeeping is crucial, problems might

arise if the wrong system is implemented for your business. Several small

enterprises still have access to manual processes like paper journals and

physical diaries.
 (Diagram)

What is Bookkeeping?

Bookkeeping refers to tracking a company's earnings and outgoing

costs. It shows how things are going with the cash flow and how the

company is generally doing. Bookkeeping is the everyday practice of

documenting the financial transactions of a business in organized accounts.

It can also apply to the many recording techniques utilized by small

enterprises. Bookkeeping is an integral component of the accounting process

for several reasons. When transaction data is kept up-to-date, it is possible to

compile reliable financial reports to measure corporate success.

Why is it important?

Bookkeeping is essential because a business can only stay profitable

with accurate accounting records. Accurate bookkeeping facilitates a small

business's ability to manage its cash flow, meet its financial obligations, and

plan its investments. Bookkeeping done correctly enables one to keep

accurate financial records, which is required by law for businesses to do for

taxation reasons. In addition to being a legal duty, maintaining accurate

books has several operational benefits for a corporation.

Here are some of the financial management practices recommended for

Small Business Enterprises:

Recording Business Transactions

The process of gathering financial data on a business's operations in

an organized and systematic way is known as recording business

transactions. Financial statements, which are essential for evaluating the

financial health of a corporation, are made using the data acquired from

these transactions.

For businesses to make wise financial decisions, adhere to legal

obligations, and create financial statements for external stakeholders,

accurate and prompt recording of business transactions is essential. To

guarantee that all financial transactions are documented accurately and

consistently, it is crucial for firms to have clear accounting procedures and

controls.

1. Organizing your own Financial

It is vital to your business to have an organized financial system to

be able to stabilize a business and make the business less likely to fail.

Managing and arranging your business finances effectively will help

your business succeed and ensure that you meet your profit objectives.

Even successful and possibly profitable businesses will collapse without

financial organization. By organizing your finances, you can take control

of your money, reduce financial stress, and achieve financial goals.

Whether you are just starting to take control of your finances or looking

to optimize your financial strategy, organizing your finances can be a

crucial step towards achieving financial stability and success.

There are many ways to improve and arrange your finances so that

you can achieve your goals. The business needs to establish a budget for

how your money will be spent. To understand where the money is going,

it should start by keeping track of the expenses and income. Establishing

financial goals can help one define both short- and long-term objectives,

both of which may be important for reaching the goal. The business can

also create an emergency fund that can be used to pay for unforeseen

costs, such as car repairs necessary for delivery. In terms of managing

your debt, you might start by paying off high-interest debt, such as credit

card bills, while taking into account debt consolidation to reduce your

monthly payments.

2. Set up the General Ledger

A crucial first step in managing your financial data is to set up a

general ledger. In a company or organization, the General Ledger serves

as the central repository for all financial transactions. It gives a rundown

of the financial activities of the firm and logs every financial transaction

in chronological order. An organization's financial activities, including

transactions like sales, purchases, payments, and receipts, are fully

documented in the General Ledger. It aids in keeping financial data

organized and maintained in a clear and straightforward manner, making

it simple to access and evaluate. Every transaction entered into the

General Ledger is identified by its related account and is accompanied by

a date, a description, and an amount. All financial transactions are

accurately and completely recorded in the ledger, which is used to create

financial statements including the balance sheet, income statement, and

cash flow statement.

3. Creating Accurate Financial Records

The success of every company or organization depends on

maintaining accurate financial records. Making decisions based on

reliable information is made easier with the aid of accurate financial

records, which offer a clear and current picture of the organization's

financial health.

Create a methodical technique to keep track of financial

transactions. There should be a clearly defined accounting system in

place that includes a chart of accounts, financial reporting, and

bookkeeping rules. The accounting system must accurately record each

financial transaction, including sales, purchases, expenses, and payments.

Ensure that each transaction is appropriately categorised and assigned to

the appropriate account in accordance with accounting standards.

Regularly reconcile your bank statements to check that all transactions

have been accurately recorded and to spot any inconsistencies or

mistakes. Maintain accurate records of depreciation for all fixed assets,

including structures, machinery, and equipment. Accounting rules and

standards must be followed while calculating depreciation.

Maintain all supporting records that verify each financial

transaction, including contracts, invoices, and receipts. For appropriate

record-keeping and in case of an audit, this paperwork is required. Make

sure your financial records are correct and current by regularly reviewing

them. Find any inconsistencies or mistakes and fix them if needed. To

make sure that your financial records are accurate and compliant with

accounting standards and regulations, think about hiring a certified

accountant or bookkeeper.

4. Choose an Accounting Method

Take into account the kind of your company and the

transactions you conduct. Cash basis accounting might be more

appropriate if the majority of your company's transactions are in cash.

On the other hand, accrual basis accounting can be more appropriate if

your company deals in credit transactions or has accounts receivable

and payable. Your choice of accounting method may also be

influenced by the size of your organization. Assess your company's

financial reporting requirements. Small firms with fewer transactions

 can find cash basis accounting easier to manage, but larger companies

with more complicated transactions might need to utilize accrual basis

accounting.

