THE EFFECT OF ACCOUNTING RECORD KEEPING PRACTICES ON THE

BUSINESS PERFORMANCE OF MILK TEA SHOPS IN CABADBARAN CITY

Members:

Resonable, Patricia Rae

Pinaso, Mariael

Sibugan, Roselyn

Mejorada, Juztine

Simangca, Mariel

Chapter I

INTRODUCTION

Rationale Most businesses do not progress well due to various

constraints, one of them having poor accounting records.

Accurate accounting records enable the business to

manage its finances and make good financial decisions

which in turn improves the performance of the business

(Maliwa, 2018). Dawuda and Azeko, (2015) noted that poor

record keeping or non-availability of financial records has

consequences of mismanagement of resources and poor

cash management. These have led to the collapse of many

SMEs. Most SMEs do not keep complete accounting

records because lack of accounting knowledge and the

cost of hiring professional accountants. As a result, there is

an inefficient use of accounting information to support

financial performance measurement by SMEs

(Madurapperuma, et al., 2016). The practices of

accounting are much less prevalent in developing countries

of Africa and Asia due to a lack of knowledge, the

applicable accounting standards, and the capabilities of

implementing enterprises (Orobia et al., 2020). Hence,

most owner-managers do not have sufficient knowledge of

accounting, its importance in decision-making, and the

accounting record-keeping practices to maintain an

accounting system.

Small and medium-sized entities (SMEs) play important

roles in the economic growth and sustainable development

of every nation, (Moore et al., 2008). Entrepreneurs prefer

SMEs because of easiness to start, manage, operate, and

control with very few applicable statutory regulations

including financial reporting in most developing and

underdeveloped countries in Asia and Africa. Good

accounting practices at the enterprise level, irrespective of

size, scale, and nature of the business, serve as a source

of information to the stakeholders. This information signals

if enterprises are capable of achieving the desired results, if

not, what should be done in the future. It means that

business decisions are more focused and efficient if

decisions are based on reliable information (Carey, 2015).

Therefore, SMEs need to maintain proper records of their

economic activities allowing the generation of reliable

information.

Performance of a business refers to the ability of the

business to meet the required standards, increase market

share, improve facilities, ensure returns on profitability and

total cost reduction and once this is achieved, a business is

believed to be performing effectively (Fitzgerald, 2006).

Measuring business performance in today’s economic

environment is a critical issue for academic scholars and

practicing managers. In general, business performance is

defined as “the operational ability to satisfy the desires of

the company’s major shareholders” (Smith & Reece, 1999),

and it must be assessed to measure an organization’s

accomplishment. Regular indicators used in measuring

business performance are profit, return on investment

(ROI), turnover or number of customers (Wood, 2006),

design quality, and product improvement (Laura et al.,

1996). Accounting records keeping is a set of components

that collects, records, classifies, analyses, processes, and

summarizes business transactions in the books of

accounts. A system should be simple to use, easy to

understand, reliable, accurate consistent, and designed to

provide information on a timely basis (Romney, 2003).

 Good record management helps in controlling the creation

and growth of records to reduce operating costs,

assimilation of new records management technologies, and

ensuring regulatory compliance also good accounting

record enables the business organization to plan properly

and also check for misappropriations of recourses of the

organization. Keeping a proper book of accounts is

essential to the growth and survival of the business. To

ensure the efficiency, effectiveness, and continuing survival

of a business organization, management must seek

reliable, relevant, accurate, and timely financial information

for planning and decision-making. (Edun, 2013). Many

researchers have studied SMEs, focusing on different study

problems such as; management accounting and financial

needs and challenges, and causes of small business

failures. And others investigated the contribution of

accounting records to the performance of SMEs. They have

pointed out that, some SMEs produce accounting records

based on computerized packages, relying on accountants

but often they left the complexity of information accounting

records hinders the application of appropriate measures in

evaluating business success. Moreover, among the

studies, few studies are done in the Philippines. Therefore,

the study seeks to cover this gap (Maliwa, 2018).

Statement of the 1. ) What is the effect of accounting record-keeping

 practices on the business performance of Milk Tea Shops

in terms of:

1.1.) Sales Performance

1.2.) Financial Performance

1.3.) Customer Performance

Problem
2. Is there a significant relationship between the Milk

Tea Shops' preparation of accounting records and business

performance?

3. To what extent do proper accounting records

improve the performance of Milk Tea Shops?

Review of Related Small and Medium Enterprises (SMEs)

Literature The role of small and medium enterprises (SMEs) in

economic development cannot be overemphasized.

