Strategies for Ensuring the Timeliness of Small Business Financial Reporting in Nigeria
General Material Designation
[Thesis]
First Statement of Responsibility
Nden, Nanzing
Subsequent Statement of Responsibility
Murrelljones, Matasha
.PUBLICATION, DISTRIBUTION, ETC
Name of Publisher, Distributor, etc.
Walden University
Date of Publication, Distribution, etc.
2019
GENERAL NOTES
Text of Note
125 p.
DISSERTATION (THESIS) NOTE
Dissertation or thesis details and type of degree
D.B.A.
Body granting the degree
Walden University
Text preceding or following the note
2019
SUMMARY OR ABSTRACT
Text of Note
Small business owners in Nigeria submit financial reports to regulators and stakeholders, and they often lack strategies to ensure timeliness in the Nigeria report rendition. Lack of accounting competence and audit lag in the preparation, rendition, and submission of financial statements and reports are some of the contributors to this lack of timeliness. The purpose of this multiple case study was to explore strategies that owners of small businesses used to ensure timeliness of financial reporting. The population for this study was 5 owners of small businesses in Nigeria. Management by objectives and Hoshin Kanri were the conceptual framework for this study. Data were collected using semistructured interviews and a review of company documents. The thematic analysis led to the emergence of the following themes: (a) hiring the right employees, (b) regular training of accountants, (c) working with external accountants, (d) effective leadership and organizational structure, (e) attending accounting courses or workshops, and (f) using or abiding by formal financial reporting standards. Local small business owners may apply these results to hiring professional accountants to prepare timely financial reports to meet stakeholders' needs. Timely preparation of financial reports by owners of small businesses may contribute to positive social change by providing appropriate feedback to regulators, tax administrators, and small business owners, and encouraging and supporting local economic growth.