International Journal For Multidisciplinary Research

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Bookkeeping Challenges Faced by Micro-Enterprises: A Qualitative Study of the Retail Sector in Matara District, Sri Lanka

Author(s) Premarathne, W., Wickramasekara, G.D.A., Imalie, A.D.K., Priyanka, P.D.D.K.
Country Sri Lanka
Abstract Bookkeeping is an important factor in the field of management that plays a major role in the sustainability of any business institution. Poor accounting often results in poor management of finance flow, slow business growth, and challenges in acquiring business credits from formal financial institutes. In Matara District in Sri Lanka, micro-enterprises play a remarkable role in the retail market and the incomes of many households. However, evidence shows that many micro-enterprises experience a lot of barriers in bookkeeping. Therefore, this study seeks to find out the bookkeeping issues of micro-enterprises in the retail sector of Matara District in Sri Lanka. This research explores the main challenges that limit standard bookkeeping practices and provides recommendations on how to overcome those discovered challenges. This research utilizes a qualitative research method to identify the bookkeeping issues experienced by micro-enterprises operating in the retail sector of the Matara District, Sri Lanka. The sampling method utilized in the research was the purposive sampling method. Twenty participants were selected for the interviews. The primary data was obtained through semi-structured interviews. The data collected were analyzed by the Thematic Analysis method. The analysis of the study highlights four primary themes: Limited Financial Literacy, Resource Constraints, Technological Gaps, and Regulatory Challenges. This study contributed to the existing literature on micro-enterprises by presenting a deep insight into the bookkeeping issues existing among micro-enterprises in a developing economy. The research provides recommendations for policymakers, development institutions, and micro-enterprise owners to develop bookkeeping practices and improve the basic accounting literacy of the micro-enterprises. The research stresses the requirement of educational programs for the development of bookkeeping literacy and the application of user-friendly technologies in the field of micro-enterprises. The requirement of governmental support measures is proposed for the improvement of bookkeeping. Finally, the study helps micro-enterprises to be sustainable, transparent, and competitive by improving performance, productivity, and efficiency, which is critically important for the development of Districts in developing economies.
Keywords Micro-enterprises, Bookkeeping, Financial management, Retail sector, Matara District
Field Business Administration
Published In Volume 7, Issue 1, January-February 2025
Published On 2025-01-07
Cite This Bookkeeping Challenges Faced by Micro-Enterprises: A Qualitative Study of the Retail Sector in Matara District, Sri Lanka - Premarathne, W., Wickramasekara, G.D.A., Imalie, A.D.K., Priyanka, P.D.D.K. - IJFMR Volume 7, Issue 1, January-February 2025. DOI 10.36948/ijfmr.2025.v07i01.34610
DOI https://doi.org/10.36948/ijfmr.2025.v07i01.34610
Short DOI https://doi.org/g82hf7
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