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Business Idea

Provide a brief overview of your business and the services /products you will produce.

Establishing your business

 Prepare an itemized list of assets needed to establish your business (and explain what they are needed for and how much they will cost)
 Discuss how you will finance the purchase of these assets ie Debt/Equity Consider how much of each you will need and why-consider grants and loans that may be available to your business organization – and the application process – consider interest rates if loaning from banks and also the terms agreed)

Managing Your Assets

Discuss methods /procedures you will use to manage your  assets – evaluate business asset purchases eg cost/benefit analysis (choose an asset within your business and apply a cost benefit analysis to that showing how much it costs and the benefits over time to repay the cost)

Discuss methods/procedures you will use to manage your working capital  ie cash inventory, accounts receivable , accounts payable

 how will you receive income – cash or credit payments – what methods will you use to record income and expenditure ?
 what will you be spending money on
 how will you keep your records ?
 what sort of software will you use ?
 will you keep petty cash records?
 How will you ensure that debtos pay you on time ?
 What forecasts will you produce to help you manage your accounts ?
 How much stock will you hold ?
 This list is not exhaustive – consider how best you can manage your accounting function to ensure good management of working capital ( refer to text books !!)

Income Statement ( Profit and Loss )

Estimate your sales and expensive ( exclusive of GST) for each month, for the first year of your business ( including a total column) and the resultant profit( loss)

Note : you will need to explain your sales and expense estimates


 Your sales estimate should include an explanation of the selling price ( what price are you charging? What is it based on ?)
 This explanation should refer to the costing of your service/product and a comparison to competitor pricing ( consider more than one competitor if possible)
 You also need to give details on the volume of your sales eg number of customers ( this may have to be an estimate but should be based on the market research or competitor research)
 You should also explain when you expect to receive your sales in cash ( for use in your cash flows budget- will you be paid in month of sale or month later ?


 A brief explanation for each of your expenses will suffice
 Don’t forget  to include depreciation( explain which method of depreciation that you will use ) and insurance costs
 You should also explain when you expect to pay these in cash ( for use in your cash flows)


Estimate your cash receipts and payments ( including GST) for each month for the first year of your business ( including a total column)

Note  Assume that you are on the 6 monthly GST payments basis  Use your sales and expense estimates to calculate when you will receive/pay cash  Don’t forget to include establishment costs ( assets) loan finance and drawings

Cost Volume Profit Analysis:

 Using your forecast income and expenses classify the expenses into fixed and variable costs.
 Calculate the breakeven point for your business.
 Provide a contribution margin statement to prove your calculations are correct.
 Using the variable cost percentage and fixed costs calculated for breakeven point above prepare a forecasted income statement ( contribution margin format) based on the most likely, most optimistic and most pessimistic outcomes for your business.

You  must ensure that you :

 Appropriately research the business area that you are considering – using both desk and field research ( eg accounting text books , competitor information,  current interest rate, bank rate information,  appropriate sourcing of finance  and application process ( including any grants that may be available for your business type if relevant ) You may also interview business owners or other people that may be able to help with your research – but they must be acknowledged in your referencing appropriately.
 Appropriate referencing  needed  to acknowledge any sources of information used within the body of your assignment . ( books, quotations, articles , websites must all be referenced appropriately )
 Present  accounting information as appendicies

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  • Price: £ 109
  • Post Date: 2018-11-08T12:26:46+00:00
  • Category: Assignment
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