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Assignment extract: You have just completed your degree in Accounting – congratulations. You have been working for several years for BMG (Big Money Grabbers) Accounting in Albury and now want to go and do your own thing. You have decided to open your own firm. You have leased space in Wodonga and decided that you will require two additional accountants (one senior, one junior) and at least one admin person. You are required to complete the attached business plan template for this new venture. Much of the detail is up to you to guesstimate and you do not need to be 100 percent correct with your estimations but as prospective accountants, the financial figures are something you should pay particular attention too. This unit has been designed to cover the required elements in an interesting way. There is a good chance that you will end up running your own small business or be asked to give clients advice in running theirs. Use these templates and guides to get a feel for things that you may need to know, understand and be able to advise on. As mentioned, pay particular attention to the financials but also consider how you would establish, market and run your business. Be brief where you can and I would expect that this completed document be not much more than 20 pages at most. Feel free to work with classmates to reduce your workload and remember that this is an example not a plan that you will take to market. you need complete form (Kelly’s Accountant 2)  the new company is Kellys account , this a virtual company, Sole business , home business.  you can use any name for staff, but the customers and competitors need from Australia account company . if u do not how to write financial statement, u can leave it  do not need too much words, total just 1000 words is enough . FNSACC505A – Final Assessment task 2015 Using this template Before you complete this business plan template and start using it, consider the following: 1. Do your research. You will need to make quite a few decisions about your business including structure, marketing strategies and finances before you can complete the template. By having the right information to hand you also can be more accurate in your forecasts and analysis. 2. Determine who the plan is for. Does it have more than one purpose? Will it be used internally or will third parties be involved? Deciding the purpose of the plan can help you target your answers. If third parties are involved, what are they interested in? Although don’t assume they are just interested in the finance part of your business. They will be looking for the whole package. 3. Do not attempt to fill in the template from start to finish. First decide which sections are relevant for your business and set aside the sections that don’t apply. You can always go back to the other sections later. 4. Use the [italicised text]. The italicised text is there to help guide you by providing some more detailed questions you may like to answer when preparing your response. Please note: If a question does not apply to your circumstances it can be ignored. 5. Download the Business Plan Guide. The business plan guide contains general advice on business planning, a complete overview of the business plan template and a glossary explaining the main terms used throughout this template. 6. Get some help. If you aren’t confident in completing the plan yourself, you can enlist the help of a professional (i.e. Enterprise Connect Centre, Business Enterprise Centre, business adviser, or accountant) to look through your plan and provide you with advice. 7. Actual vs. expected figures. Existing businesses can include actual figures in the plan, but if your business is just starting out and you are using expected figures for turnover and finances you will need to clearly show that these are expected figures or estimates. 8. Review. Review. Review. Your business plan is there to make a good impression. Errors will only detract from your professional image. So ask a number of impartial people to proofread your final plan. For advice and examples on how to complete this template, please download the business.gov.au Business Plan guide from www.business.gov.au/businessplan . Scan to watch our business planning video: [Your Name] [Student number] [Business Name] [Main Business Address] ABN: [Made up] [Signature] [Kelly’s Accountant] Business Plan Prepared: [Date of submission] Table of Contents 3 The Business 3 Business details 3 Registration details 3 Business premises 4 Organisation chart 4 Management & ownership 4 Key personnel 5 Products/services 6 Insurance 6 Risk management 6 Legal considerations 7 Operations 8 The Market 8 Market research 8 Market targets 8 Environmental/industry analysis 8 Your customers 9 S.W.O.T. analysis 10 Your competitors 11 Advertising & sales 12 The Future 12 Vision statement 12 Mission statement 12 Goals/objectives 12 Action plan 13 The Finances 13 Key objectives & financial review 13 Assumptions 14 Start-up costs for [YEAR] 15 Profit and loss forecast 16 Expected cash flow The Business Business details Products/services: [What products/services are you selling? What is the anticipated demand for your products/services?] Registration details Business name: Kellys Accountant Business premises Business location: [Describe the location