Describe about the Importance of Basic Accounting and Financial Skills and Knowledge in Private Restaurants in UK Lead to Business Independence?
This research study reflects the role of basic accounting and financial knowledge and skills in private restaurant in the UK that lead to business independence. The main concept of this study is to analyze the effectiveness and importance of basic accounting and financial knowledge and skills in the private restaurant in UK. Through this study, researcher represents that in terms of running business in hospitality industry, skills and knowledge of financial accounting is very much important to identify potential risks and issues in business. Through five different chapters, researcher conducts this study and analysed the selected topic in a precious manner. In first chapter, researcher introduces the topic and provides justification of selected topic. Next part of the study, researcher described several methods managing role of accounting and finance in business of SME’s, accounting and financial skill and knowledge effectiveness also analysed in this part. Researcher used post-positivism philosophy and deductive research approach as well as descriptive research design for analysing in better way. Quantitative data analysis tool is used and 20 managers of different pubs in UK were selected as respondents. Through random sampling, respondents are categorized in a conductive way. Apart from that, the researcher made also clear that owner are living nightmare to manage the bookkeeping and information for the completing their financial statements of year ended. Some of the major factors such as, lack of accounting knowledge method and lack of expertise areas are creating problems for the company.
In order to summarise, the analysis of the literature indicates that there is accounting software that is essential in respect to performing the management of restaurant accounts in a positive manner.
The topic that has been selected for analysis is mainly an analysis of the basic accounting and financial skills required in running private restaurants in UK. A society has various forms of norms and thoughts that highlight the living standard of individual on various forms. Knowledge of basic accounting and financial skills according to Steattle and Wearing (2008)are very much influential to open any kind of hospitality business whether it is large private form or the SME business. Research of Elliott and Hanna (2008et.Al.) identified that restaurants business is one of the highly growing businesses in UK as the acceptance level of services among the consumers is enhanced and achieved effectively. As observed in the restaurants business, competition level is high besides opening of new business knowledge of accounting and financial skill might help to develop the private restaurant owner to understand the financial feasibility of the business. (Marić et al. 2011) developed the idea that one of the roles for the operations financial manager is to be aware of the exact financial health of the business and its rivals existed in the market. As UK restaurants business is one of the most competitive market place to be in, financial skills will give an opportunity to build a long-term relationship between the restaurant manager and the market. Fridson and Alvarez (2011et.Al.)agrees these themes will help the owner to make the decision based on actual data and accounting methods, which will give an overview when opening the new restaurant in the UK. Although literature review presents these themes in a variety of contexts, this paper will therefore, primarily focus on their application various accounting theories and financial skills concepts to which will help in opening of new restaurants business in UK, Particularly, to have greater understanding on the financial skills and knowledge towards opening of a new business is required to understand whether the business would be profitable or not along with the future business forecast.
This gives an impression that the focus of the given research is towards evaluating whether there is a need for basic financial skills on the part of restaurant owner in performing the management of restaurant in an efficient manner.
This research on analysing the need for basic accounting and financial skills in running restaurants is highly justified according to Schaltegger, Bennett and Burritt(2006a)because an analysis of small and medium sized restaurants in UK indicates that they are gaining significant level of recognition and demands. As a result, their efficient management is essential and one important area that requires attention is mainly the basic accounting skills. The performance of this research therefore explains the basic accounting skills needed in managing restaurants of small size and also the current situation across UK. Cater and Jones-Evans (2012).As noted by Gu and Chen (2009), there have been various accounting principles which will helps to make the basic data spreadsheets to the ledger and to the balance sheet. Some of the major principles are based on the real, nominal and personal. Apart from that, there have been numerous other methods and skills which will lead to business independence. In order to evaluate the private restaurants business requires as Ingram and Albright 2009 states basic accounting knowledge on the part of restaurants manager in performing the management of business in a very much effective and efficient manner. As far as the research concern SME restaurants business in UK indicates that the significant level of recognition and demands are there which are essential for manager for basic accounting and financial skills in the running the restaurants business.
With the help of these foundations, the researcher and the reader will get an opportunity of enhancing the research topic in more depth analysis and understand the critical perspective as well (Marićet al. 2011). Applications of various theories and model will add literature to the research topic so that, in later chapters, it can be utilized for better analysis of the results. The research will also give sufficient scope to evaluate the level of accounting skills and financial management within the small hospitality owners in UK.
The aim of this dissertation is to examine the influence of accounting skills and knowledge among owners and managers of privately operated hospitality businesses in UK.
As Andrea (2012) et.Al.recommends the main objectives are:
The important research questions that will be answered through this research as per Gordon, Hamilton and Jack (2012) are:
1. What major business skills are required according to literature in managing small and medium sized businesses?
2. What major aspects and factors need to be identified in relation to managing the finance and accounting knowledge?
3. What processes should be recommended of accounting skills and financial knowledge in respect to SME operators/owners?
4. What level of accounting skills and financial knowledge that are evident in respect to small hospitality business especially the restaurant operators in UK?
