Project Materials

EFFECTS OF RECORD KEEPING ON THE EFFICIENCY OF COOPERATIVE MANAGEMENT.

ABSTRACT

Record keeping is the process of documenting business transactions in a systematic manner so that an organization’s financial situation may be determined at any time. Primary data were collected from 200 cooperatives through interviews with key officials using a well-structured questionnaire, while secondary data were obtained from the cooperatives’ annual reports and literature. Cooperative structural and financial aspects were proposed as predictors of cooperative financial performance. This study sought to determine the impact of record keeping on cooperative management efficiency.

Chapter one

INTRODUCTION

1.1 Background of the Study

A cooperative is a social enterprise or organisation formed voluntarily by members with their full support and aid to meet the members’ economic needs and interests. The goal was to bring members’ economic forces together to improve their access to finance and other socioeconomic resources.

The essence of establishing a cooperative organisation comprises common economic interests, location, professional goals and objectives, the necessity for social interaction on common grounds, and the exploitation of common resources through group strategy.

A solid cooperative system can be extremely beneficial and instrumental in the development and advancement of any civilisation. The primary advantage of cooperative societies is the provision of an outlet for members to borrow money and acquire loans with low interest to suit their business needs.