The Effect of Record Keeping On Procurement of Goods and Services in Century Bottling Company

ABSTRACT

 This study sought to find out the impact of record-keeping on the procurement of goods and services of a century bottling company. The study was guided by the following objectives; to investigate the different procurement procedures used in century bottling companies, to identify the different record-keeping methods used in century bottling companies and to find out the impact of record-keeping on the procurement of goods and services of century bottling company. The study adopted a cross-sectional survey design where data was collected from a cross-section of respondents at one point in time. The sample was selected from the departments of procurement and logistics, production, sales and marketing, financial administration, internal audit and Accounts. The sample size comprised 40 respondents. The findings revealed that there is an Identification of needs by the user department, there is a review of the specifications before purchases are made, the company prepares the bids and invites bidders. Award is best on the past performance of the bidder and evaluation of bidders is done by the company before shortlisting. The findings also revealed that records keeping has helped in auditing, record keeping has simplified the budgeting for the future, record keeping has helped in providing information for suppliers, creditors and outside inventors, records keeping has provided accurate and timely information for decision-making purpose and record keeping helps to monitor business performance