In order to complete the study, researcher made five different structure that highlighted the overview of the entire study. Following are the five chapter that elaborate in this particular study –
Introduction: This is the first part of the study. In this particular part, researcher introduces the selected topic and descrie the reaon of slecetion of this particular topic. Aim and objectives as well as questions are also describe in this particular part
Literature Review: This is the second and most important chapter for this study. In this part, researcher helps in understanding the concept of financial skills and knowledge as well as basic accounting that is very much important in the private restaurants in UK. Through the secondary research study, researcher supports the study work.
Research Methodology: In the research process, this part gains the better data collection of mentioned research topic. This part is guiding the appropriate path, which leads in constructing better study.
Analysis and Discussion of Findings: In this part, researcher demonstrates the information that is important for the research work. Importance of skills and knowledge and basic accounting is very important in order to run the private restaurant in UK.
Conclusion: This is the last part and researcher displays the outcome of the study. Apart from that, in this part researcher is linking the objective with the finding and describing the limitation as well as future scope of the study.
Basic accounting and financial skills as well as knoelwdge is an aspect of success in private restaurants especially in the UK in terms of attaining long term success. The particular chapter will focus on the establishing the foundation of academic knowledge related to accounting and financial skills.
Various norms and forms are involved in order to increase the business and generate long-term success in the region of UK. This particular chapter highlighted the several forms individually in terms of generating living standard of the chosen topic. In order to lead the business independence in UK in the private restaurant industry, need to know basic accounting for formal calculation and financial knowledge as well as skills. Bergh and Ketchen (2009) argued for conducting small business especially business in restaurant industry. Basic accounting allows the owner in understanding the daily transaction and compiling them according to the report format. Through the basic accounting and financial skills and knowledge, owners or the managers of restaurant industry can keep their general principles and reliable the business or long term. Apart from that, Bernard (2011) suggested knowledge and skills of finance and accounting allows the people in analyzing the reason of failure when the restaurant unable to fulfil their expectation.
In this particular chapter, researcher analysed the several theories that relates with the chosen topic in terms of support the selection and conduct the study in a better way. For improving, the business in early stage, basic accounting and financial knowledge is very much important. It allows the entrepreneur in calculating the unforeseen threats as well as attaining the opportunities. Apart from that, accounting and financial skills also allows in understanding the lack of proper funding for SME’s.
Conceptual framework helps in categorizing the list of key theories that can help in better understanding of the topic. Role of accounting and financial knowledge helps in decision making process of the manager within the private restaurants business of UK.
Figure 1: Conceptual Framework
(Source: Penman & Penman 2009, Impact of the effective operational financial management )
As Author identified from the above diagram basic financial knowledge is vital tool which might help the manager improve the management system of the restaurant business or any other SME business. The researcher will focus on the relationship between the influenceof accounting and financial skills knowledge in maintain the management of the privaterestaurants business in UK so that area of study can be researched and analysed more deeply. Penman and Lei (2014) research also suggests that this section of analysis is aimed at performing an in-depth analysis of the existing literature with regard to the major skills and abilities needed in respect to financial skills in performing the management of small and medium sized enterprises such as operations managers. Banks (2007) research shows that the important aspects related to this research are discussed as follows:
As noted by Arshad (2012)accounting and financial skills is oneof the most important aspects to manage and survive in any contemporary business scenario to manage their financial system however Amihud and Mendelson(2010) argue that financial skills simply can be bought externally such as hiring an individual who will possess financial skills. One of the major skills which can be of help to gain solving the issues and adapting well to frequent internal changes. Basic finance and accounting skills assist in numerical computation of the research. An accounting cycle here describes the steps involved in accounting for all of the business activities during the accounting period. Accounting cycle process begins with analysingtransactions. The SME looks at the source documents which describe the transactions and events occurred during the time of business. The transaction documents could be the hard copy orin the electronic format. After analyzing the transactionscompanies seeking the methods to journalise the tractions whichhas been occurred in a debt and credit format by applying the double entry system of accounting. Double entry system means the each transaction must be recorded at least tow accounts that debts must be equal to the credits (www.csun.edu, 2015).
Figure 2: Accounting cycle
(Source:Jorion, 2008, pg. 72)
After journalising the transactions, the third step is to post the information into the ledger. A ledger is simply part of collection of all counts where the entireaccounts areshown in T format (Foster and Stutzer, 2009). In order to verify the company’s debt and credits a trail balance is created next a trail balance which explains the list of debt and all of credit accounts balances at one point of time, trail balance is also known as the unadjusted trail balance because it’s made before adjusting the entries. As discussed by Schlingemannet al. (2009),the fifth step of the accounting cycle isto adjust the transactions happeningsduring the time of making the final accounts. Last but not least the financial statements must be prepared in very specific order. The financialstatements cover all aspect of the financialstatements such as income statements, owners equity, balance sheetsand cash flows.