and space occupied/required. What is the size of the space you occupy/require? Which city or town? Where in relation to landmarks/main areas? If you have a retail business, where are you in relation to other shops? What is the retail traffic like?] Location in Melbourne Australia Organisation chart [Outline your business structure in the chart below.] Management & ownership Names of owners: Kelly Key personnel Current staff [List your current staff in the table below.] Job Title Name Expected staff turnover Skills or strengths [e.g. Marketing/ Sales Manager] [Mr Chris Brantley] [12-18 months] [Relevant qualifications in Sales/Marketing. At least 5 years experience in the industry. Award in marketing excellence.] Products/services Product/Service Description Price [Product/service name] [Brief product/service description] [Price including GST] Market position: [Where do your products/services fit in the market? Are they high-end, competitive or budget? How does this compare to your competitors?] Insurance Workers compensation: [Provide details if you have workers compensation insurance? This is mandatory if you have employees.] Risk management [List the potential risks (in order of likelihood) that could impact your business.] Risk Likelihood Impact Strategy [Description of the risk and the potential impact to your business.] [Highly Unlikely, Unlikely, Likely, Highly Likely] [High, Medium, Low] [What actions will you take to minimise/mitigate the potential risk to your business?] Legal considerations [List the legislation which will have some impact on the running of your business. For example: consumer law, business law, or specific legislation to your industry.] Operations Suppliers [Who are your main suppliers? What do they supply to your business? How will you maintain a good relationship with them?] Plant & equipment [List your current plant and equipment purchases. These can include vehicles, computer equipment, phones and fax machines.] Equipment Purchase date Purchase price Running cost Computer Pinter The Market Market research [What statistical research have you completed to help you analyse your market? Did you use a survey/questionnaire? If so, you may like to attach a copy of your survey/questionnaire to the back of this plan.] Your customers Key customers [Identify your key customers. (These can be large consumers of your products or individuals whose satisfaction is key to the success of your business.) How will you target your products/service to them?] S.W.O.T. analysis [List each of your businesses strengths, weaknesses, opportunities or threats in the table below and then outline how you plan to address each of the weaknesses/threats.] Strengths Weaknesses Opportunities Threats Your competitors [How do you rate against your competitors? How can your business improve on what they offer?] Competitor details [List at least 5 competitors in the table below.] Competitor Established date Size Market share (\%) Value to customers Strengths Weaknesses [Competitor name] [When were they established?] [Number of staff and/or turnover] [Estimated percentage of market share] [Unique value to customers. E.g. convenience, quality, price or service?] [What are your competitors main strengths?] [What are your competitors main weaknesses?] Advertising & sales Advertising & promotional strategy [What strategies do you have for promoting and advertising your products/services in the next 12 months?] Planned promotion /advertising type Expected business improvement Cost ($) Target date [Print media advertising, online advertising, mail-out, giveaway, media release, social media campaign or event.] [How do you expect it will improve your business success?] [$] [Month/Year] The Future Vision statement [What is your business vision statement? It should briefly outline your future plan for the business and include your overall goals.] Mission statement [What is your business mission statement? I.e. how will you achieve your vision?] Goals/objectives [What are your short & long term goals? What activities will you undertake to meet them?] Action plan Please note: This table does not include sustainability milestones as they are listed in the sustainability section above. Milestone Date of expected completion Person responsible [What are the business milestones that you need to complete starting from today?] [When do you expect to complete them?] [Who is responsible for delivering this milestone?] The Finances Key objectives & financial review Financial objectives [List your key financial objectives. These can be in the form of sales or profit targets. You could also list your main financial management goals such as cost reduction targets.] Finance required [How much money up-front do you need? Where will you obtain the funds? What portion will you be seeking from loans, investors, business partners, friends or relatives, venture capital or government funding? How much of your own money are you contributing towards the business?] Assumptions The financial tables on the subsequent pages are based on the assumptions listed below: · [List your financial assumptions. These can include seasonal adjustments, drought or interest rates etc.] Chart of Accounts · Considering the tables below prepare a simple, number based chart of accounts. This may be in any format you like and may be completed