...CW’s Accounting and Bookkeeping Palace Bachelors Capstone Final Project Christie D. Welch MT499P-01 Dr. Patricia Wolf Table of Contents Section 1: Executive Summary (Business Description) 2 Section 2: Code of Conduct 7 Section 3: Marketing Plan (Strategy and SWOT) 9 Section 4: Operations 14 Section 5: Finance 18 Section 6: Cash Flow Analysis 19 Section 7: Information Management 21 Section 8: Management Summary 24 References 28 Appendix 31 Section 1: Executive Summary (Business Description) CW’s Accounting and Bookkeeping Palace During the fall of 2014, I plan to open CW’s Accounting and Bookkeeping Palace. This company will mainly advertise to the small businesses within the surrounding area. During tax season CW’s will also do personal taxes. We will treat each customer as an individual. We will strive to grow with the ease of confidence and a great reputation. CW’s will be located on the North side of Jacksonville where there are only a few accounting firms. The business will try to establish a professional accounting/bookkeeping service that will reflect our quality performance and fill a wide range of business needs (Starting a booking business). As our company grows will expand to bring in more clients but to start off it will be for small businesses that either do not have an accountant or that is dissatisfied with the performance of their current accountant. Vision Statement Our vision statement is, “Drop off your books and...
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...To: Dr. Moffitt From: Daniel Arnold Date: 3/5/15 Re: Individual Project – “The History of Double-Entry Bookkeeping” Accounting has played an important role in the evolution of civilization, even before the modern concept of ‘accounting’, as understood by modern man, existed. Man’s drive to measure and record his surroundings required more and more complex means in order to do so (Gleeson-White 11). This drive to more complex recording techniques led to writing, a numeric system, the spread of arithmetic, and created a standard system in an effort to ease international trade. The scope of this paper will focus on the realization of double-entry bookkeeping, a major branch of accounting. Double-entry bookkeeping (DEB) is defined as an accounting system that recognizes both sides of a transaction using equal amounts of debits and credits. Unlike a single-entry system, it tells the whole story of a transaction (Gleeson-White 11). In order to understand how DEB came into existence, one must reflect on history. As stated earlier, man’s natural drive to measure and record events around him led to arguably one of the biggest single leaps in human civilization - writing. Professor Denise Schmandt-Besserat discovered this link between writing and accounting in 1969. Schmandt-Besserat asserts this about her discovery: “the origin of writing is no longer a mystery…contrary to all expectations [no one would have] guessed that writing derived from counting” (Gleeson-White...
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...OVERVIEW In any business, time is money so why not get an overview of the program and learn the basics in a day! We take you through the latest version of MYOB AccountRight Plus in a hands-on, interactive classroom setting designed to make the day informative and enjoyable. You'll cover areas such as: * Setting up a chart of accounts * Setting up a datafile * Daily banking * Invoicing * Sales & receivables * Purchases & payables * Writing cheques/making deposits * Payroll * GST/BAS * Reporting * Emergency response - getting your books up to date, and working with your accountant to get accurate figures to present to the ATO * Start-up services - setting up your accounting software, chart of accounts, and recording all those records that were going to be done 'one day' * Maintenance services - ongoing support and maintenance, with a full financial management service, including updating of your accounting software as required, and presenting those finance reports which make it easier for you to do business. We do: * Accounts payable and receivable (particularly chasing those slow payers!) * Payroll and superannuation * Budgets and cashflow * BAS / PAYG / IAS returns * Account reconciliations and financial reports * Setting up chart of accounts, classes and jobs, so that you can track your clients, your income and your expenses on a job-by-job basis We work with: * QuickBooks ...