An analysis of the existing literature indicates about the business skills needed in performing the management of small and medium sized businesses in a highly efficient manner. According to Cater & Jones-Evans, (2012) SMEs are mainly known for having lack of appropriate skills and these are mainly identified in respect to two important areas such as technological understanding and ability in facilitating successful implementation of technology however financial management not necessarily would require this skills.Atrill and McLaney (2011) et. Al. also point out the idea that it is not an essential tool but useful skill to possesswhilst running the SME hospitality business.
According to Aneet (2009b), the management of SMEs in an efficient manner is being ensured through having requisite financial managerial skills in performing the management of the actual business. It is indicated that generally more than 80% of the SME managers lack adequate management skills and also the business efficiency such as strategic skills, leadership skills, team building skills and delegation skills. These are important skills that are essential on the part of SME owners/ managers for the purpose of efficiently managing the business enterprise in a highly successful manner. According to Lloyd-Reason and Sear (2007), an important area that needs higher level of effectiveness in respect to SME management in a highly efficient manner is mainly the financial and accounting skills because there are various small finances that need to be managed in ensuring effectiveness, and this can be ensured in a positive manner through appropriate accounting/ financing skills.
While assessing the businessskills for managing the business requires accounting skills which will create apositive impact on the business. Carlson et al. (2008) points out that SME’s are very much known for their lacks of understanding of financial statementswhile maintaining the financial data for their respective organisations. Apart from that, SME are also very much avoids the technological advancement and implementation of the technology within the growing business which ideally is needed to be followed is the purpose of internal accounting. Operations financial management of SME’s idea developed by Amihud and Mendelson (2010) that in the currentcontemporary business accounts helps in the managing the pre-requisite of the manager of these small and medium enterprise. Understanding of financial statements is not an easy task for any organisation whether it is small or large but with financiallyeducated management skills and capacity to gather the formations and technology base would help to deal with issues effectively.
On the other hand, as discussed by La Portaet al. (2009) accounting skills is oneof the majorlanguages of the business. It helps the stakeholders to analysewhat exactly happening with the business. Accounting skills provides information’s to wide ranges ofinterestgroups which ultimately leads to business independence. Knowledge of fundamental accountings skills for SME’s give the advantagesof converting the probability into success of the business. Hence, every small and mediumenterpriseneeded to manage the fundamentals skills of accounting to achieve thegoals of the business. Management accounting research tends to focus on the SME’s as noted by Easley and O’Hara(2009) management accounting research has focused on SME’s whichsuggest that, firms are lacking of qualifiedform of internal accounting capabilities because of lack of the investment and low interest by SME’s in these areas. Management accounting of the SME’s areneededto maintain framework within the management system of the company which will foresee the future expansion of the SME’s business. The candidates must be experienced in accounting field, debt and credit along with bank reconciliations statements must be present within the managers that would be able to create the proper way of handling the daily figures keeping within the SME .
According to Weetman (2010) identifies the factors the following way:As the management of financing and accounting related areas are identified as crucial in respect to SME management in a positive manner, yet an analysis of the existing literature indicates about certain major factors that are required to be given higher importance. According to Steffan (2008) an important prerequisite in the process of efficient management of financing and accounting knowledge in respect to SME is the consideration of management accounting in the process. The management at SME can be carried out in a highly efficient manner through having management accounting systems. This system ensures the availability of sufficient level of information to managers or business owners at SME and therefore allows them in making most relevant decisions.
According to Salmon (2012) an important factor that needs to be considered in overseeing the management accounting mainly with respect to having an efficient accountant/ financial manager that could manage the entire financial related operations of the SMEs. This is mainly because an analysis of the case of SME indicates that there are various finances related issues that are quite evident in respect to SMEs. The problems are mainly in terms of accounting people responsible for the management of financial aspects within business.
One of the major factors that influence the SME’s is management problems within the SME’s. The operational accounting management challenges start with record keeping, use of information’s, cash control and cost controller (Marićet al. 2011). Other management problems found include long range planning, inventory control, employee’s selection and supervision as well as debt control are the factors that creates major problems within the SME’s (Amihud and Mendelson, 2010). The problems are mainly in terms of accounting skills people responsible for the management of financial aspects within the business. Apart from the above, other major problems are as given below:
Figure 3: Major factor affecting the SME’s accounting system
(Source: Easley and O’Hara, 2009, pp-1554)
In order to resolve these issues, expertise in the field of the accounting and finance is required to overcome the situations. It is essential in managing own operations to be aware of the internal financial plan which will give an overall effectiveness in managing the accounting operations. Normally it is expected that presence of external parties would enhance the process for assessing the financial management decisions (Lee et al. 2011).
In resolving these issues, there is a need for the efficient accounting manager that have requisite level of knowledge in performing the management of accounting function in a highly efficient manner. According to Frangos (2013) there is also a need for having requisite level of knowledge on the part of accounting professionals in linking the accounting policies with that of the strategic goals that are planned to achieve by SMEs. Marsh (2012) rightly points out It is vital to managers in linking the strategy to accounting practices with a view to accomplish higher overall effectiveness in managing own operations. According to Graham (2008) it is essential that the accounting managers in respect to SMEs should be efficient enough with respect to handling small matters because there are various smaller transactions that are being carried out on daily basis. As a result Grundy and Brown.(2004) points out, it is highly essential that they should be efficient enough in managing the smaller amounts and transactions efficiently.
