importance of keeping records in an organizationirvin-parkview funeral home

According to Prasad, Green [5] argues that increasing SMEs will help to expand the size of the economys directly productive sector; create government revenue; and, overall, support poverty reduction through tax transfers, job income, and business ownership. Medium and large-sized businesses are defined as companies with more than 10 employees. Federal and local law may dictate some records businesses keep, while . However, a significant proportion of these SMEs have been found to keep no records at all [9]. You can then identify which of your records are at greatest risk for information loss or unauthorized access and apply your efforts there. Records management is the process of identifying and protecting evidence, which comes in the form of records. In a more simple term, Dikopoulou and Mihiotis [24] defined records as information generated by an organization or individual and preserved by them to fulfill a legal duty or conduct business. 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. However, when doing CB-SEM, researchers or practitioners should make the assumption. Despite other challenging issues being suffered by SMEs, record-keeping has been frequently cited as a key driver of success [46]. 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. More importantly, the research divulges that a greater percentage (71%) of the SME operators have registered their businesses whereas 29% have not registered their businesses. Policies -> 4.B.Growth: = 0.026 t = 0.368 p = 0.713). Due to the commercial prospects it represents, most entrepreneurs keep records of prior events or activities and include them in their business planning and control. The P-values in the hypothetical scenarios are statistically significant. Records, being personal or official, are very important in the life of an organisation. 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. They might also list assets you have - everything from cash in the bank to buildings and vehicles. Collecting, storing and effectively analysing your data is vital. The business activity generates different documents in the day to day: invoices, contracts, minutes, etc. SMEs, however, have different definitions in different countries. Our survey made use of the working group of 15 years or older as specified by the International Labor Organization. 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 cookies will be stored in your browser only with your consent. This strategy aids in the formation and administration of a successful business. Entrepreneurs must see business records management training, business records management policies, and business records management as considerable indicators for business growth and SMEs success. 9 What does records management mean in an organization? But more importantly, further research can be conducted in other parts of Ghana by combining other variables such as personnel, finance, and technology which were not included in our hypotheses, these can also be tested to ascertain their significance on business growth. We, therefore, call on the agencies responsible for the task. Business records management is an issue that requires more policy attention. This is an exploratory research work that used the survey approach. The majority of SMEs have failed, owing to the weak accounting processes used by these businesses. It helps organization to systematically manage records throughout its lifecycle, from creation to distribution to disposition. Of the respondents, 9% had a tertiary level of education, followed by 38% with secondary education, 41% with basic education, and 12% representing respondents with no educational background. 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. If our organization is going to reach the desired destination of effective records care, everyone involved with making and keeping records needs to know what records and evidence are, why it is important to manage them well, and how each person can support Policies -> 3.B.R.Mgt: = 0.194 t = 2.950 p = 0.003). As a result, these allow business owners and managers to strategically plan for new business directions based on data acquired. Yet in too many companies, the performance-management system is slow, wobbly, or downright broken. Using partial least squares structural equation modeling (PLS-SEM) methods, the investigation followed a well-established pattern. What is record keeping in quality control? Accordingly, the policy specifies who is responsible for executing policy but not how. Identify what records exist by records inventory. This research will provide investors or stakeholders in businesses with the groundwork needed to develop and adopt rules and practices that will assist them in better managing business records. 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. Data collected on a specific subject or activity that is kept for future use is referred to as a record. This is especially important if they appear to be in conflict. We, therefore, support the idea that entities must adapt to the proper maintenance of records to effectively deliver their services. Customers can get in a bind with SMEs because of inaccurate records that make it difficult to completely explain and ascertain transactional concerns. The concept of company records management is worth accepting for sustaining the failure of most SMEs through sound decision-making based on record generation, information, accessibility, authenticity, and utilization. In the case of Ghana, the National Board for Small Scale Industries (NBSSI) classified small enterprises based on the number of employees and fixed assets. Users must comprehend what management comprises to better grasp and appreciate that record management affects business. Good records will help you do the following: Monitor the progress of your business Prepare your financial statements Identify sources of your income Keep track of your deductible expenses Keep track of your basis in property Prepare your tax returns Support items reported on your tax returns The findings of this research aid the survival and expansion of small enterprises to grow into multinational companies. After conducting the mediation analysis, we further conducted another test in Table 6 shows the total effect of construct items to understand the overall or total role played by all interdependent variables on the independent variable. The failure of most enterprises in Ghana and Africa may be traced back to a lack of good record-keeping in our industry. Mitigating the damage often requires far more resources than you would have spent to prevent the problem. However, the researcher tried everything possible to engage respondents to elicit responses for the study. 1. Therefore, tax officials can contact SME operators who are operating informally within the business sector and accrue all tax revenues owed by them to the state for developmental projects. Before the study, we established six hypotheses, to investigate the relationship between business records management and business growth in the Ghanaian context for SMEs. Martin was instrumental in setting the strategic direction for Concept Searching and navigating its acquisition by Netwrix Corporation. PLoS ONE 17(3): Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. What are the objectives of controlling administrative records? As a result, the enterprises organization and management will be more efficient and effective. 