The Financial Management Practices of Fish Traders of Sardinella lemuru (Lawlaw) in Bulan, Sorsogon

Any business's capacity to succeed and to last depends on its ability to handle its finances effectively. Planning, organizing, managing, and keeping an eye on financial resources are all necessary to effectively accomplish business goals. Effective resource allocation, cash flow optimization, and profitability maintenance are all made possible by sound financial management techniques. This research investigated financial management practices of small-time fish traders, including their methods of recording financial transactions, preparation of financial statements, and compliance with regulatory requirements as well as the challenges they encountered and how they addressed the identified challenges.The study used a survey-questionnaire to collect data. The results showed varied levels of implementation across financial management areas, particularly in asset, revenue, procurement, and liability management. There were significant gaps in asset tracking, revenue updating, and liability management. These findings align with existing literature on the financial struggles of small enterprises and underscore the need for targeted financial literacy programs, structured financial tracking systems, and increased access to support mechanisms such as cooperative financing and government incentives. Addressing these issues will enhance the financial sustainability and resilience of small-scale fish traders in the region.This research explored the opportunities and challenges faced by fish traders in managing their finances and meeting their reporting obligations. The study is important because it helps us understand how small-time fish traders in Bulan, Sorsogon, who sell lawlaw, handle their accounting and financial reporting. The results shed light on the particular difficulties and chances encountered by these traders and make suggestions for enhancing their methods of financial management. Policymakers, regulators, and other stakeholders in the fishing business in Bulan, Sorsogon, and elsewhere be impacted by the study.