However, if chance of managing the more advanced practices will result into higher form of preparation of accounts. The low intake of accounting as one of the major contingent factors in an SME adopting the new practices which also may bethe result of the background of the owner and manager (Schlingemann, 2009). These accounting practices might help the SME’s to create best and efficient way to handle their management system by analysing the transactions cost ofgoods sold and purchase for the business. SME restaurant like Bottega uses an electronical entry EPOS system in order to manage their stock control and the incoming and ongoing transactions system. Lastly, large restaurant chain like McDonalds and Subways are very much uses follow the AASB norms in order to bring transparency within the financial statements.
The analysis above indicated that the accounting skills and financial knowledge is essential on the part of SMEs. According to Smith (2010) development of accounting skills and financial knowledge with SME’s can be ensured in a positive manner by way of having efficient financial manager that have good understanding of financial related matters. This would allow the financial assistants and other organisational members in achieving positive learning about the financial related matters. According to Schaltegger, Bennett and Burritt (2006b), the best possible way in which highly efficient accounting and financial experts would be employed in managing organisation’s accounts is through hiring financial executives from well known global universities. This implies that there are various such universities that provide educational facilities to enhance the skills and abilities to experts, and this would allow the SMEs in getting the best possible talent in performing the management of their operations. In these ways, the positive development of accounting skills and knowledge within them can be ensured.
Book keeping in SME’s:Most of the Small and Medium enterprise like return business owners are very much afraid of the book keeping and accounting (Penman and Penman, 2009). Bookkeeping and accounting has two major objectives, oneto keep track of income and expenses which helps to improve the chances of making profit and collect the financial information necessary for filing various tax returns if necessary (Ipfw.edu, 2015).
Financial Analysis: As discovered by Gu and Chen (2009) SME’s are being closing up the business down based on the entrepreneur are not able to calculate the opportunity and hiddenthreats that are big enough to destroy the business of the company. With help of accrual basis of accountingand following the format of the IFRs would increase the given clear picture of the companyperformance (Ingram and Albright, 2009). Apart from that, credit management would gives within the accounting management would help to guarantees the actual trade receivables and trade payables will give an actual remedy for the taking actions for the current business, private restaurants like Bottega and Attica uses GAAP norms in order to assess manager their book keeping. Apart from that, Quay a medium range restaurants uses IFRS norms in order to maintain their financial statements.
Bryman and Bell (2011) argued that financial and accounting skill and knowledge depends on two different thinking style such as cognition and intuition. Therefore, these two different theories embrace the ideas for the owner in small and medium enterprises for making decision that runs the business for long term. Cooper and Schindler (2010) stated that the duel process theories are allowed the owner in applying to identify different reason of success as well as unsuccessful. Through the duel process theories, owner or the management of the small and medium enterprise can identify potential risks and social cognition. However, in terms of developed and developing the economies for small and medium enterprises, basic accounting and financial knowledge and skills are very much important. Basic accounting and financial skills and knowledge is help in eliciting much interest according to the rapid changes of financial landscape. Magilvy and Thomas (2009) opined that basic accounting and financial skills and knowledge is the combination form of investors and customers that allows in understanding the financial concepts and products with the confidence and ability. Apart from that, basic accounting and financial skills and knowledge in the key aspects of identifying risks regarding financial in business and opportunities for future growth. Basic accounting and financial skills and knowledge help the management or the owner of small and medium enterprises to take effective and efficient actions for improving organizational finance towards growth.
Basic accounting and financial skills as well as knowledge is an important aspects that facilitates the owners in making decision for success of organizational process such as proper debt management, bills on time, etc that improves the credit worthiness for the business and support livelihoods, financial systems, reduction of poverty and sound economic growth. From the point of view of controlling financial features in small and medium enterprises, basic accounting and financial skills and knowledge is a great aspect. Foreman (2012) acknowledged that basic accounting and financial skills and knowledge is and effective method that provides the idea of using financial services such as debit or credit, bill payment, etc. Moreover, Foreman (2013) suggested that financial skills and knowledge and basic accounting helps in reducing the vulnerability to the fraudulent scheme and overzealous retailers. Furthermore, Gillen and Loeffler (2012) cited that basic accounting knowledge and financial skills is very much important in maintaining quality and efficient financial services. For the small and medium enterprises, financial investors create lot of pressure for providing more transparent and appropriate priced service. However, basic knowledge and skills in accounting and financial allows the owners or the managers in identifying the potentiality of providing service regarding to the financial aspects. Financial skills and knowledge and basic accounting to the managers or the owners in small and medium enterprises allows to compare and evaluate the products or service regarding financial such as savings of products, loan and credit options, bank accounts, investment insurance coverage’s, payment instruments, etc. All of these allow the managers of small and medium enterprises in making appropriate decision that not only achieve the organizational goal but also help in attaining long terms sustainability as well as less competition.