Take your company's financial reporting requirements into

account. Accrual basis accounting may be necessary to give a more

realistic picture of your financial situation if you need to deliver

financial statements to external stakeholders like investors or

creditors. Your tax obligations may change depending on the

accounting style you select. While accrual basis accounting may offer

superior long-term tax planning prospects, cash basis accounting may

result in reduced taxes in the immediate term. Take into account any

legal or regulatory restrictions that can affect the accounting method

you choose. For instance, if a business exceeds a specific revenue

threshold, the IRS may mandate that it employ accrual basis

accounting.

Reporting Business Transactions

Reporting periodic statements that represent the financial status of a

small business enterprise at a certain period of time. It will indicate the

business transactions and operations, it will identify here further in detailing

the sales per region, profitability of a product, it can be considered as well

here in the balance sheet, the income statement, and a cash flow statement. It

will know the financial business health, maintain the budget, organize the

transactions and invoices, be compliant with the tax law and tax regulations

and to check on where to improve in the businesses.

1. Prepare a basic financial statement.

For most small businesses, a balance sheet and an income

statement are the financial statements that are prepared. The figures

from the trial balance are simply transferred onto correctly designed

financial statements, despite the fact that financial statements are

sometimes seen as a particularly frightening aspect of small business

accounting.

2. Track your profits.

One of a business's main goals should be to turn a profit. By

calculating your profit, you may not only assess your level of

performance but also learn where your company is generating revenue

and where you are spending money. By deducting all of your

expenses from all of your revenues, you may determine your

company's profit.

3. Discuss quarterly profits and related information through

postings and meetings.

A company's quarterly reports provide important accounting

and financial information, such as gross revenue, net profit, operating

costs, and cash flow. The financial statements and quarterly reports

show the progress of the company on a quarterly basis. Every listed

company must prepare quarterly reports in order to safeguard the

interest of the owners. Thus, companies typically file quarterly

earnings reports every three months in order to provide information on

their most recent financial performance.

4. Put transactions and invoices in order.

Effective financial reporting depends on transparency.

Accounting reporting enables you to effectively keep track of all

transactions and invoices, enabling you to keep a close eye on every

action. Small businesses are able to better comprehend the distribution

of money and goods when transactions are recorded in one central

location with the time, date, and nature of the transaction.

Compliance of Government Regulations

Small business enterprises should have the compliance of government

regulations, and it's not just for the financial services but in every industry

and became a vital part of operations. In every regulatory environment, the

compliance target is always moving. Businesses should be able to adapt

otherwise the business will be at risk.

In this part, if the businesses failed to comply, it should open up to

potential lawsuits and financial liability. Mainly, it helps the business protect

your businesses resources and reputation and takes time to build trust with

customers, prospects, etc and can be a center of the ethical behavior of a

business.

1. Keeps you prepared for tax.

Compliance with government regulations is important for many

reasons, including staying prepared for tax. When individuals or

businesses comply with government regulations, they are following the

rules and guidelines set by the government, which helps them avoid

potential fines, penalties, or legal issues.

 Compliance with government requirements in terms of taxes

entails accurately reporting all income and expenses, keeping accurate

records, and filing tax returns on time. Both individuals and businesses

can avoid penalty and interest charges for late filing or underpayment of

taxes by doing so.

Additionally, complying with government regulations can help

individuals and businesses maintain good standing with the government,

which can be beneficial in a number of ways. For example, businesses

that comply with regulations may be more likely to receive government

contracts or grants, while individuals who comply with regulations may

have an easier time obtaining visas or other government-issued

documents. Overall, compliance with government regulations is an

important part of staying prepared for tax and can help individuals and

businesses avoid potential legal and financial problem

2. Meeting government regulations.

Meeting government regulations refers to complying with laws,

rules, and policies set by government agencies that are designed to

protect public health, safety, and welfare. These regulations can apply to
various industries, such as finance, healthcare, environment, labor, and

transportation, among others.

To comply with government regulations, individuals and

businesses must understand the specific requirements and standards set

by the governing authority and take the necessary steps to ensure they are

met. This may involve obtaining licenses or permits, conducting regular

inspections and audits, implementing safety protocols, and maintaining

accurate records and reporting.

Failing to comply with government regulations can result in

penalties, fines, legal action, and reputational damage. Therefore, it is

essential for individuals and businesses to prioritize compliance and stay

up-to-date with any changes in regulations that may affect their

operations

3. Financial reports to governmental agencies including quarterly

and annual reports.

Financial reports to governmental agencies refer to the regular

submission of financial information by companies and organizations to

government agencies as required by law. These reports provide

transparency and accountability in the financial activities of businesses

and ensure that they are compliant with government regulations and

standards.

Quarterly and annual reports are two types of financial reports that

businesses are typically required to submit to government agencies.

Quarterly reports are usually submitted every three months and contain

financial information for that period, including revenue, expenses,

profits, and losses. Annual reports are submitted at the end of the

financial year and provide a comprehensive overview of the company's

financial performance for the entire year.

