Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. As a result, the enterprises organization and management will be more efficient and effective. Then, PLS-SEM was significantly improved by Ringle, Wende [56]. Small and medium-sized enterprises (SMEs) are critical to the economic success of most developed countries. Inferring from Fornell and Larcker [63], he argued that an average variance above 0.50 convergent validity is best achieved. This is an indication that most men are actively involved in doing business in Ghana. Also, H4 evaluated the relationship between business records management policies and business records management. After carefully assessing its importance in the business domain and its economic benefit. Means of checking business growth, decision-making, and business survival. The Average Variance Extracted (AVE) of all variables met the minimum requirement as the least was 0.591and the highest 0.881. Record keeping also referred to as documentation, is an organizational function that is responsible for the management of information throughout the development process of an organization, from generation to disposal. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. Records are important for their content and as evidence of communication, decisions, actions, and history. This scholarly study is an addition to the body of knowledge on records management techniques. This indicates that records management training has a favourable impact on the long-term viability of the company. Furthermore, Mokhtar and Yusof [22] feel that records management may be viewed as a valuable asset in the same way that cash, personnel, and tangible assets like land and buildings can. We calculated descriptive statistics for variables in this article. This site uses cookies. This research is in support of United Nations Sustainable Development Goal 8. We also reported R values in Table 5 above. Welcome to ComplianceWeek.com. Management is the process of planning, controlling, organizing, staffing, leading, coordinating, and directing resources [36]. The study was guided by a conceptual understanding of business sustainability and business records management as a framework-specific philosophy. Generally, the IRS recommends keeping records for two to seven years, depending on the nature of the recorded item. A record is any document (paper or electronic) created or received by offices or employees that allows them to conduct business. For statistical analysis, a partial least squares structural equation modeling (PLS-SEM) methodology was applied. The square roots of the average variance extracted are shown in diagonal elements, with the findings of HTMT.85 marked with an asterisk in the upper triangle. The cookie is used to store the user consent for the cookies in the category "Analytics". There may be additional considerations for your organization, but our template should provide you enough to start asking the right questions and begin moving forward. By clicking Accept All, you consent to the use of ALL the cookies. Federal and local law may dictate some records businesses keep, while . Further literature divulges; inadequate knowledge on record keeping, low educational levels, the cost for hiring professional accountants and owners attempt to keep records in their memory are also challenges that result in poor records-keeping among SMEs [44]. broad scope, and wide readership a perfect fit for your research every time. Good recordkeeping can not only protect you but can support your organisation in legal or other challenges. As a result, this concept has been adopted, modified, and expressed in a more business-oriented context as a means of ensuring the survival and sustainability of small and medium-sized firms. Since records management is a field of management science, it is an area that needs attention and policy formation by focusing on its impact on business growth. The relationship also reveals that the assertion is supported (H4. The findings of this study make a significant contribution to existing information on record keeping, management, and business expansion. The relationship between business records management training and business growth as predicted is not statistically significant (H3.1.B.R.M. Aid agencies will struggle to draw the world's attention back to Syria at an annual donor conference hosted by the European Union in Brussels for humanitarian aid to Syrians. Many archivists and records management specialists have endorsed this notion. The records continuum model Evans, McKemmish [48], and the decision-making theory [49]. Where; BRMT = Business Records Management Training. Records management, also known as records and information management, is an organizational function devoted to the management of information in an organization throughout its life cycle, from the time of creation or receipt to its eventual disposition.This includes identifying, classifying, storing, securing, retrieving, tracking and destroying or permanently preserving records. What are the importance of record keeping in an organization? Whether that's to help manage your costs, whether it's for legal, regulatory or tax reasons, or simply to help manage and improve your business. Maintaining good records is an important organizational resource that can serve as information and knowledge for the entity to become more functional, regardless of its format. These records are useful for preparing accurate financial statements. The application of these research findings could be a means of business appraisal and business management strategy, placing business at a competitive advantage, a defensive mechanism tool, and a tool for business decision-making, tracking business, performance, and survival. As a result, the focus of this study is on the relationship between business records management and its impact on the long-term viability of businesses. This shows that government policies on records keeping are unsuccessful in either supporting or enforcing the keeping and managing of records and sees records management as a field of interest in a business management approach that will be of benefit to economic growth. The results are shown in Table 1 specifies the descriptive statistics of our respondents. As a result, the scope of this academic discussion includes the classification of SMEs as well as the methodology employed. To be on the safer side, it is ideal to combine both testing methods to ascertain a reality despite Henselers demonstration regarding the latest method, HTMT, which outperforms the conventional Fornell-Larcker criterion [64]. Second, the hypotheses combined