Dar Es Salaam, Tanz - SNHU Academic Archive - Southern New ...

99activities an d se t targets . Frequen t preparatio n of accurat e financial statement s andanalysis wil l improv e the performanc e o f th e operation s an d thereb y increas e th eprofitability.For example, if the SACCO s prepar e a monthly Loan statement along with age-wiseoutstanding loans, it will help the management to take necessary steps to follow up loansoverdue and increase rate of repayment. A monthly income and expenditure statementwill enable the management to control the expenditure and increase income. A monthlycash flow statemen t wil l hel p managemen t identif y cas h availabilit y an d mak einvestment decisions.The stud y on financial management fo r KK was facilitated b y the availability of wellpreparedaccounts according to required standards and principles. Financia l statementsare prepared as prescribed in the Tanzania Financial Accounting Standards issued by theNational Board of Accounting and Auditors (NBAA). Managemen t have to oversees thatthere is a complianc e of financial records to audi t procedures an d guidelines as perCooperative societie s Act 2003 S.48(2); 'Every registered society shall keep properaccounts and other records in relation thereto and shall within three months prepare inrespect of every year a statement of accounts in a form which conforms to the bestaccounting standards'.