Comprising over 98% of total enterprises in Asia-Pacific

(APEC 2002), SMEs have assumed a leading role in the

economic development of many countries (Benney, 2000).

In the Philippines, 99.6% of the total 810,362 business

establishments as of 2003 are micro (91.75%), small

(7.5%) and medium (0.35%) firms generating 67.9% of the

country‘s total employment (DTI, 2005). However, the

liability of smallness that is inherent amongst these SMEs

explains that despite their potential to contribute to

economic growth, they are unable to compete well due to

exogenous and endogenous constraints (Kirby & Watson,

2003; Lall, 2000). Institutional analysis has been used in a

variety of ways to diagnose and offer remedies to the

functional, performance, and competitiveness issues

associated with SMEs (Basu, 1998; Busenitz et al., 2000;

Carlsson, 2002; Carney & Gedajlovic, 2002; Manolova et

al., 2008).

Milk tea Business as an Industry in the Philippines

The Filipino people are fond of milk tea, ranking second

among the countries with the most significant number of

bubble tea drinkers in Southeast Asia in 2019. Due to this,

a lot of milk tea shops were established across the country.

According to "Consumer Preference Analysis on Attributes

of Milk Tea: A Conjoint Analysis'' (2021), it was concluded

from a Conjoint Analysis approach that Milk tea had been

one of the most popular beverages from 2011 to the

present. A similar study in 2014 from SPUQC (St. Paul

University Quezon City) discusses the trend of how milk tea

beverages seem to capture the attention of Filipinos, in

particular, the youth, due to their desire to find a cold area

to relax with an equally cool beverage in hand.

Milk tea business in Cabadbaran City and the demand

of people in Cabadbaran City

Becoming a city for almost a decade and a half,

Cabadbaran City welcomes several small and mid-size

enterprises, such as milk tea shops. There are nine famous

milk tea establishments in Cabadbaran City, namely

TeaShe, Nami, TealorSwift, Bobateaoi, Karatea, TeaTone,

Atreza, Brew Break, Francescas Corner, and Queen B.

Milk tea shops in Cabadbaran City became popular in

people’s palates as they caught their taste buds and

cravings for these refreshing drinks. Since customers start

to seek new flavors and new brands that perfectly suit their

tastes, new milk tea shops enter the picture to provide what

the customers may be looking for. This business venture

delivers the leisure and satisfaction that customers

demand, which is perhaps one of the reasons for its

continued success. The eye-catching patterns of tapioca

pearls, unique toppings, and fresh appearance are among

the key factors generating demand for milk tea and driving

the market growth.

Record Keeping

Records can be viewed as documents produced or

received and preserved by a company or an entity in line

with lawful requirements or in carrying on business

transactions (Bellardo and Bellardo, 1992). Records

management encompasses the application of technical and

scientific control to all records that an organization requires

for the effective and sustainable conduct of its business

transactions. Similarly, according to Aruwa (2005) and

Reed (2005) records keeping can be defined as the

process of keeping records of financial values of all

dealings in a standard and organized way such that the

financial records kept will provide a variety of books of

account which would permanently serve as a means by

which an organization can be managed systematically. It

also involves the art of recording day-to-day financial

transactions which are not limited to purchases, sales,

income, and payments by an organization or an entity.

Muazu and Alhassan (2014) opined that these days,

diverse books of record are adopted and the type of

business dictates the selection of a book of record to be

adopted. The bookkeeper makes sure that all transactions

are captured in the appropriate day book; customer’s

ledger, supplier’s ledger, and general ledger and brings the

books to the trial balance stage (Ademola, et. al, 2012).

The common records-keeping systems used by businesses

as noted by Ademola, et al (2012) are the single-entry

record-keeping system which uses only income and

expenditure accounts, a double-entry record-keeping

system which involves the dual recording of every business

transaction using debits and credits, a chronological record

otherwise known as a daybook which is used for keeping

track of everyday financial transactions, also known as the

book of original entry (purchase daybook, cash daybook,

sales daybook). There are numerous reasons why

businesses keep records as ASA and RIM (2011) stated

that the ultimate objective of keeping records is to have

handy evidence of information about business activities.

Performance

Umrani (2016) and Nafie (2014) opined that performance is

an indicator of the level of achievement that can be

measured and reflects the success of the

manager/entrepreneur. The performance of the business is

the desired outcome of the business’ behavior of the

people in it. Assessment of the business performance can

be evaluated from the company’s financial ratios.

Profitability is designed to measure how successful a

company’s operations are. A business is believed to have a

competitive advantage if it has a high-profit rate of the

average normal profit

rate. This profit level is expressed in several ratios such as

the ratio of return on assets, equity, and sales.

