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CASH MANAGEMENT IN MEDIUM SCALE ENTERPRISES

(A CASE STUDY OF MR BIGGS ENUGU)

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND TO THE STUDY

History of various developing countries have shown that industrial revolution had been the main brain behind their economic survival their great financial strength was built up principally through the acquisition of industrial and technological power.  Medium scale firms indisputably constitute the bed rock for meaningful industrialization and consequently the acquisition of industrial and technological power.  Without exception all sign industrial organizations either multinational or indigenous started in a small way or their own various levels.

It is observed that the distress to establish medium scale enterprises is the underlying factor of an individual action to help the developing country as a whole.  It is the largest single programme and one of the municipal instruments of community development.  To sustain the continuity of a medium scale enterprises though cash and it’s effective utilization is a necessity.  Cash has been as the life, blood of any enterprises.  Every business organization needs cash to invest in operations, to pay it’s obligation as they become due to and to provide rheum to investors in the form of interest and individuals.  Cash is the money which a business organization and disburse immediately without any restriction. What is regarded as cash, with regards to a medium scale firm, undertaking includes coins, currency and cheques held by an organization and balances in it’s bank accounts and marketable securities or bank fine deposits, all being equivalent of cash since cash is one of the most useful resources of any organization, it is necessary to special attention to cash to ensure it’s proper utilization.

Mr Biggs, a reputable medium scale firm in Enugu Metropolis concentrates on the production of high quality bread, cakes, snack and all kind of food out side the buying and selling out fit.  Concentration of many other medium scale firm, quicker and more money by buying and selling satainly, this is only for a short period but it ensures a longer and lasting profit.

However, noticeable features of medium scale firm is that of concentration in the hands of one or a few persons.  These people exercise most of the controls necessary for running the firms and because they are directly involved on the business the nature of control differs from what would be expected in a big organization where ownership and management are separated and an elaborate administration structure is a necessity.

 

1. STATEMENT OF PROBLEMS

Medium scale enterprises have been identified as a basic tool for rural development.  They have taken a turn for the better sense in the past decades.  The prospect for this decade and subsequence decade are bright.  The enterprising in genueity and enthusiasm of any Nigerians are great challenge to the development of the country as a whole.

To achieve this depends solely on the proper management of medium scale firms, taking up to the challenge from internal sourcing of solution. This study titled “cash management in medium scale enterprises” a case study of Mr Biggs Enugu attempts to determine:-

1. Procedure for establishing and managing medium scale firm.
2. Good accounting records needed for proper cash management.
3.  Internal control system as a necessity for effective and proper cash management in medium scale enterprises.
4. Cash management tools in medium scale firms.
5. Cash management practices in medium firms.
6. Personnel requirement for the cash management function.

 

1. OBJECTIVE OF THE STUDY

The main objective of the study are enumerated below as follows:-

1. To find out some aid technique to proper cash management in medium scale enterprises.
2. To find out good financial records and bookkeeping which would enhance the expansion of cash management in medium scale firms.
3. To determine the effect of improper cash utilization in medium scale firms.
4. To determine the major cause of improper cash management in the medium scale enterprises. 
5. To recommend what roles the promoters of medium scale and financial institutions should play towards effective, efficient and proper cash utilization in medium scale enterprises.
6. To create awareness of the important of proper cash management among medium scale enterprises.
7. To suggest and make possible recommendation aided at eliminating the problems militating against proper cash management in medium scale establishment from examination of cash management techniques of medium scale firms.  The project writer will high light the constraints against successful cash management of medium scale firm and their recommendation for improvement.

Finally, this study would be a great significant to the project winter since it will endow her with the articulation of her duties as an accountant in any business organization.