effect (H1, H2, H3, H4, and H6) is statistically significant. Users must comprehend what management comprises to better grasp and appreciate that record management affects business. Records are important for their content and as evidence of communication, decisions, actions, and history. Develop and administer policies and procedures. Findings make a significant contribution to existing knowledge in the areas of record-keeping, management, and business growth. There exists a negative relationship between business records management and business growth (H5. A robust accounting record system ensures the complete availability of various business documents, such as profit and loss statements, balance sheets, and other types of information. Businesses with fewer than ten employees are considered and defined as small-scale firms, according to Ghana Statistical Service [29]. The offered hypotheses were evaluated using the PLS-SEM technique since we are confident of in-depth results as suggested by PLS-SEM [65]. Ohio Gov. Micro enterprises are defined as businesses with fewer than five people, whereas small-scale businesses have no more than nine employees and a maximum of 10 million Ghana Cedis in machine and equipment for their operations, according to the NBSSI [28]. Despite their contributions, these enterprises are confronted with numerous challenges in growing and managing their enterprises, which could lead to the collapse of these small and medium-sized firms, as suggested in [11]. The technical organization needs to understand why records management is important for the business. Hence, valid data were gathered from the respondents to form the basis and justification for the research. Hence, it is a business management concept that should be fully practiced by all SMEs; since business management and entrepreneurial success can be assured through such management processes to ensure the business sustenance, expansion, and growth of SMEs into multi-national companies which can enjoy economic prosperity in the future. It is a second-generation multivariate data analysis method that is often employed in marketing research [52]. From the data obtained, most of our respondents were males, which accounts for 63% whereas37% were females. There are many ways to create business records. Discuss the importance of records management in society. Good recordkeeping can not only protect you but can support your organisation in legal or other challenges. This will help maximize productivity and reduce the failure of most businesses as a result of improper records management practices. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. We also use third-party cookies that help us analyze and understand how you use this website. The research established strong policy support for business records management as a prerequisite and requirement for ensuring business growth due to its statistically significant relationship with other explanatory variables. The first is that the sample size of the data should be substantial, at least 200. This has contributed to the swift failure of most businesses in the area. The study, on the other hand, SMEs credit accessibility and records management compliance are critical variables that will drive economic progress. Copyright: 2022 Mintah et al. Faculty of Planning and Land Management, University for Development Studies, Tamale, Ghana. We have situated business records management as a strategic management tool for corporate sustainability and growth, complementing and serving as a critical engine for tracking regional, economic, and social development in Ghana. 2 What is record keeping in organization? Martin Garland, one of the three founders of Concept Searching, now part of Netwrix Corporation, has over 27 years experience in search, classification, and enterprise content management. The research outcomes provide a means for, and data on, business appraisal and management strategies. The studys findings reveal a positive and meaningful connection between business records management policies. Our survey made use of the working group of 15 years or older as specified by the International Labor Organization. Because of its age, 72.11 s hould . Hence, our findings are in support of the concept of business record-keeping and management and encourage its being fully practiced. By embarking on this study, the importance of governments around the world using records management studies to guide policy changes has been stressed and echoed. At the center of your records management program are your records management policies. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. That is because how your organization implements a policy will change over time, since both technology and business needs are constantly evolving, but the policy itself is comparatively stable. For additional information on Form 990, please see Chapter 8. According to the United Nations (UN), records are "information made, received, and preserved as evidence and information by an organization or person in the course of legal duties or the conduct of business by Australian Records Management Standards [31]. Apply required retention periods to stored items. Keeping good records is very important to your business. It also helps you ensure compliance with government laws and industry regulations. Implementation of a sound records management can help organizations avoid extra costs (storage and server costs), have records supported decision- making and have improved customer services due to the ease of locating information. It does not store any personal data. Given the significant role, they play in the economic sectors and countries progress, they have been proclaimed as an engine of growth and a development-driven instrument for the domestic economy [26]. Maintaining good records is an important organizational resource that can serve as information and knowledge for the entity to become more functional, regardless of its format. The test statistics have revealed that the mediating effect of business records management training through business records policies does not affect business growth because their values were insignificant. Read our policy. Why is Records Management Important? Ethical approval was sought from the Taiyuan University of Technology Institutional Review Board (TYUTIRB/SEM/2021/89) and the National Board for Small-Scale Industries (NBSSI) in Ghana to conduct the study. The cookies is used to store the user consent for the cookies in the category "Necessary". They also consult with informational technology experts on document management software and devise