This paper presents the results of an empirical and theoretical literature review to effects of business records in business profitability in SMEs. Three research questions are addressed: how business records contributed towards business performance of SMEs? What types of records they kept and is used in the day-to-day business operations? The research questions are underpinned by Records Continuum Model. Results show that business records in Tanzania had no positive impact on business profitability because of how the records were created and the value attach to record keeping, resulted from the lack of records management policies; inadequate staff capacity, limited awareness about the value of sound records management; and inadequate budgets. As a result, decisions are made without full information about business transactions. Besides, the absence of systematic record keeping and controls leaves scope for corruption and collusion between business officials and business owners and employees as well as the chamber of commerce. The ISO 15489-1 is presented as the key best practice mechanism for enhancing sound records management that the Tanzania SMEs may espouse. The subject matter of this paper is aimed at influencing policy and practice, especially with regard to the provision of the appropriate competencies and skills needed for sound management of court records to enhance accountability, transparency and service delivery.