Business Performance Indicator

1. Sales Performance

Concerning predetermined sales levels, sales performance

refers to the number of offers made in a specific time frame

(Rotich, 2016). The potential to perform sales objectives

can be measured by the salespeople's efficacy in selling

activities, both individually and as a team. Depending on

the business context, sales performance can be estimated

differently, including the business revenue, client loyalty,

and net new accounts. An essential component of sales

pioneers' jobs is improving their sales performance, even

though they directly impact their key execution indicators.

According to Cavusgil and Zou (2004), the conceptualized

sales performance includes results and behavioral

measurements. Sales performances have consistently

been viewed as proof of behavioral execution by the

performance of sales representatives. So a significant

relationship has been discovered between the employment

relationship portion of responsibility and sales performance.

Organizations that rely on inaccurate data to make

essential sales performance decisions risk being rendered

clumsy by the competition in today's dynamic operating

business climate. The pressure is on sales employees to hit

ever-higher earnings targets as businesses become more

idealistic about open pathways for development (Richard,

2009).
2. Financial Performance

Financial performance is a subjective assessment of how

well a company can use its assets to create future cash

inflow from its primary business activities. The performance

shows a company's total financial state or condition over a

given period and can be used to compare another firm's

performance in the same industry. According to Mochamad

Mochklas (2018), financial performance is the attainment of

the financial performance of a business over a specific

period, as assessed by capital adequacy, liquidity,

solvency, effectiveness, leverage, and profitability.

Furthermore, its consistent profit and growth demonstrate

that it is performing well (Annastazia & Robert, 2014).

Profitability, size, and growth are just a few examples of

financial performance indicators. This study uses (i) profit,

(ii) sales, and (iii) cash flow to measure the financial

performance of micro-enterprises. Tundui (2012) used

sales volume as a way of assessing SMEs' financial

performance. The bigger the enterprise's sales volume, the

larger the profit is made, and hence the enterprise's

performance along with the sales growth, including for

SMEs, remains an important indicator of financial

performance (Soliman, 2011).

3. Customer Performance

Recognizing the customers’ performance is essential for

any business as this can offer significant information as to

what elements are working well and what areas need

improvement. Customer performance is generally

considered a critical distinction in a competitive market

where businesses are always contending for customers,

and it often acts as a final purchase trigger point. It is not

just a representation of customer satisfaction and loyalty,

but also a significant approach for assessing whether they

will become retained customers. Customers ultimately drive

the business; therefore it should be the organization's

significant focus. Customer experience may help a

business figure out what products, services, and internal

procedures are operating well, as well as what needs to be

modified. By evaluating and monitoring customer

performance regularly, businesses can make more

informed decisions about how to improve the overall quality

of the customer experience and set themselves apart from

the competition. As a result, it is indeed one of the most

often used measures for determining consumer repurchase

and customer retention.

Customer satisfaction has the potential to mitigate the

impact of service quality on customer loyalty,

demonstrating a productive correlation. Customer service

has the highest coefficient value when it comes to

generating customer satisfaction and influencing customer

loyalty (Salim, et al., 2007). Customer satisfaction is

impacted by the quality of service, while customer loyalty

has little effect on service quality. Customer complaints

increase satisfaction, but their treatment does influence

customer loyalty. Client satisfaction influences customer

loyalty in a favorable manner (Salim et al., 2004). Business

performance, organizational success, profit, and cost have

all been associated with customer loyalty (Baldauf et al.,

2003; Liang et al., 2009Loyal customers are willing to pay

more, have higher purchase intent, and are less likely to

switch (Evanschitzky et al., 2012).

To assess customer performance, a variety of indicators

could be employed, managers frequently utilize feedback

from customers' data to define goals and track

performance. Analysts, on the other hand, have pushed for

a variety of customer feedback metrics, such as average

customer satisfaction scores and the number of ‘net

promoters’ among a business’ customers (Morgan & Rego,

2006). The significant results indicate that effective

management of customer complaints necessarily requires a

cultural shift in the business strategy as well as a structured

method; various levels should be regarded in managing

 complaints; and those who function in areas that are crucial

to the complaint-handling business' efficiency.

A study conducted by Nashwan Saif (2015), states that

there is a positive relationship between marketing

strategies and performance of the business entities. The

researchers would want to identify how these marketing

strategies of the milk tea businesses in Cabadbaran City

affect their business performance. In terms of the marketing

strategies such as the 4Ps namely product, price,

promotion, and distribution or place. Moreover, the

business performance that includes sales performance,

financial performance, and customer performance.