strategies for keeping . The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Further research Amoako [38] confirms that the success and growth of a corporation are influenced by financial accounting systems. Heterotrait-Monotrait Ratio (HTMT) is a novel indicator for determining discriminant validity in variance-based measurement models like partial least squares (PLS). As a result, the records management idea can be incorporated into the overall business management strategy. Well managed records are: Easy to locate, because they are well-organized and named; and Accessible to those who need them (but not accessible to anyone not authorized to access them). The following is the general shape of our empirical model: In addition, we have presented the conceptual perspective of business records management and business development, and we have concluded by drawing a link between business records keeping entrepreneurial growth and development, and the records continuum theory, decision-making theory, and resource-based theory. More specifically, Kusi, Yussif [18] asserted that issues including mismanagement and inadequate record-keeping procedures have been identified as severe management problems in the SME sector, resulting in the premature collapse of most entities. In a broader sense, the records continuum theory ensures that records should be created, and become information and that information should be accessible, authentic, and can be used as when needed therefore supporting since its significance has been established in business sustainability. Records are management tools that help in the continuous management of the quality system. This research is a call for policy concern for formal and informal businesses (SMEs) to position it as a daily routine and practiced within business frontiers. 2.B.R.M. Training -> 3.B.R.Mgt: = 0.481 t = 6.885 p = 0.000). Policies -> 4.B.Growth: = 0.026 t = 0.368 p = 0.713). Inadequate records management policies, trouble managing electronic records, issues with standard compliance, poor staffing, and professionalism, and poor disposition and retention of records are all key issues. Records support quality program and services, inform decision making, and help meet organizational goals. It . Accordingly, the policy specifies who is responsible for executing policy but not how. What is the formula for calculating solute potential? At best, these organizations aren't operating as efficiently or effectively as they could. That piece of paper becomes a record, and it must be stored in a safe place for as long as it is needed. It helps organization to systematically manage records throughout its lifecycle, from creation to distribution to disposition. It's boring, tedious and can translate into being labeled bureaucratic, but the importance of an accurate employee record can not be over-emphasized. More so, Kyobe, Molai [45] outline some of the main obstacles for managing records which are related to policy issues, compliance with laws and regulations, the nature of the records held and used, where they are located, accountability, and responsibility of users, and the type of data held and utilized. Part 42, requires that telecommunications carriers keep original records or reproductions of original records, including memoranda, documents, papers, and . At worst, changes in technologies . Get expert advice on enhancing security, data governance and IT operations. If an auditor or investigator looks at the policy, they will see the rationale behind the requirements. Information Governance Software to Reduce Data Risks. The problems with the poor state of, SMEs records management systems are also stated explicitly as one of the main reasons why accounting standards will not be easily applied in developing countries [35]. doi:10.1371/journal.pone.0264135, Editor: Rogis Baker, Universiti Pertahanan Nasional Malaysia, MALAYSIA, Received: November 17, 2021; Accepted: February 3, 2022; Published: March 10, 2022. Records management aims to provide precise and comprehensive information for operational decision-making in the organizational management process, according to Ngoepe [15]. According to the aforementioned literature analysis, information and data derived from a successful and efficient records management program help businesses plan effectively and make informed decisions, as well as preserve facts and statistics for future use. Many countries and researchers have regarded SMEs as the backbone of a countrys economic development [710]. Variable measurement and descriptive statistics. They advocate PLS as a more powerful approach than CB-SEM when modest sample size is feasible. A vast majority of our respondents were within the active population of the country. raymond anthony aleogho dokpesi | funeral mass | june 22, 2023 | ait live | mass for the dead Poor record keeping is often an indication of poor performance and disorganization. According to IBM, 90% of the world's data was created in 2 years alone. Citation: Mintah C, Gabir M, Aloo F, Ofori EK (2022) Do business records management affect business growth? You also have the option to opt-out of these cookies. The study concludes that any company that overlooks the need for effective record management techniques will most likely go out of business after the fiscal year and will always have issues with external auditors. Records keeping can be defined as one of the non-human organizational resources that, if properly maintained, will contribute to the growth and development of SMEs. Documents preservation is also necessary for legal reasons. According to the survey results, business records management training, setting business records management policies and proper records management positively affect business growth. Discover a faster, simpler path to publishing in a high-quality journal. Preserving records assists organizations in making better judgments and developing appropriate policies, resulting in enhanced effectiveness and efficiency [32]. Both reliability and internal consistency of all variables or constructs are also confirmed by rho_A and composite reliability (CR) values. Benefits of Records Management. In line with the above, Okoli [33] suggests that small and medium businesses may use a variety of record-keeping systems to achieve various purposes. Take inventory to see what records you are keeping. The link between proper record keeping and small-scale business is a profitable one. SMEs Business growth will help generate tax revenue for the government while also encouraging poverty reduction through tax transfers.
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