...up a new business or buying an existing one in New Zealand. We will begin by explaining why new ventures appear attractive to those entering the world of business, and then describing the more undesirable aspects of new start-ups. We will then continue on to explain the benefits of purchasing an existing business, and then the downfalls of this approach. Lastly, we shall compare the two options and arrive at a summarising conclusion. Making the transition into becoming a business owner in New Zealand can be highly beneficial for many people; however the appropriate groundwork and research must first be completed in order to make informed decisions regarding how the business is going to pan out. Starting a new business is an attractive option for many New Zealanders as it offers capacious benefits and a potential vast improvement in lifestyle. Some of the advantages available include increased income, tax benefits, flexibility and the ability to determine all aspects of the business. Sole proprietors and owners of companies can increase their income exponentially if the business is a success, which can be a great improvement if one is unhappy with the wage they are on in their current employment. Business owners can legitimately use the tax system to their advantage, for instance if one decides to work from home, they have the option to write off a percentage of their rent or mortgage, as well as their utilities and practically anything that is related to the business, thus reducing...
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...Scenario One: (500 Words) You are an audit senior in an accounting firm and you asked the audit partner about the ‘audit expectation gap’. The audit partner provided his opinion on the issue as follows: There is a so called ‘audit expectation gap’, and it is associated with unreasonable expectations of users. They want all fraud found, and a guarantee that the company will continue forever! This is quite unreasonable and not what the audit is designed to do! Perhaps we could do more on these issues, but it would be more work, cost more, and I doubt whether the companies would be prepared to pay anyway. Required Discuss the views of the audit partner. Scenario Two: (500 Words) Eric, a young CPA and one of the audit team members for ABC Pty Ltd, has developed very good insights into the company’s systems in the last 12 months and was asked by his partner, John, to draft a report on the reliability of internal control at ABC for review. The report is to be used as a part of a due diligence assurance engagement for ABC’s prospectus. ABC wants to be listed on Australian Securities Exchange by coming June. In carrying out the review, Eric finds a number of matters that concern him. He notices that the controls over inventory requisitions are very poor, leading to numerous complaints from customers about delays and wrong deliveries, and cancellations. Moreover, the inventory records do not show the history or the values of the inventory, so that estimates were used to arrive...
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...Different gas shoppers ITT Tech Institute Classifications There are many types of people who purchase gasoline, but three types are easy to spot. All three have an obvious physical appearance which sets them apart from other gas purchasers. Each also has a distinctive pumping technique and freely vocalizes his opinion. Finally, each type has a particular way of annoying every other patron at the same location. The first type of gas purchaser is Leisure Lou. He can be identified immediately by his appearance. He drives a station wagon with wooden side panels and a bumper sticker that tells the world that he is retired. His Hawaiian print shirt captures everyone's attention. He wears Bermuda shorts and black socks with sandals. On his head sits a fly fisherman's hat which is his obvious display of a continuous state of leisure. His pumping technique also sets him apart from the normal crowd. When he parks his car, he stops at the first pump, preventing the use of the pump in front of him. He always pays for his gas in advance, so that the attendant can preset the pump and he will not have to worry about stopping the pump himself. He activates the pump before opening the access door and unscrewing the tank lid. He tucks the hose under his elbow and spills gas on his hip while opening the tank. As Leisure Lou leans against the side of his car, he pumps his gas absent-mindedly, confident that the pump will stop before gas pours onto the ground. Once the pump stops, he replaces...
