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ABSTRACT
This study presents a comprehensive overview of the critical issues surrounding the use and knowledge of cashless policy for cash transactions and their profound impacts on small and medium sized enterprises. There has been a purposeful transition from conventional traditional and manual transaction and payment methods to cashless policy or online transaction basis as the business environment continues to grow quickly. The cashless policy is a paradigm shift from traditional banking transaction of making payments and/ or carrying cash to more recent developed electronic cash transaction as a result of this change, Small and Medium sized enterprises employers and employees are required to adapt to the shifting needs of businesses and SMEs alike. The study focused on traders and employers of SMEs around the ovia north east axis of benin city, Edo state Nigeria. Primary data was collected through questionnaires administered to (100) top personnels from the sample and a survey research design was employed. Data analysis involved descriptive statistics, and chi square method using the Eviews version ten (10) software. The research reveals a positive association between cashless policy (Adoption, effect, challenges, it's recommendation) and the financial reporting among SMEs in benin city. As a result, the study recommends that SMEs should select an electronic payment system that can grow alongside their business. Ensure that it can handle increasing amounts of data, transactions, and complexity, SME employers should invest in training employees so they can effectively use electronic payment systems as a result of the cashless policy implementation. Finally, SMEs must establish a reliable plan for backing up and recovering data. Regularly save financial information to prevent loss in case of system failures, errors, or unexpected circumstances. This would ensure a more dependable financial report.