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...If you are a small business owner who wants to keeps tabs on the financial state of your company, but the cost of hiring a full or part-time bookkeeper is prohibitive, our Month-End Bookkeeping Service is for you. We’ll reconcile your bank accounts and credit card statements, and provide you with four key financial reports that will tell you exactly how your business is doing. Here’s what you get: *Full-time access to your Bookkeeping Manager who managers your books. *Complete reconciliation of your business bank statement. Monthly Financial Reports: Profit and Loss Statement (Income Statement) Balance Sheet Cash Flow Statement General Ledger Full-Charge Accounting For businesses with more complex bookkeeping and accounting needs, we recommend our Full-Charge Accounting Service. This service is designed to handle all your daily bookkeeping and financial record-keeping, as well as your month-end accounting needs, plus the preparation of your financial statements. Here’s what you get: *Full-time access to your Bookkeeping Manager, who manages your books and business finances. *Daily update of your file, including entering all new bank credit card, or other transactions. *Verify and reconcile bank deposits *Enter and process accounts payable and accounts receivable (invoices and check payments). *Process payroll and related tax returns. *Optional Mail Receiving Service so that you can eliminate paperwork. Monthly Financial Reports: *Profit and Loss...
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...Explain why it is important to maintain bookkeeping records and the users of such record Bookkeeping is the recording of financial transactions which includes receipts, payments, receipts and sales by an individual or organization. Bookkeeping and accounting are two different things because the accounting process includes the bookkeeping function, an accountant a person who is responsible for recording financial transactions recorded by the bookkeeper and files forms with government agencies. Bookkeeping has some common methods such as single entry and the double entry bookkeeping system apart from this system, any process involving the recording of financial transactions is a bookkeeping process. A bookkeeper also known as an accounting clerk or technician is a person who records day to day financial transactions of an organization he/she is usually responsible for writing the day books which consists of receipts, purchases, payments and sales. The importance’s of keeping accurate financial records are as follows One of the most importance’s of keeping records is to be able to determine the profitability of a business, to be able to know if one’s business is doing well is very important for any firm since the main goal is to be able to have a positive return in any work. Maintaining proper financial control of the business is also another main goal for any business and record keeping is one of the most accurate way of doing so, since it is very important to be able to...
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...People often confuse the roles of bookkeepers, accountants and certified public accountants (CPAs). It's not surprising since many of their duties overlap, but the overall responsibilities of each role and the level of authority held by the positions differ. They all share fiscal responsibility – in degrees – for the company or organization for which they work. Bookkeepers Often considered by accountants and CPAs as just technicians or clerks, bookkeepers perform some of the same daily tasks as do accountants and certified public accountants. Many bookkeepers work as freelancers for small businesses in need of financial recordkeeping. Bookkeepers maintain daily accounting records, posting debits and credits, generating invoices for clients and checks for vendors as well as handling payroll. Many small business owners often double as bookkeepers. Bookkeepers typically lack the education of an accountant or CPA, as they gain on-the-job experience. Professional organizations for bookkeepers help to improve professional recognition for bookkeepers by accounting professionals as well as providing certification programs of abilities and skills. Accountants Accountants have a four-year college degree. While many accountants have an educational background in accounting, some are more general business majors. Companies that generate more than a million dollar in sales each year might have an accountant on staff or hire the services of a professional accountant from an accounting firm...
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...Financial Statements Paper Rafael Caraballo ACC/280 16 May 2011 Ivan Makarov Introduction The principle of bookkeeping is to supply the knowledge that is wanted for sound financial judgment decision. The major reason of monetary bookkeeping is to organize fiscal information that supplies facts about a company’s work effectiveness to outside groups such as a person, company or organization that has invested money in something. Administrative bookkeeping differ with monetary bookkeeping in that administrative bookkeeping is for inside judgment decision and do not have to go behind any regulations issued by normal-set groups. Monetary bookkeeping, on the other hand, is carrying out in accordance with normally acknowledged bookkeeping ethics guiding principles. There are four basic financial statements they include the income statements which is how much money is earned and what are the cost estimates of the company’s income and net loss. The statements of owners’ equity show the first stage and last stage of an owner’s reasonably fair balance and the matter upsetting the owner throughout that time. The balance page exhibit the outstanding amount generated, at a detailed period, of every item, every debt, and owner's fair balance. Statement of cash flows, It determines all currency giving to one of three groups—managing, spending, or control of money—to considered the net difference in currency and then persuades the business period's start and end of currency...