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...Curriculum Vitae – Ms Sharon RAGAT Ms Sharon RAGAT DALTRON (PNG) LTD P.O BOX 1711 BOROKO NCD Email: sharonr@daltron.com.pg / sragat@gmail.com Direct Ph.#: 302 2203 Mobile:DG / Bmob : 72317045 / 76852865 Date of Birth: 31st July 1977 Gender: Female Marital Status: Married (2 Children) Religion: Adventist Home Province: East New Britain Work Experience: Daltron (PNG) Ltd FINANCE DEPARTMENT_ Financial Reporting Team 15 April 2013 – CURRENT Duties involved: • • • • • • • • • • • Daily Run of Day End Run Month end /Year end Rollover Balance Sheet reconciliation All Daltron Bank Accounts Reconciliation Intercompany reconciliation Month end standard and adjusting Journals/GL Update Preparation of Payroll Journal for Contract and Non Contract staff Daily Monitor and reconciliation of Cash Ageing Analysis Timely update Cash Receipts for All Cash and Trade Debtors Identify and receipting of all Direct deposits Perform other duties directed by the Financial Reporting Team Leader and Manager Finance Accounts Officer Work Experience: Teachers Savings & Loans Society Ltd FINANCE & ACCOUNTING DIVISION 14 Dec. 2010 – 12 April 2013 Duties involved: • • • • • • • • • • • • • • Data entry/Process journal entries - General Ledger accounts Balance Sheet reconciliation Raise and update Journals Liaise with Commercial banks for short term liquid investments (IBD) and raise Payment Voucher Daily Electronic Transfer of Cash to various TSL Bank accounts Prepare daily Cash Position Report for C.E.O...
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...PChapter 2 , important topic Purchasing span of control, look at text book, under index, SPAN OF CONTROL, pg 41-42 , chapter 2 Discuss the various of approaches under the responsibility of span of control? Purchasing authority – pg 41-42 Purchasing authorities, chapter 2 Under purchasing responsibility, Is also mentioned in chapter 5, under pg 164, under placement of purchasing authorities. Create your own questions, by describe, discuss, define. Purchase order- chapter 2, pg 61, blanket purchase order. What are the difference between purchase order and blanket purchase order? Blanket order is an open order. Value chain- tell where can you find value chain? What is the meaning of value chain? Value chain => primary activity.Don’t draw the diagram. Explain the meaning of value chain. Various Primary and supporting activities. Human resource, etc. S3,C2 don’t draw. Draw the rest. pg 12 Chapter 1 (Can draw SIMPLE diagram) Placement of purchasing authority- pg 164 is divided into two levels. Under decentralization, business levels, side level. and centralization, Coordination of activities with other functional group- pg 158 – 159. Draw one organizational structure. Draw C, the most appropriate one. Pg 369 (25 marks) Difference between international and global sourcing, pg 369 , 347, 2nd paragraph ,draw the diragram. Sources of power in buyer-seller negotiation ( 25 marks) from textbook, straightforward answer. MCQ read from slides. Ethical-> if u are a purchasing...
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...provided by engineering. * Supply Manager has no technical training. * General supply buyer handles technical items. * Expeditor attached to production spends over 50% of his time picking up items every day, also makes changes to specifications without approval and has too much authorization for his position. * Stock room is managed by a clerk with almost no supervision from the Expeditor to whom that position reports. * Stock room clerk could dispose of slow moving or deteriorated goods without approval. * No proper tracking of delivery receipts. * Long overdue payments are frequent and sizable discounts had been missed due to lack of receiving reports received by the Supply department. * In rush situation purchase orders are created by expeditor not the supply department. * Suppliers were delivering goods in rush situations without a signature from the supply manager. * Anyone in the company could initiate requisitions. * No formal signature policy. * No discipline actions for wrongdoing. The causes of the issues above are due to the following: * No formal structure of roles and responsibilities. * No formal policies and procedures. * No formal specifications on file. * The Expeditor has way too many functions and not enough time to devote to picking up and delivering goods as well as creating or changing specifications and writing confirming orders. * Although the president...
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...Financial Accounting Situation A. Yankee Manufacturing was missing the key component of comparisons and compliance monitoring. The purchasing agent was able to completely process a transaction from beginning to end without being cross-checked by another person or department. The purchasing agent was able to purchase diamonds, approve the invoices for payment and sign the checks with no one reviewing the purchases. This situation can allow for potential fraud in that the purchaser can either work with the diamond company to get a kickback. He may also write checks that are fraudulent. It also does not allow for monitoring of cash budgets and goals. A solution should be a separation of the duties to allow for crosschecking. The purchaser should buy diamonds another person in finance should approve the purchase and two people should sign the check such as the treasurer and vice president. Situation B. In Rachel William’s firm, there is a problem with Smart hiring practices and separation of duties. In a business with good internal controls, no important duty is overlooked. In this case there is no clear chain of command. The problem with this situation is that whenever the leader (Rachel) is gone, there is a breakdown in who is supposed to manage the office. This leads to inefficiency as production slows down. Morale also may be affected with no clear direction A solution to the problem is to either hire an office manager or designate one of the senior Architects...
