management of financial records at movit products limited

Description

The study aimed at assessing the management of Financial Records at Movit Products Limited (MPL). The objectives of the study were to; identify the different kinds of financial records kept in Movit Products Ltd, examine the current financial records management practices at Movit Products Ltd, identify the challenges in the financial records management at Movit Products Ltd, and make recommendations for the improved financial records management at Movit Products Ltd. The study employed a case study research design while adopting a qualitative research approach in collecting data for the study. The study purposively selected 3 cashiers, 4 accountants, 3 secretaries, 1 record manager, records officers and 1 assistant records officer who participated in the study. The study established that the different kinds of financial records managed at MPL were; payroll slips, budgets, annual financial reports, contract records, utility bills, bank slips, and receipts books among others. The financial records management practices were; financial records creation, organizing and classification, accessing and retrieving, storage and retrieval, appraisal and disposing off.The challenges in the financial records management include; misplacement/misfiling of records, insufficient equipments, inadequate space for records and staff, lack of records clerk, lack of knowledge and skills, poor record keeping practices, inadequate of funds. The study recommended; implementation of the financial records management manual, microfilming of the financial records, use of insecticides, lamination of the financial records, computerization of records ought to be adopted, setting up of a new finance department offices, introduction of refresher courses in financial records management, recruitment of records clerk, and frequent servicing of the computers in order to improve on the management of financial records at MPL.