Book Keeping in Small and Medium Enterprises: Majority of owner in small and medium enterprises is discouraged the accounting and book keeping idea. However, Hawke (2011) argued that both of these are very much simple. Li et al. (2012) stated that, accounting and book keeping share the goals for business regarding income and expense. Therefore, basic accounting and financial knowledge can allows to improve the chances of profit making for the small and medium enterprises that is very much necessary to covers the tax return on business. Basic accounting and financial skills and knowledge allow the owner in reflecting the income statement and expense rate for business. Accounting knowledge helps in recording the financial information that relates with the inflows and outflows of financial transaction for the business of SME’s.
Financial Analysis: In every country throughout the world, importances of SME’s have been notified. Therefore, Wang et al. (2012) presumed that SME’s are the largest contributors in attaining economies globally. In terms of job creation, SME’s are the key as well as substantial contributor to the economy of the nation. Apart from that, SME’s are helps in increasing GDP (EXPLAIN), social welfare and investment for the country throughout the world. According to the report of Woodyard and Robb (2012), SME’s contributed more than 50% of total employment and 18% of gross domestic products in UK.
From the above discussions, it hasbeen observed that, theparticular chapter and the researcher was able together the knowledge and details of the accounting skills financialskills in managing the SME or large business. Accounting skills is considered as the one of the major skills to determine the choice and the selection of the method ofmaintaining the financial statements. The literature review has been given enough scope to understand theories of the literature review which will give an insight of the accounting skills and the knowledgequick will help to gain the knowledge for the SME’s owner within the company. There are number of restaurants in UK, Aneet (2009c) point out that have also considered the application of such software in performing the management of their business in a positive manner.
Research methodology is the useful part because in this part researcher analyzed the collected data with the help of several approach that required in attaining detail and complete result. In order to better analysis, researcher uses several research methodology tools and techniques such as deductive research approach, post positivism research philosophy, description research design, etc.
This particular part analyzed the detail methods of effectiveness of basic knowledge and skills of financial and accounting in private sector that influence the originality of information in this study. The knowledge and skills of finance and accounting evaluated with the private restaurant process of UK. With the help of deductive research approach, researcher defines the usefulness of basic accounting and financial knowledge and skill in private sector (Harrison and Reilly, 2011). Post-positivism research philosophy helps in analyzing the method in a better way. Descriptive research design is using the information and applying the concepts in details due to further research. Data collection process helps in collecting information about the requirement of basic accounting and financial skills and knowledge in private restaurant. 20 owners of the small restaurants in UK have been selected for this for data collection.
In terms of conducting researcher, mainly three types of research philosophy has been used such as positivism, realism, and interpretivism. Positivism research philosophy helps in generating the result through analyzing with the logical way. It helps in understanding as well as identifying the hidden fact. Apart from that, Ellis and Levy (2009) argued positivism research philosophy allows the researcher in removing the metaphysics with detail observation. Interpretivism philosophy is used to support the concept during the complex structuring. On the other hand realism is used when positivism and interpretivism was not execute.
Post-positivism research philosophy was applied in order to complete the study. It is the latest technology that similar to positivism. In order to analyze the hidden facts of usefulness and effectiveness of collected information, post-positivism research philosophy is used that allowed the researcher in analyzing the hidden fact in a better way.
In order to conduct the research work in a particular format, research approach is required. Two types of research approach is mainly used such as inductive research approach and deductive research approach. Inductive research approach was used when enough data is not available on the chosen topic. On the other hand, deductive research approach is used for analyzing the data and observing the analyzing in a hypothetical format. Initial phase of inductive research approach helps in gaining more information about the selected topic in terms of building a path of research. On the other hand, initial phase of deductive research approach helps in hypotheses the information that already collected and make a suitable result that build the study in a proper way.
In this particular study, researcher selected the deductive research approach. There is several information or data already present in the secondary sources and need to analyze them in terms of making a suitable conclusion (Cameron, 2009). Financial and accounting knowledge is important that allows in running the small and medium business successfully because basic accounting and financial knowledge allows the owners in understanding the changes in business process that does not meet with the requirements. Apart from that, in order to understand the success of private restaurant in UK that lead to independence business, owner’s basic knowledge in accounting and finance is important.
Riege (2008) argued that design of research is one of the key aspects of explaining the framework for selected research topic. Appropriate research design allows the user in analyzing the appropriate pattern for the research and selection of information from external sources. In terms of conducting research work, three types of research design are mainly used like explanatory, exploratory and descriptive. Explanatory research design allows the researcher in describing the incidence that occurs as well as effect on the selected research topic (Truscott et al. 2010). On the other hand, exploratory research design helps in acknowledging the thoughts as well as ideas in terms of completing research paper successfully. On the contrary, descriptive research design is used for gaining details information of the selected study that state the occurrence of events in proper as well as accurate manner with best relation of the topic.