The specific information required in financial reports may vary

depending on the regulations and standards of the particular government

agency. However, common elements in financial reports include balance

sheets, income statements, cash flow statements, and statements of

retained earnings. These reports provide insights into the financial health

of a company, its profitability, and its ability to meet its financial

obligations. Thus, submitting accurate and timely financial reports to

government agencies is critical to avoid penalties, fines, legal action, and

reputational damage. Therefore, companies should prioritize compliance

 with reporting requirements and maintain accurate and up-to-date

financial records.

4. Be strict with deadlines.

Being strict with deadlines is an important aspect of managing

tasks and projects effectively. Setting and adhering to deadlines helps

ensure that work is completed on time, projects are delivered within their

timeframe, and goals are achieved efficiently.

Keeping Business Transactions

The process of the businesses should keep the records of the business

transactions that can fall into secondary to everyday business operations.

However, failing to efficiently keep up-to-date and comprehensive records

can hurt businesses in the long run. In keeping business transactions, it

allows the businesses to learn and grow from the experiences of the

businesses, in keeping records, it will help understand the current situations

of the businesses and projects future profit or losses.

Keeping accurate and up-to-date financial statements and includes the

profit and losses of the statements and balance sheets. It can help deal with

the bank or creditors and helps manage the businesses.

1. Easier to see business targets

Maintaining correct accounting records may provide a

significant amount of additional information on the financial status of

the small business. It will help the small business owner become more

informed when it comes time to make decisions concerning the

business. Keeping accurate financial records may keep a small

enterprise from increasing at the level that its owner desires, which is

something that every small business owner wants to achieve. When

there is a specific number and data to examine, it is much simpler to

establish growth goals for oneself. If the owner of a small business

keeps accurate financial records regularly, they will be able to

successfully map out the goals of their small business and make

progress toward their goals.

2. Store the records securely

Keeping accurate books allows for more effectively preparing

financial statements that provide insight into the small business's

performance. It will not be able to monitor the performance,

regardless of how well or poorly it is. Keeping accurate books also

helps monitor the progress over time. It will eventually have months
and years' worth of data. It will be able to see patterns and have a

deeper comprehension of the small enterprise's cycles. Also, it

presents a scenario for evaluating the outcomes of different time

periods. It is essential to keep them in place since they are so

significant to the enterprise that they cannot be misplaced, lost, or

destroyed. To prevent any of these results, it will need to store them in

an area far from water and store them in a fireproof document box.

A safe is an excellent choice for this situation. It guarantees that

neither water nor fire will be able to destroy the documents, and it also

assures that the only people who can access the vault box are those

who have either the password or the key. Ensure that the data is stored

in a safe location, away from potential dangers such as theft, fire, and

water damage. Furthermore, ensure that frequent backup copies of

records are created and kept, and put these copies away in a secure

location.

3. Retrieving the records of the company’s financial transactions

In order to have an effective plan for the future of the small

enterprise, it is necessary to have a strong understanding of the

business's financial transactions. As the owner of a company, it will

likely have important choices, such as whether or not to establish a

new physical location. It needs a solid understanding of the business's

financial performance to make choices with complete self-assurance.

To maintain the bookkeeping in order, it will have access to relevant

and current financial information, providing it with the tools necessary

to make critical choices for the business. Remember to make copies of

everything! Even while the original record may be kept safe in a vault

safe box that is both waterproof and fireproof, it is still a good idea to

maintain a backup copy to have retrieval. It can produce duplicates

and retrieve all the documents, but the most significant aspect of this

piece of advice is that it can maintain those copies stored in a different

area.

4. Prevents occupational fraud & financial misconduct

The policies and procedures put into place by the business

owner are to protect its assets, guarantee the accuracy of its

accounting records, identify theft and fraud, and assure the integrity of

its records. The separation of roles is an essential component of

internal control that, when properly implemented, may reduce the

likelihood of fraud. An example would be a retail business with only

one staff working the cash register, one salesman, and one

management. One employee should be responsible for tallying the

cash and check register receipts, another employee should create the

deposit slip, and a third employee should carry the deposit. It might

help reveal any conflicts that exist within the collections. These

strategies include concealing information from the small enterprise's

financial reports or willfully making false statements about the

information there. It may be false income, concealed obligations, or

inflated assets.

Fraud committed by employees may result in significant

financial loss, fees incurred for legal defense, and irreparable damage

to reputations, all of which can eventually result in the bankruptcy of

a small enterprise. Putting the appropriate strategies in place may

minimize the likelihood of fraudulent activities or help limit losses if

fraudulent actions have already occurred. One of the effective

strategies to prevent workers from engaging in fraudulent activity is to

clarify the enterprise's policies.

The small business enterprise should organize its records

according to the date and type of account. The procedure may take
some time, but in the long run, it will make it much simpler to

discover the needs at the exact moment needed. The following is a list

of the many sorts of records that need to be maintained:

• Total Purchases

• Total Costs

• Total Taxes

• Total Gross Revenues

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