Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 31 MAY 2023

Effectiveness Of Record-Keeping In SMEs For Strategic Operational Efficiency

Forvis Mazars
Explore more from Forvis Mazars

Discover the transformative power of effective record-keeping and explore practical solutions to overcome the challenges faced by SMEs.

NigeriaFinance and Banking
Mazars
Mazars
Discover the transformative power of effective record-keeping and explore practical solutions to overcome the challenges faced by SMEs.

Small and medium-scale enterprises (SMEs) are essential to every nation's socio-economic development. They play vital roles in the economy of both developed and developing countries, such as employment generation and poverty reduction, among others. According to the Central Bank of Nigeria (CBN), an SME is a company that employs from 11 to 100 people and has assets between N5 million to N500 million.

Globally, the issue of maintaining incomplete records or not keeping accurate records among small enterprises has drawn much attention from academic scholars, professional accountants, financial institutions, and governments.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Digital Lending Regulations In Nigeria: What Every Loan App Must Know After The FCCPC Court Victory

The Federal High Court's recent affirmation of the FCCPC's regulatory authority over digital lending marks a pivotal moment for Nigeria's loan app industry. With enforcement of the DEON Regulations now fully resumed, digital lenders face renewed scrutiny over registration, transparency, data privacy, and debt recovery practices. Understanding these compliance requirements is no longer optional—it's essential for survival in Nigeria's evolving fintech landscape.
NigeriaFinance and Banking
Olisa Agbakoba Legal (OAL)
Olisa Agbakoba Legal (OAL)
Article

CBN’S Data Localisation Directive – Compliance Considerations For Payment System Participants

Nigeria's Central Bank has introduced sweeping data localisation requirements that will fundamentally reshape how payment service providers, banks, and financial institutions handle transaction data. With a January 2027 compliance deadline, these new rules mandate that all payment transaction data generated within Nigeria must be stored and managed locally, raising critical questions about cloud infrastructure, vendor relationships, and operational readiness. This analysis examines the scope of the requirem
NigeriaFinance and Banking
Pavestones
Pavestones
Article

Nigeria’s SEC Tightens The Rules For Fund And Portfolio Managers: What Capital Market Operators Need To Know

The Nigerian Securities and Exchange Commission has introduced significant amendments to its Rules and Regulations governing Fund/Portfolio Management Operations, with far-reaching implications for how fund and portfolio managers conduct their business. These changes place heightened emphasis on investor protection, conflicts management, custody arrangements, and cross-border investments, requiring Capital Market Operators to fundamentally review their investment practices, client documentation, and governa
NigeriaFinance and Banking
Syntegral Legal Practice
Syntegral Legal Practice
Article

SEC’s Guidelines On Revised Minimum Capital Requirements For Capital Market Operators

Nigeria's Securities and Exchange Commission has introduced new capital adequacy rules for fund managers and private capital participants, establishing tiered minimum capital requirements based on assets under management. The guidelines clarify what constitutes qualifying capital, outline compliance pathways including cash injection and securities transfer, and set a June 2027 deadline for full implementation.
NigeriaFinance and Banking
Udo Udoma & Belo-Osagie
Udo Udoma & Belo-Osagie