Abstract:
Poor financial data management practice is a major contributor to the
collapse of many businesses. There is therefore the need for every organization to
keep proper needs of their finances for growth. This study is sought to examine
the management of financial data at the Salaga Government Hospital to determine
the factors, requirement and principles of financial data management at the
hospital. This is to help highlight the need for proper keeping of financial data.
The objective of the research was to examine the management of financial data at
the Salaga Government Hospital in the Northern Region of Ghana. This report
uses records review and observation as it instruments of data collection. It uses
both the qualitative and quantitative methods using interview and review of
financial records.
Purposive sampling method was used to select a sample size of fifty (50)
records from account offices. Some of the findings from the study revealed that an
efficient accounting system is the major quality of the a proper financial
management practice and this is tailed by budget controls and poor strategic
planning. Lack of skills and capabilities are the main challenges of a proper
financial management practice at the hospital. It was therefore recommended that
a structured framework for assessing overall financial management practice
should be considered by management, and future researchers should research into
why there are financial management practices but the institution still face
financial challenges.