Conceptual Mugenda (2003) say a conceptual framework is a graphical

Framework or diagrammatic representation of the relationship between

independent and dependent variable in a study. It helps the

researcher see the proposed relationship between the

variables easily and quickly. The conceptual framework of

this study explains the relationship between independent

variables and dependent variables. Independent variables

in this study are proper accounting records, preparation of

accounting records, and accounting records procedures

and the dependent variable is the business performance of

the Milk Tea Shops.

 INDEPENDENT VARIABLES DEPENDENT VARIABLE

PROPER ACCOUNTING BUSINESS

RECORDS PERFORMANCE

PREPARATION OF  Sales performance

ACCOUNTING RECORDS  Financial
performance
ACCOUNTING RECORDS  Customer
PROCEDURES performance

Theoretical Decision Usefulness Theory

Framework

The decision usefulness theory tries to develop a scientific

and objective method to help standard setters in their

choice of the best alternative measurement and the

presentation of accounting data. According to this theory,

the best accounting standards is the one providing the most

helpful financial information to users in their decision

process.

The decision usefulness theory tries to develop a scientific

and objective method to help standard setters in their

choice of the best alternative to measure and the

presentation of accounting data. According to this theory,

the best accounting standards is the one providing the most

helpful financial information to users in their decision

process.
One of the most important documents for standard setters

and accounting professionals is the conceptual framework

for financial reporting. This conceptual framework states in

its first chapter that financial reporting should aim to provide

useful financial information to investors, lenders, and other

creditors concerning their capital allocation decisions.

Besides these capital providers, financial information may

accessorily be useful to other users. The most important

group targeted by standard setters is the group of capital

providers. To decide in which firm they want to invest (or

disinvest) their money, these capital providers should be

able to rely on the published accounting information.

This theory guided the researcher in assessing which

procedures and methods that can be useful in the

preparation of accounting records on the success of small

and medium enterprises.

Positive Accounting Theory (PAT)

The Positive Accounting Theory (PAT) could be seen as a

complement of the Agency theory. Like the agency theory,

the PAT is based on the discrepancy between the interests

of shareholders (but also other users of financial

statements) and those of managers.

According to the positive accounting theory, outside users

of accounting records always wish to record relevant,

reliable, and comparable financial statements presenting a

true and fair view of the financial position and performance

of firms. This desire is not always shared by internal users

of the financial statement information like managers. It can

be sometimes tempting for managers, who are responsible

for the preparation of financial statements, to use earnings

management to achieve their own goals.

The Positive Accounting Theory goes a step further by

describing the motivations of businesses to deviate from

their duty to produce financial statements a giving true and

fair view of the financial position and the performance of

their firms. Based on this description, this theory also tries

to predict behavior in some specific situations. This positive

accounting theory which describes and explains existing

and observed phenomena is the opposite of normative

theories which explains how phenomena should be when

some assumptions are met.

This theory helped the researcher in determining the

performance of the business and how can those

 accounting records contribute to the success of the

business.

This study will be useful to milk tea store managers in

Cabadbaran City because most business owners desire to

know the advantages of keeping records properly so that

they can improve their business performance and maximize

profit. As a result, this research will assist small and

Significance of the medium business owners and managers identify the proper

Study accounting practices needed to improve their financial

performance.

Academic Institutions will benefit from the analysis because

it will add to the knowledge base available to scholars and

academics, as well as act as a model for future studies.

Chapter II

METHOD

Research design is the overall approach to effectively

incorporate the different components of the study rationally

and coherently to solve the research problem. The study

utilizes a descriptive correlational method to describe the

Research Design effectiveness of accounting record-keeping practices in the

business performance of the milk tea shops in Cabadbaran

City. It is correlational since it determines the relationship

between the effectiveness of accounting record-keeping

practices and business performance.

 The study will be conducted in Cabadbaran City in which

the researchers’ respondents are all of the milk tea shops

that are willing to give their accounting record-keeping

practices and business performance. Cabadbaran City is

located in Agusan Del Norte, Philippines, at 9° 7' 25" North,

125° 32' 4" East, and its original name (with diacritics) is

Cabadbaran. The city covers 311.02 square kilometers

Research Locale (120.09 square miles), representing 11.91 percent of

Agusan del Norte's total land area. The population was

80,354, according to the 2020 Census. Cabadbaran City

has 20.74 percent of the total population of the province of

Agusan del Norte, or 2.86 percent of the Caraga region's

total population. According to these estimates, the

population density is 258 people per square kilometer or

669 people per square mile.