Researcher support the research work with the helps of several theories and concepts in literature review part. Therefore, it is not required to support the concept of longitude study for this particular topic (Lodico and Spaulding, 2010). That is the reason of avoiding explanatory research design method in this study. Researcher selected the descriptive research design because for completing the study in a proper way, need to define all information in a details process. Apart from that, researcher used descriptive research design in this part due to influence the effectiveness as well as usefulness of basic accounting and financial knowledge and skills.
The data collection will be performed through considering specific methods and the details are indicated below:
Method of Research and Target Population: The method of research that will be used in collecting data is survey technique, which would involve the use of questionnaire in the process, additionally six semi-structured interviews will be conducted on a basis of five owners of SME’s. (Berg and Latin, 2007). The target population for survey and interviews will be the small restaurant managers that are operating within UK and they involve he management of accounts on daily basis. These are mainly the owners of small restaurants within UK that will be surveyed, and interviewed and they will be selected from randomly selected restaurants or pubs within M25 orbital in London, UK.
The sampling strategy that will be used is mainly the convenient random sampling strategy whereby the selection of restaurants within UK will be performed based on the convenience of the researcher. The restaurants that can be conveniently accesses will be considered (Muijs, 2010). The sample size of 20 samples would be considered in performing the survey. The major difficulty in this respect is mainly in terms of accessing the restaurants and convincing their managers in participating in the survey process or conducting an interview in both parties arranged time according to Banks (2007b).
In order to complete the research work, researcher properly maintain the code of conduct that provided by the universities. In order to analyse the importance of basic accounting and financial skills and knowledge researcher maintain standardization during data application, involvements of respondents and respondent’s anonymity.
In terms of executing the research works based on the above mentioned literature following hypothesis is developed –
Hypothesis
Null Hypothesis (H0): Basic accounting knowledge and financial skills has no importance in the private restaurant that lead to business independence in UK
Alternative Hypothesis (H1): Basic accounting knowledge and financial skills has significant importance in the private restaurant that lead to business independence in UK
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In performing the important activities of this research, the time needed in their management is discussed as follows:
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Introduction and Background Search |
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This part describes the various tools and technologies of analysis that allowed the researcher in better analyzing of research topic. Through this chapter, researcher elaborated that the nature of basic accounting and financial skills and knowledge of is important for running the private restaurant in UK in terms of leading the independence business.
This particular chapter demonstrates the data analysis with the help of survey technique regarding basic accounting and financial skills and knowledge. Researcher used the quantitative data analysis tools that help in increasing the information quality in terms in conducting the research study in a better way. Analysis and discussion of findings helps in implementing the theoretical knowledge into practical approach. Therefore, Berg and Latin (2007) pointed out that data analysis part involves limitations and complexities due to lack of genuine and others.
In order to analysis the importance of basic accounting and financial skills and knowledge in private restaurants in UK, researcher selected 20 respondents of different pubs in UK region. For survey, researcher conducted the questionnaire that closely relates with the selected topic and 20 managers from different pubs had been selected as sample size in terms of collecting data.
Work experience in small and medium enterprise business
In reply to this question, majority of respondents said that they are currently runs the business for more than 3 years in private sector especially in the hospitality sector in UK. According to their view, (INSERT THEORY AUTHOR ASWELL) in order to run the business, owners or the managers have to present basis accounting and financial knowledge as well as skills for decision-making.
In order to run the business within the Small and Medium Sized Enterprise industry, owners have to know the basic knowledge of accounting and financial skills. Financial skills and knowledge allowed the owners in identifying the potential transaction risks and issues. Apart from that accounting skills and knowledge also allows the owners in understanding the way that does not meet with the expected requirement. This discussion relates with the literature review part where researcher describes that business skills required for running small and medium sized organization.
Majority of respondents said that financial transaction is the key aspects. Therefore, record system and report preparation as well as financial statement is also an key aspects that relates with the financial and accounting skills in SME’s. In order to support this discussion, researcher analyzed the theories in accounting skills and financial knowledge development in SME’s in literature review part.
During survey, majority of respondents said that basic accounting and financial skills is very much important for SME’s owners in terms of identifying the financial statement and transaction process in a suitable way. However, for support this view, researcher relates the discussion in literature review part where concept of accounting and financial skills is discussed.
For Small and Medium enterprise, accounting and financial skills is required. Several factors such as transaction process, record finance, statement of utility, etc allows the owners in appropriate decision making that attain long terms success for business. This concept support in literature review part where researcher analyzed the factors that effect on accounting knowledge and financial skills in SME’s.
Majority of respondents 12 out of 20 said that key aspects like financial transaction, value process, financial statement, report preparation, recording financial system, etc allowed the user in making decision for SME’s. Aspects of financial and accounting skills and knowledge allow owners of SME have to understand the current financial growth or failure properly. Apart from that, in the rapid growth of economics throughout the world may effect on the business process. This part support in literature review where accounting skills and knowledge of finance developed SME’s discussed.