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...numerical values. Choosing four positions that branch from accounting at random, one can easily determine what these differences are and bring them to light. For example, Tax Examiners, Bookkeeping Clerks, Budget Analysts, and Cost Estimators. The immediate similarities that one would normally state when any of the above positions are mentioned would be that: 1) These accounting job opportunities are all office-based with very little deviation. 2) The nature of each position’s work is to examine numbers from their specific fields, interpret them, and then present them to a higher council. However, in a more in-depth analysis, there are many other details that describe such positions, and each opportunity is accompanied by its own set of unique responsibilities and specifications. Work Nature of Each Position: (Bureau of Labor Statistics) Tax Examiners: Employed by the government, most tax examiners are hired with at least a bachelor’s degree and a background investigation. At roughly a work schedule of 40 hours a week, they spend most of their time in government buildings or traveling around the state gathering information on tax returns and compiling them to assess liabilities. Typically, their activities involve informing and analyzing taxpayers for accuracy and financial honesty. Bookkeeping Clerks: Bookkeepers are the foundation of the accounting position. Their main responsibility is to keep financial records updated legitimately. However, they are also known to keep...
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...ACCOUNTING FRAMEWORK History of Accounting That's Summa Story! From the oaves to Cafe Paoioli By Derry Cotter, FCA Accountants are generally recognised as making a valuable contribution to society, by providing the information that allows entrepreneurship to flourish, business to operate efficiently, stakeholders' interests to be protected, shares to be fairly priced, and taxation and audit requirements to be satisfied. Accounting, however, has not always enjoyed such an established position, and today there is often a tendency to take our profession's status for granted. It is interesting, therefore, to examine the factors that have brought accounting to the preeminent place that it occupies today. Our story begins in primitive times, when cave dwellers collected enough food to satisfy their daily requirements. Before long, the more enterprising among them would set aside some for future use. In effect that was surplus capital, and it represented the first step towards the accumulation of wealth. Soon, they 50 were exchanging their surplus for commodities owned by different cave dwellers. This exchange, which constituted a form of barter, was the first step in the development of a system of commerce.' Record keeping is thought to have begun around 4,000 BC in Babylonia and Assyria. Chatfield- describes the Babylonians as obsessive bookkeepers, with records being kept by scribes, who are regarded as the predecessor of today's accountants. Hundreds of scribes were...
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...made in technology for accountants, it has become easier. Technology has improved the bookkeeper’s qualification to clarify the information professionally and successfully. We now can clarify the language of the company that the bookkeeper is the most reliable. Bookkeeping changes through the years When bookkeeping first started with the creation of the abacus to follow the estimations in business the accounting started. They started with an adding machine that helped accountants with mathematical solutions. We came up with the calculator for information accuracy that helped add the big numbers ("The Evolution Of Technology For The Accounting Profession ", 2011). With all the new gadgets to help them calculate the figures they still needed to keep track of the financial information on paper. Twentieth Century At the end of the century came computers and accounting software that changed everything. Pencils, calculators, and ledgers were eliminated with the Microsoft Excel spreadsheet program ("How To Use Microsoft Excel For Accounting", n.d.). With the processor, a bookkeeper can complete mathematical accounting or planning study with more competence than ever before. Excel was created to maintain bookkeeping purposes such as financial, making budgeting statements, and creating adjusting papers. It helps to create a budget, cash-flow statements and profit-and-loss statements, the most complex documents in accounting. The Wi-Fi Technology With the Wi-Fi, Technology...
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...such as improper segregation of duties and/or improper access to assets. Or it might result from a weak control environment. In the absence of the segregation of duties, the clerk has opportunity to steal. Problems: Can record inaccurate information since nobody is there to double check Theft Solution: Put a supervisor in place to for oversight until the cashier is adequate. Implement check and balances by preventing one person from processing transactions. Situation b. Missing Internal Controls: Adequate records, bookkeeping, and Authorization: Nicole is a part of a successful growing business, but does not book keep and provide any reports for the sales team. Problem: Not being able to accurately account for what is being spent Unable to report to the government any expenses Records cannot be seen since the sales persons are using their own credit cards Solutions: Implement proper record and bookkeeping activities by making sales associates provide receipts for all expenses or provide company credit cards. In either case a reimbursement policy or credit card, policy with guidelines to account...