The researcher’s target population is from Cabadbaran

City, where several milk tea shops were located. The study

includes milk tea shops that aim to gather the shop’s

accounting record-keeping practices and business

Population and
performance. The researchers conducted an environmental
Sample
scanning in getting the total number of milk tea shops

currently in operation in Cabadbaran City. The researchers

verified that there are eight (10) milk tea shops in

Cabadbaran City as of November 2022.

Research Instrument The researchers formulated a researcher-made survey

questionnaire utilizing a modified 5-point Likert scale

ranging from 5 - strongly agree, 4 - agree, 3 - neutral, 2

disagree (the shop is slightly less performing than other

shops), 1 - strongly disagree. Respondents are instructed

to rate the statements.

Rating scale description, range, and interpretation per

rating

Rating Response Mean Score Interpretation

Anchor Range

From To

5 Strongly 4.21 Extremely

Agree 5.00 High

4 Agree 3.41 Very High

4.20

3 Neutral 2.61 High

3.40

2 Disagree 1.81 Low

2.60

1 Strongly 1.00 Very Low

Disagree 1.80

The questionnaire will undergo a validity test by select

business experts, one from the academe and another one

from the industry. The questionnaire has undergone

 reliability testing with a Cronbach’s Alpha equal to 0.963

which means high consistency in test items. After this, pre-

data gathering was conducted with the entire population of

milk tea owners. The questionnaire is composed of the Part

I Profile of the respondents and the questionnaire proper

which includes Part II- Effectiveness of Accounting Record

Keeping Practices. And Part III- Business Performance.

The profile contains information such as the name of the

owner (optional), business duration, and form of business.

In the questionnaire proper, the effectiveness of accounting

record-keeping practices and business performance are

rated using the Likert-rating scale format.

Data Collection The researchers had allotted vigorous time, effort, and

cooperation in developing their survey questionnaires. After

conducting validity and reliability testing, the professor will

approve the questionnaire and copies will be distributed to

the nine respondents of milk tea owners in Cabadbaran

City. The researchers will use the Likert scale in this study

in gathering primary data. The researchers will conduct pre-

gathering data by interviewing the milk tea shop owners.

Participants to be given time to respond and then the

researchers will collect the survey questionnaires on the

following day. The questionnaire will be divided into three

parts. The first part sought to establish respondents'

demographic data, the second attempted to assess the

 contribution of accounting records-keeping practices on

business practices, and the third sought to establish

business performance in terms of sales performance,

financial performance, and customer performance.

The primary data gathered will be used as the basis for

creating the questions for the Likert scale. For closed-

ended questions, a five-point Likert scale was employed.

The survey was created using suitable questions modified

from related research and individual questions formed by

the researchers. The data gathered from this research

instrument will be tallied and computed for interpretation

according to the frequency of items checked by the

participants through survey forms. Along with primary data,

the researchers will also make use of secondary resources

in the form of published articles and literature to support the

survey results.

Ethical The study will be conducted comprehensively and ethically.

Considerations The names and responses of the respondents will be kept

confidential by the researcher. Before the survey, the milk

tea business owners will respond to the survey by affixing

their signatures to the “Letter of Permission”. The data

gathered therein are only utilized for this study alone. There

will be no biases in the data obtained in any way. All

publications and writers cited in the study of literature must

 be appropriately credited. There will be no data falsification,

distortion, or misinterpretation. Data is treated with caution

to avoid errors and misconduct, negatively impacting the

researcher's credibility. The researcher will give proper

consent through a letter and visit the official store to spread

social good. The study will be carried out with the intent to

help rather than damage. Respondents will not be

subjected to any discrimination. Compliance with applicable

laws and institutional and government policies is necessary

to ensure that the study is ethical.

Statistical Tools The responses of the Milk Tea Shop in Cabadbaran City in

the provided questionnaire will be statistically analyzed

based on the objectives provided in Chapter 1. Primarily

the researchers chose descriptive statistics to summarize

the data as a graph or summary statistics. Descriptive

statistics such as frequency count, mean, percentage,

standard deviation, and, rank is included. This is to know if

there is a correlation between the independent and

dependent variables. The following statistical tools will be

used in the treatment of the data.

Mean. This will be used and determine the average of the

result of the independent and dependent variables.

Weighted Mean. This statistical tool is used to establish

 quantitative analysis specifically in determining the average

rating on the level of each indicator.

Spearman Rank Correlation. This is used and describes

the degree of relationship between independent and

dependent variables. Also describes the direction between

independent and dependent variables.

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