For the owners of SME’s need to know various process of financial knowledge and accounting skills such as transaction record, review, handling the operations, identification of transaction, etc. This part support in literature review role of financial skills and knowledge in small and medium enterprise discussed.
This important question supports the study. However, in reply to this question, managers of different pubs argued that accounting knowledge and skills is the key factor for decision-making. According to the respondents, human resource management skills and goal setting skills as well as relationship building skills helps in improving business for SME’s.
Respondents replied that level of accounting and financial skills required for the business in SME’s. Accounting and financial knowledge is important among the group of SME’s business. This answer supported through the analysis of managing business skills for SME’s in literature review part.
Regression Analysis
In this particular study, researcher employed the regression model in term sof evaluating the important of accunt knowledge and management skills in the private rasaurent industry.
Folloowing is the multiple regression analysis model
Dependent variables: The dependent variables for this study is the perception of entreprenuer towards the importantce of basic accounting and financial skills and knowledge in private business process.
Independent Variables: The independent variables for this study are reqruitment level of professional accounting staff, meeting with the accounting staff, ranking of entrepreneur according to the priority, and preperation of the final account.
Improtance of basic accounting and financial skills and knowledg towards SMEs = A + B * reqruitment level of professional accounting staff + C * meeting with the accounting staff + D * ranking of entrepreneur according to the priority + E * preperation of the final account + f
A = Intercept of the model
B = Reqruitment level of professional accounting staff
C = Meeting with the accounting staff
D = Ranking of entrepreneur according to the priority
E = Preperation of the final account
|
Regression Statistics |
|
|
Multiple R |
0.934180 |
|
R Square |
0.872694 |
|
Adjusted R Square |
0.84091 |
|
Standard Error |
0.606187 |
|
Observations |
20 |
Table: Statistic of regression analysis
|
ANOVA |
|||||
|
|
df |
SS |
MS |
F |
Significance F |
|
Regression |
3 |
30.229 |
10.070 |
27.42089 |
1.17816E-08 |
|
Residual |
12 |
4.409494 |
0.367463 |
||
|
Total |
15 |
34.6370 |
Table: ANOVA Test
|
Coefficients |
Standard Error |
t Stat |
P-value |
Lower 95% |
Upper 95% |
|
|
Intercept |
18.53910 |
4.803280 |
3.859661 |
0.00231 |
8.073580961 |
29.0042 |
|
Reqruitment level of professional accounting staff |
-0.18075 |
0.03171 |
-5.7079 |
9.79E-08 |
-0.249778378 |
-0.11187 |
|
Meeting with the accounting staff |
0.037309 |
0.022927 |
1.627182 |
0.129653 |
-0.012646053 |
0.0872959 |
|
Ranking of entrepreneur according to the priority |
0.056957 |
0.643455 |
0.088511 |
0.930929 |
-1.345024663 |
1.458933 |
Table: Summary Report
The researcher here utilized multiple regression analysis to assess the importance of basic accounting and financial skills and knowledge towards SMEs. From the above mentioned regression analysis, table, it is noted that multiple r value is 0.934180, whereas adjusted r square value is 0.872694. This indicates that there is an 87.27 percent chance that the identified independent variables influence the accounting and financial skills and knowledge towards SMEs.
Further, the ANOVA table is also indicating that the intercept value of the model is 18.53910. At the same time, coefficient of recruitment level of professional accounting staff is -0.18075, coefficient of Meeting with the accounting staff is 0.037309 and the coefficient of Ranking of entrepreneur according to the priority is 0.056957.
Therefore, the regression model is looks like
Importance of basic accounting and financial skills and knowledge towards SMEs = 18.53910 -0.18075 * recruitment level of professional accounting staff + 0.037309 * meeting with the accounting staff + 0.056957 * ranking of entrepreneur according to the priority + f
Since, the p value is 0.00231, which is less than 0.05, it can be said that the null hypothesis should be rejected here. That is Basic accounting knowledge and financial skills have significant importance in the private restaurant that lead to business independence in UK.
Chapter 5: Conclusion
5.1 Conclusion
This particular study concludes the importance of basic accounting and financial skills and knowledge in the private restaurant industry in UK. Through the discussion, researcher analyzed that basic financial skills and accounting knowledge is very much important for SME’s in terms of attaining long term sustainability. The basic accounting and financial skills as well as knowledge consider the major skills that required for the owner in order to understand current knowledge as well as method that required for maintenance. Apart from that, it has been also analyzed that, of the basic accounting and financial skills and knowledge present for the owners, they can easily maintain the financial statement for SME’s in the UK. This research work allows the readers in understanding the importance of basic accounting knowledge and financial skills in private restaurants in UK that leads to success. Basic accounting skills and financial knowledge quickly helps the owners in gaining information for the SME in these days of rapid growth economies. Through this research study, researcher made the clear idea about the living standard for managing Small and Medium Sized Enterprises in UK region. Apart from that, this research study also utilized that lack of expertise and lack of knowledge in accounting and finance can creates complexity as well as forcedly close the business in hospitality industry in UK. Through discussion and analyzing several theories and concept, researcher described that lack of knowledge in accounting and financial is the major problems of decreasing business for the company.