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...CASE STUDY Materials Management (MM) Case Study This case study explains an integrated materials management process in detail and thus fosters a thorough understanding of each process step and underlying SAP functionality. Product SAP ERP G.B.I. Release 6.04 MOTIVATION The data entry requirements in the materials management exercises (MM 1 through MM 5) were minimized because much of the data was stored in the SAP system. This stored data, known as master data, simplifies the processing of business transactions. In the procurement process, we used master data for vendors, materials (products we purchased) to simplify the procurement process. In this case study, we will create the master data for a new vendor and a new trading good. PREREQUISITES Before you use this case study, you should be familiar with navigation in the SAP system. In order to successfully work through this case study, it is not necessary to have finished the MM exercises (MM 1 through MM 5). However, it is recommended. Level Undergraduate Graduate Beginner Focus Materials Management NOTES This case study uses the Global Bike Inc. (G.B.I.) data set, which has exclusively been created for SAP UA global curricula. Authors Bret Wagner Stefan Weidner Version 2.01 © SAP AG CASE STUDY Process Overview Learning Objective Understand and perform a purchasing process cycle Time 140 min Scenario In order to process a complete purchasing process you will take on...
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...which provides plenty of Variety, and where I will have responsibility for the administrative processes within the Office. CAREER HISTORY Georgian College Book Store Customer Service Supply Clerk (Cashier) (Aug 2015 – Jan 2016) • Handled the cash register, POS system, recorded and completed charge slips for credit transactions. • Provided frontline customer service to students and customer regarding study materials, offers and discounts and other services. • Assisted customers in locating their choice of books with the help of Win Prism inventory system data. • Ensured shelves were stocked and maintained a clean work environment. • Placed the book orders for customer upon request. • Ensured bookstore remained clean during business hours. • Opened and closed shifts. Shell Canada Front desk Cashier (Sep 2014 – Oct 2015) • Utilized financial skills to conduct a variety of administrative organizational responsibilities. • Handled Cash register and POS system. Experience inputting data using computerized programs for shipping, stock receiving, pricing,...
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...STATEMENT OF PROBLEM: The problem of stores control has existed for too long. This problem is still with us to date and is a universal rather than a peculiar problem. Thus, it is not limited to a single organization but all business. It is not only limited to the private sector with its background motive of profit maximization but also to the public organizations. Many business organizations the world over have not give stock control the prominence it deserves in spite of its varied importance. However, stock control began to gain recognition as a result of the industrial revelation that swept the advance countries of America and Europe in the 1930s. The problem of stock control may be attributable to the failure, on the part of the top management officials, to give a deserved attention to the function of stores as well as their inability to employ the services of as well qualified stores officer to take charge of stores supervision and management. Added to this problem is the issue of the dearth of storage facilities and the habit of stores procedure violation by the top, the middle, and the junior cadre personnel’s in the organization. SIGNIFICANCE OF THE STUDY: The issue of management of stock is of vital importance to the success of any organization and is one of the serious determinants of the continuity and efficient productivity of the organization. As the study is significant because it is hoped that on the completion, the study will provide further...
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...I. Company Background: Swisher Systems Corporation (SSC) is an industrial heating company which was established in 1949. SSC is an innovator of flexible heating products, especially with its knit and braided heating element. The heating element is multi-stranded resistance wire that is knit and braided with fibreglass and is the base technology for almost all SSC products. SSC is known in the industry as being the highest quality flexible heat supplier which produces control devices and heating cable. SSC’s competitive advantage is on the quality products which maintains higher and safer temperature that are more flexible than their competitors or other products in the market. II. Facts of the Case: A. Mike Watkins Director of Purchasing for Swisher Systems Corporation Solely responsible for purchasing all materials of SSC. Has various experiences in material management prior to SSC. Has more than thirty-five (35) years of industrial purchasing experience. B. Products at Swisher Systems All SSC products are solutions to industrial heating applications SSC manufactures fifty percent (50%) standard products and fifty percent (50%) custom orders. o The custom products can be applied to virtually all industries that require heating products. Industries like semi-conductors, food processing, medical, petrochemical and others. Biggest contributor of SSC’s sales is the cloth heating jacket, though expensive compared to its competitors. The...
