Cash Management Practices of Selected Hair Salons in Manila

Abstract

This study aimed to determine the level of effectiveness of cash management practices of hair salons in Manila as assessed by the owners or managers. The respondents of the study were two hundred thirty-one (231) owners, managers, and assistant managers of selected hair salons in Manila as determined using the Slovin’s formula. The study applied the descriptive method of research using cluster sampling as the sampling technique. The instrument used was the survey questionnaire and the statistical tools were Frequency, Percentage, RankingandAnalysis of Variance. The findings revealed that the perception of the respondents on the level of effectiveness of cash management practices differed when they were grouped according to highest educational attainment, length of service, sex in terms of cash disbursement, civil status in terms of cash receipt and cash disbursement aspects, job position in terms of cash receipt. On the other hand, the perception of the respondents on the level of effectiveness of cash management practices did not differ when grouped according to profile with the corresponding aspects not mentioned. Based on the results, the respondents assessed the cash management practices of selected hair salons in Manila as very effective in terms of cash disbursement and cash control, whereas effective in terms of cash receipt. In light of the conclusions drawn, the researchers recommend that the hair salons should adhere to the implementation of effective cash management practices that are applicable to their businesses.