Accounting Software: It has been seen that majority of owners in hospitality sector in UK have lack of idea in financial and accounting. Therefore, in terms of making appropriate decision and setting goals for future, ownesr have to implement various accounting software such as spreadsheet, tally, enterprise accounting software, customer accounting software, commercial accounting software, etc.
Understanding the Customers: Owners have to understand the customers properly and building relationship through providing extra benefits to the loyal customers. Apart from that, owners have to plan properly for their financial budget that can allow in running business for long term.
Insurance Checking: Owner of the SME has to check their insurance periodically in order to ensure that it will cover all aspects of governmental rules and regulations including supplies and computers. Owners have to allocate money for covering the insurance of depicted value of their computers that helps in replacing the computers if something bad happen within the organizations.
Due to lack of experience and knowledge in particular research, researcher is unable to unfold all aspects that relates with financial and accounting for SME business process. Apart from that, lack of time for research make unable to open all aspects for conducting the study in better as well as detail manner. Therefore, future study based on this research topic will be the level of accounting and financial skill and knowledge in running business process with better observation. Apart from that, comparative study will also helps in enhancing the observation of role of accounting and financial skills and knowledge for SME’s.
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Q.1 How long experienced you have in small and medium enterprise business?
|
Options |
No of respondents |
Total respondents |
Response % |
|
Last 1 year |
2 |
20 |
10% |
|
1 to 3 years |
7 |
20 |
35% |
|
3 to 5 years |
6 |
20 |
30% |
|
More than 5 years |
5 |
20 |
25% |
Q.2 How far you agree that financial and accounting skills requires for the small and medium sized enterprises?
|
Options |
No of respondents |
Total respondents |
Response % |
|
Strongly Agree |
3 |
20 |
15% |
|
Agree |
10 |
20 |
50% |
|
Neutral |
0 |
20 |
0% |
|
Disagree |
4 |
20 |
20% |
|
Strongly Disagree |
3 |
20 |
15% |
Q.3 What are the key aspects that relates to financial and accounting knowledge for SME’s?
|
Options |
No of respondents |
Total respondents |
Response % |
|
Company Transaction |
8 |
20 |
40% |
|
Recording system |
3 |
20 |
15% |
|
Report Preparation |
5 |
20 |
25% |
|
Financial Statement |
4 |
20 |
20% |
Q.4 Do you agree that basic accounting and financial skills and knowledge required for running SME’s?
|
Options |
No of respondents |
Total respondents |
Response % |
|
Strongly Agree |
2 |
20 |
10% |
|
Agree |
9 |
20 |
45% |
|
Neutral |
0 |
20 |
0% |
|
Disagree |
6 |
20 |
30% |
|
Strongly Disagree |
3 |
20 |
15% |
Q.5 How far you satisfy that literature related to business skills required for small and medium sized enterprises?
|
Options |
No of respondents |
Total respondents |
Response % |
|
Strongly Satisfied |
2 |
20 |
10% |
|
Satisfied |
7 |
20 |
35% |
|
Neutral |
3 |
20 |
15% |
|
Dis-satisfied |
5 |
20 |
25% |
|
Strongly Dis-satisfied |
3 |
20 |
15% |
Q.6 Do you believe that key aspects of finance and accounting knowledge improve business for SME’s?
|
Options |
No of respondents |
Total respondents |
Response % |
|
Strongly Believe |
3 |
20 |
15% |
|
Believe |
9 |
20 |
45% |
|
Neutral |
1 |
20 |
5% |
|
Disbelieve |
5 |
20 |
25% |
|
Strongly Disbelieve |
2 |
20 |
10% |
Q.7 What processes required of accounting skills and financial knowledge for the owners of SME’s?
|
Options |
No of respondents |
Total respondents |
Response % |
|
Transaction identification |
5 |
20 |
25% |
|
Transaction record |
3 |
20 |
15% |
|
Handling |
4 |
20 |
20% |
|
Reconciliation |
6 |
20 |
30% |
|
Review |
2 |
20 |
10% |
Q.8 What major business skills required in order to manage the small and medium sized enterprise business?
|
Options |
No of respondents |
Total respondents |
Response % |
|
Accounting |
5 |
20 |
25% |
|
Human Resource Management |
6 |
20 |
30% |
|
Goal Setting |
2 |
20 |
10% |
|
Relationship building |
7 |
20 |
35% |
Q.9 How far you agree that level of accounting knowledge and skills required among the group of hospitality business owners in UK?
|
Options |
No of respondents |
Total respondents |
Response % |
|
Strongly Agree |
4 |
20 |
20% |
|
Agree |
7 |
20 |
35% |
|
Neutral |
1 |
20 |
5% |
|
Disagree |
5 |
20 |
25% |
|
Strongly Disagree |
3 |
20 |
15% |
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