University of Phoenix
I want to start my own business. I found an investment group that is willing to give me the capital needed for the first year of my business, but only if I can convince them I have a solid plan for the success of my business. My investor is very concerned with how the accounting functions of my business will be handled. I must persuade my investor to put up the capital for my business plan.
I chose to name my business as Evelyn's Travel Help. The type of business structure I chose my business to be is a sole proprietorship because in my business I want to be the one that calls the shots with in the business. I do not want to ask this person if this is okay or that person if they agree and not get anything done. My business will provide hospitality needs, travel needs, and tourism needs. My business will assist customers in getting the best possible price in a fast and convent time, so the customer's are satisfied before, during, and after there trip.
The role accounting will play in the start up of my business would be how much will my monthly expenses and revenue might be, what goals would be needed to be accomplished every week, month, and quarter to make a profit every time, how much I would have to charge the customer for the services my business will provide, how much can the business pay for myself and my employees every week, and how many employees may my business hire.
When hiring my accounting staff I would make sure they know the characteristics of accounting which are: Understandability which implies the expression, with clarity, of accounting information in such a way that it will be understandable to users - who are generally assumed to have a reasonable knowledge of business and economic activities, Relevance which implies that, to be useful, accounting information must assist a user to form, confirm or maybe revise a view - usually in the context...