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...Re Table of Contents COMPANY LETTER HEAD ......................................................................................................................... 2 INSTITUTE CERTIFICATE .......................................................................................................................... 3 ACKNOWLEDGEMENT ............................................................................................................................. 4 EXECUTIVE SUMMARY ............................................................................................................................ 5 1 Company Profile:............................................................................................................................. 6 1.1 1.2 1.3 1.4 Introduction ............................................................................................................................ 6 A Brief History ......................................................................................................................... 6 Milestones:.............................................................................................................................. 7 Vision....................................................................................................................................... 7 Companionship: .............................................................................................................. 7 Tangible differentiation: ..................
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...CHAPTER 2 Overview of Business Processes SUGGESTED ANSWERS TO DISCUSSION QUESTIONS 1. Three different types of information exist in Table 2.1: 1. Internally-generated financial data 2. Internally-generated operating data 3. Externally-generated data. Internally generated financial data would be captured directly on source documents that are processed by the AIS and would be reported in traditional financial statements. Internally generated operating data can be captured in two ways. Some of this data (e.g., time worked) would be captured on source documents. Other data (e.g., employee skills) would traditionally be captured and stored by an information system that is not part of the AIS itself. The AIS, however, should be redesigned so as to integrate this data with the other transaction-oriented data. Some of the data (e.g., information on market share and customer satisfaction) must come from external sources. The AIS should be designed to store this data in an integrated manner with internally generated data. 2.2 The fact that all documents are prenumbered provides a means for accounting for their use and for detecting unrecorded transactions. Thus, a missing check indicates a meal for which a customer did not pay. Since each server has his or her own set of checks, it is also easy to identify which server was responsible for that customer. This policy may help to deter theft (e.g., serving friends and not requiring...
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...Purchase Order System at ABC Company Gap Analysis of Purchase order system at ABC Company Consolidated report detailing site wise PO’s and collection made No systematic monitoring of Cash flows Shooting E mails attaching the Bills to Supplier, Project Manager and Account Department Manual Triplication of Bill Centralized automated Purchase order numbering system Uncontrolled Purchase order numbering Downloadable file option for Pos maintained on the portal Hard Copies lost when removed from file for discussions/clarification Ticket to be raised before any changes and Communication of changes to the supplier given after the changes are recorded in the system Changes in PO are communicated to supplier over Phone hence improper recording Maintenance of Master Price List and Supplier List Different prices for same item ordered Control Register details maintained in a Database of a system Manual Control Register As Is System To Be System Requirement Analysis 1) List Requirements I. System generated PO number with User and location component coded. II. PO can be viewed/saved in PDF form from the application. Same can then be printed III. Every PO raised for a particular project is routed to that project’s PM for approval. He can also consolidate orders for the same supplier before forwarding them. IV. Every change to a PO(by PM/supplier) raised as a separate ticket...
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...and integrate its essential business processes. There are many weaknesses within BLUE’s expenditure process that lead to potential risks. The internal controls in this company are poor; for example, certain departments are authorized too much power, such as the purchasing clerk and the cash disbursement department. These duties need to be segregated among other departments. By pre-approving transactions, such as an approved vendor list, preventative controls can eliminate the ability to engage in fraudulent activities. Also, this company needs to engage in a system of checks and balances among each department to ensure validity, accuracy and completeness. Analysis The first step in the expenditure process may create issues. All the employees should not have access to create a purchase requisition. For example, how can an employee that works in the cash disbursement department know about the inventory levels and make a purchase requisition. BLUE Company is lacking an inventory control department; this needs to be incorporated. BLUE Company should limit the number of employees with the access to create a purchase requisition within the inventory control department. Unauthorized access exposes assets to misappropriation, damage, and theft. By incorporating access controls, BLUE Company may be able to eliminate the misappropriation of assets. The purchase requisition should be prepared by an employee with access to inventory needs. Also, a purchase requisition should only be prepared...
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