2.B.R.M. A record keeping policy is a set of rules to control document and information lifecycle in an organization, from the moment it is created or received, until it is stored for historical reference or destroyed. Proper record-keeping is necessary to satisfy end-users such as company directors, shareholders, external auditors, investors, creditors, and other interested parties. Files or documents that no longer serve a purpose are inactive records. College of Economics and Management, Taiyuan University of Technology, Taiyuan, Peoples Republic of China, Affiliation: We had three distinctive results from the proposed test of the relationship between models, with two supported and vice versa. The records management journey is similar. This will help business actors such as the government and, business owners/managers to make a decision based on business information available to either innovate or come up with new business plans to suit the taste and preferences of the changing business environment. Hair, Ringle [57] explain that CB-SEM is used to evaluate the goodness of fit, which is concerned with minimizing the disagreement (differences) between the observed and calculated covariance matrices. This article explains some of the finer points of records management. Records management is essential for recognizing and analyzing hazards. The research outcomes provide a means for, and data on, business appraisal and management strategies. (See Fig 1). The Importance of Records Management Policy, Implementing Your Records Management Policies. These records are classified as non-human resources in business operations, but they play an important part in corporate planning, growth, and good decision-making processes. In view of the importance of SSBs to the development of a country, the researchers have, therefore, designed this study to assess the financial records keeping behavior of Small Scale Businesses. It also protects the rights of your clients and ensures that they have what they are entitled to. However, all theories were explored, established, and linked. As previously said, good record-keeping is necessary to satisfy end-users such as company directors, shareholders, external auditors, investors, creditors, and other interested parties. Benefits of Records Management. Again, the Q value greater than 0 specifies that the model is predictive. Necessary cookies are absolutely essential for the website to function properly. A well-documented and up-to-date handbook ensures that employees have access to the most current information, helping them understand their rights and responsibilities within the organization. Having established this concept, it will eventually serve as a defensive mechanism tool, path for business decision-making and a means to target customers or consumers in Ghana. A vast majority of our respondents were within the active population of the country. Providing these details does two things: We havent talked about implementation of the policy yet. 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. Martin serves as President of the Concept Searching business unit at Netwrix Corporation. Clement Mintah, This definition includes, but is not limited to: correspondence. 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. Proper record-keeping has been distinguished as a domineering factor influencing the performance of business entities. phasises the immense importance of keeping records effectively and efficiently especially financial records. Per the ISO 154891: 2001 benchmark, documents management is a field of management that is responsible for the efficient and systematic control of the creation, receipt, maintenance, use, and disposition of records, as well as the processes for capturing and maintaining evidence of and information about business activities and transactions in the form of records. We complement government effort by researching and designing business records management concept to safeguard and sustain SMEs in Ghana and across the globe, emphasizing their complete implementation and use as a check for business growth, decision-making, and survival. It also helps you ensure compliance with government laws and industry regulations. You also have the option to opt-out of these cookies. Records Management in SharePoint: How Does It Work? The findings from the descriptive statistics show that a higher percentage of our respondents are single which accounted for 58%, 15% are married, whereas 9% and 18% are divorced and widowed respectively. As a result, the record continuum theory gives theoretical support for the retention and management of commercial records. At best, these organizations aren't operating as efficiently or effectively as they could. 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]. Also, Mwangi, Ngetich [47], further explained that inefficiency and lack of records have been undisputable factors in the collapse of many SMEs. Citation: Mintah C, Gabir M, Aloo F, Ofori EK (2022) Do business records management affect business growth? Whether something is a University record (as opposed to Faculty records pertaining to teaching / research or personal records) depends on the information it contains and the context of its creation. A higher percentage (30%) have registered their business at Registrar General Department, 22% of the SMEs operators have registered with the District Assembly, 19% with the NBSSI, and as high as 29% have not registered with any of the above institutions. Marketers may use SEM to visually investigate the links that exist among factors of interest to prioritize resources to better serve their clients, a technique known as visual analysis. 72.34 incorporates a ll that 72.11 deals with and is therefore t he more important of t he two. We conducted a thorough investigation to determine the impact of each variable on business growth. Ensuring the authenticity and availability of records over time can help your organization achieve its mission. They indicate how your staff has been operating. Press ESC to cancel. On the other hand, the total effect of the variables such as business records management training, business records management policies, and business records management positively impact business growth. The records continuum model Evans, McKemmish [48], and the decision-making theory [49]. O*Net OnLine explains that records managers are considered document management specialists; they specialize in assessing an organization's record-keeping needs. Records are important for their content and as evidence of communication, decisions, actions, and history. This is an indication that a higher percentage of the respondents who graduate from both basic and secondary schools in Ghana are actively involved in businesses. That is why we have created a sample records management policy that your organization can use to get started it lays out what you need to include in your policies, using financial records as an example. A micro firm, according to them, is a company with fewer than six employees, but a company with six to nine employees is considered tiny. The study aimed at advocating and echoing strong business records keeping and management policy on the plausibility of business growth as a means of marshaling or identifying means of tracking business progress, a means of business appraisal, a means to develop a further plan, control, and direct business resources based on available business records to further position the business at a competitive advantage over other businesses within the same business environment. The above test represents established proof that business records management improves the long-term viability of a company. 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]. It appears that the importance of record-keeping in corporate decision-making, growth, and development is often overlooked by entrepreneurs. What administrative tasks do records help Organisations do? Training -> 4.B.Growth: = 0.129 t = 1.442 p = 0.149).

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