separately and attached as an appendix. Documentation · Include a brief list of the financial documentation you will be required to keep in your business. Also indicate the length of time you would need to keep it Security · You have decided to use an MYOB system to run your business. Please provide a detailed analysis of the security requirements you will use to protect both the MYOB data, other data and physical records that you hold in your business. Start-up costs for [YEAR] [Double-click the table below to enter your details or attach your own start up costing sheet at the back of this business plan.] START-UP COSTSCost ($)EQUIPMENT/CAPITAL COSTSCost ($) Registrations Business purchase price Business nameFranchise fees LicencesStart-up capital PermitsPlant & equipment Domain namesVehicles Trade marks/designs/patentsComputer equipment Vehicle registrationComputer software More…Phones Membership feesFax machine Accountant feesMore… Solicitor feesSecurity system Rental lease cost (Rent advance/deposit)Office equipment Utility connections & bonds (Electricity, gas, water)Furniture Phone connectionShop fitout Internet connectionMore… Computer software Training Wages Stock/raw materials Insurance Building & contents Vehicle Public liability Professional indemnity Product liability Workers compensation Business assets Business revenue Printing Stationery & office supplies Marketing & advertising More… Total start-up costs$0Total equipment/capital costs$0 Profit and loss forecast [Double-click the table below to enter your details or attach your own profit & loss sheet at the back of this business plan] PROFIT & LOSS FORECAST[Year 1][Year 2][Year 3] Sales less cost of goods sold More… Gross profit/net sales$0$0$0 Expenses Accountant fees Advertising & marketing Bank fees & charges Bank interest Credit card fees Utilities (electricity, gas, water) Telephone Lease/loan payments Rent & rates Motor vehicle expenses Repairs & maintenance Stationery & printing Insurance Superannuation Income tax Wages (including PAYG) More… Total expenses$0$0$0 NET PROFIT$0$0$0 Expected cash flow [Double-click the table below to enter your details or attach your own expected cash flow sheet at the back of this business plan] EXPECTED CASHFLOW [YEAR] JanFebMarAprMayJunJulAugSepOctNovDec OPENING BALANCE$0$0$0$0$0$0$0$0$0$0$0$0 Cash incoming Sales Asset sales Debtor receipts Other income Total incoming$0$0$0$0$0$0$0$0$0$0$0$0 Cash outgoing Purchases (Stock etc) Accountant fees Solicitor fees Advertising & marketing Bank fees & charges Interest paid Credit card fees Utilities (electricity, gas, water) Telephone Lease/loan payments Rent & rates Motor vehicle expenses Repairs & maintenance Stationery & printing Membership & affiliation fees Licensing Insurance Superannuation Income tax Wages (including PAYG) More… Total outgoing$0$0$0$0$0$0$0$0$0$0$0$0 Monthly cash balance$0$0$0$0$0$0$0$0$0$0$0$0 CLOSING BALANCE$0$0$0$0$0$0$0$0$0$0$0$0 Kelly Owner [Mr Jo Stevens Operations] [Mr Chris Brantley Marketing Manager] [Mrs Cherie Laws Office Manager] _1371288868.xls Sheet1 START-UP COSTS Cost ($) EQUIPMENT/CAPITAL COSTS Cost ($) Registrations Business purchase price Business name Franchise fees Licences Start-up capital Permits Plant & equipment Domain names Vehicles Trade marks/designs/patents Computer equipment Vehicle registration Computer software More… Phones Membership fees Fax machine Accountant fees More… Solicitor fees Security system Rental lease cost (Rent advance/deposit) Office equipment Utility connections & bonds (Electricity, gas, water) Furniture Phone connection Shop fitout Internet connection More… Computer software Training Wages Stock/raw materials Insurance Building & contents Vehicle Public liability Professional indemnity Product liability Workers compensation Business assets Business revenue Printing Stationery & office supplies Marketing & advertising More… Total start-up costs $0 Total equipment/capital costs $0 _1486193883.xls Sheet1 EXPECTED CASHFLOW [YEAR] Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec OPENING BALANCE $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Cash incoming Sales Asset sales Debtor receipts Other income Total incoming $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Cash outgoing Purchases (Stock etc) Accountant fees Solicitor fees Advertising & marketing Bank fees & charges Interest paid Credit card fees Utilities (electricity, gas, water) Telephone Lease/loan payments Rent & rates Motor vehicle expenses Repairs & maintenance Stationery & printing Membership & affiliation fees Licensing Insurance Superannuation Income tax Wages (including PAYG) More… Total outgoing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Monthly cash balance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 CLOSING BALANCE $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 _1371288685.xls Sheet1 PROFIT & LOSS FORECAST [Year 1] [Year 2] [Year 3] Sales less cost of goods sold More… Gross profit/net sales $0 $0 $0 Expenses Accountant fees Advertising & marketing Bank fees & charges Bank interest Credit card fees Utilities (electricity, gas, water) Telephone Lease/loan payments Rent & rates Motor vehicle expenses Repairs & maintenance Stationery & printing Insurance Superannuation Income tax Wages (including PAYG) More… Total expenses $0 $0 $0 NET PROFIT $0 $0 $0