FACTORS INFLUENCING FINANCIAL RECORD-KEEPING PRACTICES AMONG MEDIUM ENTERPRISES IN TANZANIA: A CASE OF KARIAKOO MARKET

Abstract

ABSTRACT This study aimed to assess the factors influencing financial record-keeping practice among medium enterprises (MEs), using Kariakoo Market in Dar es Salaam, Tanzania. The study adopted a quantitative research approach, relying on structured questionnaires with closed-ended questions measured on a 5-point Likert scale. The target population consisted of 103 respondents, using Yamane’s formula, a sample size of 81 respondents was drawn through simple random sampling to ensure unbiased representation. Data were collected through primary sources using questionnaires and supplemented with secondary data through document reviews. The analysis was conducted using SPSS, starting with descriptive statistics, followed by multiple linear regression analysis to determine the influence of the selected factors on financial record-keeping. The findings revealed that all three variables financial literacy, business size and regulatory compliance significantly influence financial record-keeping practices. The study concludes that effective financial record-keeping among MEs dependent on external enforcement mechanisms. It recommends integrated efforts by government agencies, training institutions and financial service providers to promote financial literacy, facilitate regulatory adherence and support technological access.