Management of financial records at accounts department of Lugazi Sugar Limited (SCOUL)

Abstract

The study was carried out at lugazi sugar limited and mainly focused on analyzing the management of financial records in the Account department. The main aim of the study was to analyze the management of financial records at lugazi sugar limited highlighting the inefficiencies with the view of developing strategies to improve the management of financial records there. The study had the following objectives; to find out the types of financial records created and received, to assess the storage and security of financial records, to examine the financial records management procedures and practices, to find out the challenges associated with the management of financial records and to suggest possible solutions for improving the management of financial records at lugazi sugar limited. To achieve these objectives, the researcher employed qualitative research approach with case study research design. Data was gathered from the sample size of seven respondents purposively selected for their being directly involved in the accounts department management of financial records and the use of financial records. Purposive was preferred so as to obtain desired information and the sample included the chief accountant, senior auditor, two records staff and three internees in the accounts department. Data was collected through interview and observation methods. The findings from the study revealed that records created included financial audit reports, financial statements, balance sheets, agreements and contracts, salary payments, vouchers and registers. These are generated from the auditing process, purchase and sale of commodities, issue of items for use within the organization and payment for services offered by relevant service providers. The study findings indicated that the management of financial records at lugazi sugar limited was mainly manual with very large volumes of paper- based records. It also established that the system was swamped by several challenges including: limited storage space and equipment, congestion of records, misplacement of files, difficulties and delays in retrieval and lack of financial records management policy. Basing on the existing challenges and problems faced in records management, the researcher concluded that an automated records management system would solve many problems faced for example lack of storage space, difficulties in access, tracking and retrieval thus recommended the implementation of such a system, implementation of records management policy and provision of more and modern storage equipment. These will help the organization to cope up with the national and international standards of the records management and also foster professionalism as well as creating an ideal atmosphere for records management which in turn will improve service delivery.