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...------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- In Partial Fulfillment To the Requirements in Technical Documentation ------------------------------------------------- Submitted to Associate Professor Domingo, Vivien, DBA Submitted by Edward A. Almerol Zharmaine C. Cruz July 14, 2014 Part 1 PROPOSAL SUMMARY * BS1 General Ledger * Keywords General Ledger System, Income Statement, Balance Sheet, Trial Balance Report, General Ledger Report. * Abstract The General Ledger has been the basic bookkeeping tool of double-entry accounting since the Green Eyeshade days. It records financial transactions as both Credits and Debits in balance sheets, which before the advent of software were bound together in huge volumes like something out of a Dickens novel. BS1 General Ledger from Davis Business Systems brings the General Ledger up to cyber speed with a variety of easy-to-use accounting tools that can track budgets and financial data and generate income statements, balance sheets, and other reports. It's freeware, a good start, accountancy-wise. BS1 General Ledger proves just how much high-quality business software is available for free, though it's also available in a paid version that adds technical support and free updates. However, many...
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...growth.| - Education ||Bachelor of Science in Accounting, May, 2011-Colorado Technical University, Colorado Springs, CO-Major: Accounting---A.A. in Accounting, Colorado Technical University, 2009| - Relevant Coursework ||• Basics of Accounting and Decision Making• Business Concepts• Financial Accounting• Financial Statement Analysis• Accounting Fundamentals-| - Relevant Experience ||Personal Banking/Teller 5/2010 - 9/2010Bucks First Federal Credit Union Bristol, PA-Regional credit union with two offices in the Southeast of Bucks County-• -Check the daily audit at the end of the working day.• Sometime work as a teller in providing customer service and do my balances at the end of my shift.• Assisted in a variety of bookkeeping tasks to include receiving and accounts payable whenever needed due to short staff.-· Guest/Customer Service Representative 8/1999 – 2003Merrill Lynch Conference Center, Plainsboro, NJ· Checking in/out Guest· Reporting Daily Audit for Accounting Dept· Receiving and Responding to calls | - ||| - Aria Health 10/2010 – Present · Data Processing · Making sure that all incoming and outgoing lab specimen are recorded accurately for future listing. · Receiving calls from doctor’s...
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...figure payroll time cards and all the taxes with a calculator and enter them in the proper columns. I would hand write payroll and account payable checks, along with filing all the proper forms. This would take me several hours and days. Now with all the technology in the world and all the programs for accounting, bookkeeping has become so much easier. What use to take several hours for one or more person now only takes a fraction of the time to complete, all you have to do is just plug in the numbers in the program you are using and the computer does the rest. Entering all the numbers in to the computer also makes for more accuracy and more productivity. The technology world has made it with computers, printers, fax machines and the ease of sharing information over the internet. The cost of owning such items has become more affordable so that even a small company can take advantage of all the resourses. Along with all the equipment available there are also many different programs available: from the simplest programs to the more soficicated. Quicken has become a very affordable and sought after program for the home for personal bookkeeping along with Quick Books for small and large businesses. Alicia Mazenkas page 2 There are programs to do spread sheets and programs that put all the information together to allow the account to print out reports and file taxes. Through the internet some companies offer their services on line so you don’t...
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...NOTES RECEIVABLE HANDLED BY A COMPANY Notes receivable is a bookkeeping account used to track debt and payments from borrowers. When a small business lends money, goods or merchandise to an individual, it expects repayment. For many types of loans, the business will record the transaction under accounts receivable. In specific situations, however, in which the company receives a signed promissory note guaranteeing repayment, the transaction is recorded under notes receivable. Companies that use notes receivable in their bookkeeping follow the accrual method of accounting. Promissory Notes and Notes Receivable In order to use the notes receivable account, the company must have a signed promissory note to back each borrower account. A promissory note stipulates the amount of debt owed by the borrower, the interest rate, if any, and the terms of payment. The note can be formal or it can be handwritten, dated and signed by the borrower. As long as there is a promissory note, the company should record the amount owed in the notes receivable account in the general journal. Any company, a sole proprietorship, a partnership or a large corporation can issue promissory notes and record the transaction in a notes receivable account. Companies that make Employee Advances If a company makes it a practice to advance wages to an employee, that company might ask for a signed promissory note that details how the employee will repay the advance. The amount of money the employee now owes qualifies...
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