Financial Management Practices of Pet Store Businesses in Metro Manila

Abstract

The study aimed to assess the effectiveness of the financial management practices of pet store businesses in Metro Manila. The descriptive method was utilized in this study. The respondents in this study were 127 owners/managers. The statistical tools employed were Frequency, Percentage, Ranking, Weighted Mean, T-Test and F-Ratio. The respondents assessed the financial management practices in terms of accounting practices, cash management, working capital management and financial reporting effective. There was no significant difference in the respondents’ assessment when grouped according to number of employees. When grouped according to capitalization, there was no significant difference in all aspects, except for accounting practices. When grouped according to forms of business organization, assessment on accounting practices, and financial reporting were significantly different, while for cash management and working capital management, it is statistically the same. Lastly, when grouped by years of operation, there was no significant difference on the assessment on cash management and accounting practices while for financial reporting and working capital management, there is significant difference. Pet store owners or managers should fully utilize the benefits of using computer-assisted software in the businesses. Since cash is the most precious asset for SMEs, pet store businesses should have well-designed, effective internal controls to safeguard their cash assets. The researcher recommends that other researchers may work on further topics that were not taken up in this study due to the scope and limitation, such as using other variables or other locale.