Accounting and Auditing Firm Business Plan Proposal
I identified a need in the market that required to be sorted using the particular professional capabilities I possess as an individual and the abilities we have as a team of business entrepreneurs, accountants and auditors. This proposal will lead to me developing a business plan and a business structure that will guide the establishment the firm I have in mind, that will materialize in the near future. Using my proposal, I have documented the vision I have and the means with which I will achieve that vision. The proposal entails thorough documentation of how my firm will run its business, how my firm will approach potential clients and projects and how the clients and projects will be valued so that the client and firm both benefit from the transaction.
Simply, “This proposal is a quote and call to action. It is well established and serves the market with the constant demand for qualified accountants. The company was established over a hundred years ago and has many firms across the globe with many professional certified accountants (154,000) and a student program that encompasses 432,000 students. This foundation of the company and global spread is a major attraction to the ACCA and is what attracted me to it as a case study and is what influenced my business idea, business proposal and business structure. The scope of the business proposal I have is accounting and auditing which are the services offered by ACCA. I will learn their system of organization, their business structure and hierarchy and incorporate this system in my own firm.
During this process of investigation into these databases, a number of forms and reports through sampling were analyzed with an objective of monitoring their performances in the system. Among the sampled forms and reports include; Customers Sales Employees Purchases Suppliers In order to properly investigate the business transactions of the system, the following electronic and printed documentations were studied ensuring deeper understanding of their related business transactions; Bank statement Credit card receipt Supplier invoice Cash register tape Sales order Bank deposit slips Payroll records Some of the observations I made during my investigation of the databases and the entire system were as follows; More audit procedures needs to be incorporated in the system especially for the purpose testing revenue to avoid fraud The auditing work was done frequently assisting in possibilities of misappropriation of funds Methods Accounting Diagram Overview of Current System Operations My ‘Accounting and Auditing firm’ consists of a number of users who are categorically different with respect to their responsibilities or the nature of services they obtain from the system.
The system participants include personnel who work hand in hand with the system to ensure that every aspect of the firm is effectively and efficiently operational. The following are the managers in the firm; Ryan Moy - Audit Manager Virginia Jackson – Tax Manager Wes Chris – consulting Manager Management users in the systems include; Mary Grace - Senior auditor David Yueng- senior accountant Michael Lukas – Staff auditor The following are the non -management staff in the firm; Tony Wesley – secretary Rita Dier – member audit committee Gramp John – member audit committee Brace Wayne – clerk Also in the system there are non-management users who still are direct users. They include the following; Ted Paul – employee Beatrice Woolf - employee Shirley Felix –employee Below is a list of participants who are affected by the system, and in most occasions they are never direct users of the system.
Data is fundamental for any business organization and the success of every firm depends on how well or careless such firms handle their data from stages of their operation. ANALYSIS OF THE CURRENT SYSTEM In this section I will discuss my review of the current operation of the Association of Chartered Certified Accountants (ACCA) system that I chose as my case study firm for this project. For proper operation of any system, there is need to perform system analysis to ensure that it is always in line with the objectives of the firm and to identify opportunities available and effect appropriate adjustments to ensure efficiency. In my analysis I categorized the system into different parts and studied how these parts interact to accomplish the goals of the firm.
The analysis involved performance, economic, data and information, efficiency, service, control and security and miscellaneous analyses. The gross period for completing the exams is two years. However, one requires three years of work experience to be offered membership and acquire ACCA qualifications. This information is important for my proposed accounting and auditing firm. The main problem experienced by the firm is the dynamic technological innovations in the business in the world. Data has become the most important resource for business and accountants and auditors need vast technological knowledge on how to handle business data. Those professional accountants who have gone through the ACCA system have been confirmed to have the necessary skills and knowledge to handle financial responsibilities without constrains meaning that they possess enough useful information to execute their respective duties.
The only challenge experienced in the current system, is that some students enroll but does not complete their courses due to lack of fees or job commitments since majority of these students are employees of other firms. This has resulted into mismatch between the input and the output in terms of population and affects planning for the firms. In future the current firms intend to lower the fees and advice their students to balance between their job and studies. Constrain with such adjustments may be that the fees may be too low until the firms cannot afford to meet their objectives. Data is perhaps an essential resource for an organization set up. Different departments within organization set up will coordinate with each other by sharing data which in the modern organization set up will share through information system where all authentic users will have access the centralized information.
Top performing organizations will always do whatever it takes to ensure proper management of data since it is essential in outlining, designing and creating an information system. The manner in which an organization handles and treat data is critical just like the processes which were applied to ensure all aspects of the organization are functional. When an organization has appropriate data it is able to execute procedures in the correct format thus being at the position of making determining which procedures are of greatest importance. This is to say all the procedures and processes linked to the development of information system have to address the issue consistency and corruption. In doing so an organization will able to tap genuine data and information from its system.
The design information system for data storage ought to take care of future expansion of the storage capacity this will enable an organization to easily cope with an increase in data. Addressing procedures and processes means also mitigating inputs which when addressed in an appropriate manner will result in an improved information system. Efficient data management procedures start with identifying key principles and collaborative events which for the basis for offering efficiency, effectiveness, and sustainable data. In addition to providing a design and approach to meet the next phase of an effort to the device the technical design. The main purpose of an information system is to be able to offer a one-stop point for accurate and consistent data in an organization set up.
When an organization decides to upgrade from an existing system to new improved one data needs to transferred to the new system a process referred to as data migration it involved the following phases: Selecting appropriate migrating heritage data together with business rules. Mapping and matching the heritage data to the intended system. Amass, purify and convert heritage data in the desired format. Having the right personnel in every sector of an organization will always ensure effectiveness this also applies to the IT personnel who are in charge of information system. References Business Case Studies (n. d. Interpreting and understanding accounts. Retrieved from Business Case Studies: http://businesscasestudies. Binks, M. R. Importance-performance analysis and the measurement of service quality. European journal of marketing, 27(2), 59-70.
Imhoff, G. A. S. B. Gopalan, M. Yew, K. Retrieved 3 December 2017, from https://www. mitre. org/publications/systems-engineering-guide/enterprise-engineering/enterprise-technology-information-and-infrastructure/information-and-data-management.
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