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Business Plan for Shine Bookkeeping and Payroll Services Pvt Ltd

Essay by   •  May 19, 2019  •  Case Study  •  4,781 Words (20 Pages)  •  617 Views

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Contents

1.0 Executive Summary        2

Owner Profile        3

2.0 Terms of Reference        4

Background and Findings        7

Project Objective (SMART):        7

2b. Mission and Vision Statement        8

3.0 Market Analysis Summary        9

Marketing Plan        10

Target Market Segment Strategy        11

Objective        14

4.0 Research and Findings        15

5.0 Recommendation        15

6.0 Conclusions.        15

7.0 Appendix        15

Table: Break-even Analysis        24

Chart: Break-even Analysis        24

Table: Projected Cash Flow        24

8.0 References        27

1.0 Executive Summary

Shine Bookkeeping and Payroll services Pvt Ltd. is a registered and licensed financial consulting firm offers bookkeeping and payroll services and will be based in Sydney CBD– Australia. The company will handle all aspect of bookkeeping and payroll related services such as full-service payroll services, bookkeeping and compilation services, general accounting services and tax planning and consulting services

This report outlines a proposed bookkeeping and payroll service of our business and will help in identifying requirements for starting and operating the business outlined here. In order to do this, the report will review the market or markets that might exist, determine what competition exists in those markets and identify the skills and equipment needed. Financial performance is projected and funding requirements are considered.

Shine bookkeeping and payroll services will be setting up as a partnership with three friends who have experience in accounting and marketing field. Making sure that Shine Bookkeeping and Payroll Pvt Ltd. will always demonstrate commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Since bookkeeping firm is already a successfully emerged market, we have lots of challenges and threats to sustain in market. Some of threats like price war with competitors, legislate effect change of tax and change in technology that will directly or indirectly effect on our business. Even there are lots of competition in bookkeeping business, one of ways of gaining approval and winning customer over is to offer our financial consulting services a little bit cheaper than what is obtainable in the market. Also, we provide the best customer service and sound marketing using latest software technology to meet as per the demand of customer.  

At starting phase, the start-up cost for our business is $120,000 which includes borrowing loan $80,000 from the bank and rest is contributed by each partner. The start-up cost for the business covers to set up for the business.

Shine bookkeeping and payroll services has assigned the budget of $20,000 in marketing companion through social Medias and distributing flyers etc. By providing quality services and having active marketing strategies in place, our company will be expecting the sale of $150,000 in first year, $175,600 for 2nd year and $234,250 for 3rd year.

Our plan is to position the business to become the leading brand in bookkeeping and payroll services in Sydney CBD and also to be amongst the top 10 bookkeeping and payroll services businesses in Australia within the first 5 years of operations.

                                     

Owner Profile

Shine Bookkeeping and Payroll Service Pvt Ltd. is founded by three friend Pradip Chaudhary, Shreejana Bista and Dipesh Awale. The organization will be managed by three of us since they have adequate working experience to manage such business.

Pradip Chaudhary 

Pradip has graduated from Holmes Institute in November 2016, majoring in Accounting. With 2 years of experience working at various capacities within the financial consulting services industry in Australia, Pradip is an ideal person in project management and driving our task management. His solid background in Accounting and deep interest in bookkeeping and payroll services make him a fundamental team member in our company. We believe his strong leading and management skills will turn our team to be a friendly and ethical working one. Furthermore, Pradip is also responsible for maintaining business relationship internally and externally.

 Shreejana Bista

  Shreejana has graduated from both Federation University – Australia, Sydney with a Degree in Professional Accounting, and Kathmandu Don Bosco. She has been working in different organisations in the private, non-profit and public sectors. She is valuable asset of our company as she has quality of problem solving and analytical skills.

Dipesh Awale 

 Dipesh has completed his Master of professional accounting degree from King’s Own Institute with ample experience in the area of accounting, tax consulting and financial auditing. His unique eye delivers the best services to our customers and is a key asset in developing the company. He is also responsible for industry and competitor analysis and operating strategy.

2.0 Terms of Reference

Feasibility of commencing a Bookkeeping and Payroll Service Firm for small business in Central area. The name of the business is “Shine Bookkeeping and Payroll Service”

  • The existing economic context and prospects in Bookkeeping firm

There are loads of small businesses without the faintest idea of any bookkeeping, payroll and accounting skills. The financial services industry is indeed a broad industry and one of the active lines of businesses in the industry is bookkeeping and payroll services business.

  • Existing and possible future trends in small business

Increasing in the small business for example, retail industry, whole-sale industry. In Central, there are lots of restaurants, fast-food shops, clothing shops, coaching centres etc.Our services would always be in demand by those small businesses that can’t afford to hire a full-time accountant. 

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