Business plan Final Project

Business plan Final Project - Running Head: BUSINESS PLAN 1...

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Running Head: BUSINESS PLAN 1 Business Plan Sarah Jones ACC/220 5-25-2010 Robert Neely
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BUSINESS PLAN 2 S&M Accounting prides itself on its accounting services. S&M Accounting will be a sole proprietorship because it will be a small accounting firm focusing on personal finance and small business finances. This business proposal will explain why S&M Accounting is a safe investment as well as what roles accounting will play in the business. The proposal will also touch on what characteristics will be evaluated for the companies accounting staff and the educational views of the company. It will also explain what types of internal controls are put into place and how the company’s managers will use financial information to ensure success of the company. S&M Accounting will offer many services to its clients. For the personal finance side of operations, it will offer everything from balancing a client’s checkbook to setting household budgets and tax preparation. For the small business side of operations, it will offer everything from budgeting and auditing to all necessary financial reports; such as balance sheets, income statements, retained earnings statements, and a statement of cash flows. Accounting will play a major role in the start up of this business. Major financial reports have been prepared showing how all investments will be put toward the profitability of the company as well as the projected sales for the first year. For example, an initial balance sheet has been prepared showing the company’s assets such as computers, furniture, and office supplies. It also shows, at this time, S&M Accounting only has 2 liabilities; taxes and rent for the building being used. The responsibility center budgets have been prepared for the first year of business to show how all investments will be spread to different areas of the company. For example, the cost center will be made up solely by the company’s receptionist and money allocated to that center will provide necessary office supplies and equipment, internet service, telephone service and receptionist wages. S&M Accounting’s profit centers will be the personal
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Business plan Final Project - Running Head: BUSINESS PLAN 1...

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