Loans And Other Business example essay topic

Business studies Final report Re; Ronald smith & co Key business functions: the firm offers accounting and Taxation services together with financial planning. The firm Ronald smith and co needs to generate approximately $750 a day to cover the expenses like electricity, wages, loans and other business effecting costs. One of the most important is Internet connection without this the business cannot lodge tax returns, Business activity statement (bas). You need to keep up the payments or your Internet is cut off until you pay it off. It's has an affect on the technology you use because if the technology is not up to standard it can slow your business down. In the year of 1997, which to some people that was not along time ago, they only had a modem of 36 k which is very slow in today's standards.

My firm's way of generating money is through providing accounting's revises and preparing tax returns, while you pay 10% extra on everything for GST reasons, my firm finds things that you didn't need to pay the extra for so all of those that you did not need to pay the extra for builds up and you have a refund. Because the government tries to get the most from the public's payments, chartered accountants just find ways to penetrate through the laws affecting taxpayers. Establishing the business: Establishing a business from scratch is very difficult but all businesses started somewhere whether it be second hand or new. Buying a business has it's ups and downs.

Buying a business A vantage: Include the fact that you can have a very good chance at what ever business you are buying. You don't have to start from scratch your all ready in a well establish business, no long after hours work trying to sort out the loans or the new employees, the business is all ready established Disadvantage: A business can cost a lot of money and in order for you to be able to pay for this business you can take out a loan, but you have to pay back the money that you borrowed and more, the extra that you have to pay for includes interest, tax and bank fee's. Establishing a business Advantage: when you start out on your own you have no-one telling you what to do, no-one telling you how much your going to earn, the hours you work is up to you and you can take holidays or "sickies" whenever you like. You can also choose you name of your company.

Disadvantage: When you start from scratch you have know guarantee that people will chose your business over all the rest. You have no idea of the cost of the keeping the business afloat; you can only make a rough estimate. And sometimes you have to work long hours making sure you can pay of the occupancy and the administrative costs are all up to date. The target market for my business would best be described as wealthy investors. The manager of the business tries to also break out into financial investments, loans, business and financial planning. The business has a good area of white and blue-collar types passing by visiting doctors.

The manager also has good tactics on how to pick up clients by sparking up a conversation and explains what they do and how good they are. There for the client sees them as a good company. The weaknesses of the business are very limited and when they are revealed to the client they are minimized or just a minor mistake all together. In other words the government build walls (laws) and accountants just find holes in them. The only challenges that are faced are competion, up dating to the latest laws and technology. The concern on competion is the clients taking interest to someone else.

As the saying goes "your clients maybe here today but where will they be tomorrow, meaning don't know the future of your clients. that's why you " re always trying to attract more clients. The tax laws are always changing and accountants just try to find glitches in its laws so they have to know the tax system very well. Updating what you can be taxed on and what is refundable. Technology is a big time waster, when you are downloading something that is explaining a topic.

The stakeholders to the company are obviously other accountants looking for some extra clients or trying to buy out their competion. The business has to for fil a couple of standards put forward by the government and the Australian tax office. One of these is noting every single change or deduction made by the accountant or by any other staff.