In fact, many of them are not convinced about the role of record keeping in business growth, performance and profitability. According to Uzoma (1991), the causes of business failure include competition, lack of capital, location and premature expansion. Osagbemi (1981) believes that the main factors responsible for small business failure include lack of luck, insufficient money, insufficient preparation, lack of business connections, low level of business education, lack of experience, poor health, lack of managerial skills etc. According to Osuala (1993), the causes of business failure include management incompetence, lack of experience, lack of capital, overinvestment in fixed assets, poor customer credit practices, unplanned expansion, and improper attitudes such as laziness, extended vacations, overextension and unethical