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Small business accounting

Objectives of this assignment
The specific learning objectives for this assignment are to:
 allow students to gain an appreciation of the importance of thorough research in the collection of financial and non-financial data in order to implement a business proposal from the perspective of accountants and proprietors;
 give students the opportunity to apply their skills to a real world experience in connection with the above;
 assist in understanding the importance of accounting information to enable strategic business plans to be developed and implemented;
 emphasise the importance of the role of the accountant as a business adviser;
 provide practical understanding of the concerns of and needs of small business as evidenced by research.
You are a small business partner/s in a highly regarded medium sized professional accounting firm – Pretty, Goode & Fullarvit. One of your tax clients Honora Bull has been working as a taxi control room operator and courier logistics organiser for many years, and her husband Eddie Bull, also a client, has been working as a pastry chef in hotels and restaurants for many years. Both have excellent reputations in their respective industries. In your interview with Honora and Eddie to discuss their personal tax returns for the year ended 30 June, 2011, you establish that they are anxious for your advice on two business ventures that they are considering. Like many wage and salary earners, both Honora and Eddie believe they are paying too much tax, and are very keen to try their hand at applying the skills they have been using in building other people’s businesses up for some years to a business of their own. Neither has actual business ownership experience. They have 3 fully dependent children. Their 2 eldest are 18 year old twin full-time students in their first year of post-school study. Sensa is studying multimedia at the UniSA Magill campus, and Mesura is studying cost accounting at TAFE. A few years ago, the Bulls got a great surprise when they found out that Honora was expecting a 3rd child, 15 years after having given birth to the twins. The result was the birth of their now 4 year old very cute girl, Adora.Honora and Eddie are prepared to go with one of three ventures upon which they seek your advice.
From her experiences in the taxi and courier industry, Honora believes that there is a lot of justification for her to say goodbye to her current job in exchange for getting into the fast lane of operating her own courier service. The business would be specifically geared to delivering goods for internet based merchants to get stock from their warehouses to their customers in the region. Eddie recently won an “outstanding product presentation” award from the United Bakers’ Network for his Regal Plait crusty loaf. Eddie’s confidence in his abilities and understanding of his industry has made him believe that now is the time to get into his own business whilst he is “on a roll”. In any case, both are keen to get involved in a business venture and would be happy for you to suggest another industry that they may try their entrepreneurial hands at.
Required:You are required to act as financial and business adviser to the Bull family in relation to one of the business proposals (EITHER Option 1 a courier service OR Option 2 a retail bakery OR Option 3 a business of your choice). For whichever proposal you select, you will assume that both Honora and Eddie are fully committed to the business and are both available to make a close to full-time contribution (child care permitting) to that business. You can make your own reasonable assumptions as to the possible/ likely contributions by the rest of the family.
As a partner of your accounting practice you are required to prepare a formal report to the Bulls containing(as a minimum)
A business plan, based on the results of your own investigations of the location, including (among other things):
 a recommended business structure. The various alternatives and issues discussed in the course must be considered and your recommendation justified;
 strategic business planning information;
Where relevant, you should use the format referred to in Reading 7-3 as a guide to structuring your plan. In constructing your plan you need to clearly flag the assumptions you have made, and/or provide evidence of the basis for the data you have used (financial or non-financial). Resourcefulness will be rewarded, but you are not required to undertake exhaustive research here.
 as part of the business plan, prepare budgeted financial data etc for all relevant periods in each of the financial years to 30 June, 2014* (reference to pp 312 to 319 of Reading 7-3 will be helpful here);
o Breakeven Analysis;
o Cash flow data;
o Income Statement;
o Balance Sheet;
o Statement of taxable income and tax payable for all individuals and/or business structures selected. You should assume that all expenses (including book depreciation) are allowable deductions for income tax purposes.IMPORTANT NOTE: You must use a computer based spreadsheet for this part of the assignment, and you are required to present both (a) best case and (b) worst case scenarios.
The information in this plan has been requested by the Bulls so that they can make an informed decision as to whether or not they should proceed with a business venture.
Marks allocated to this part – 85% of the total for the assignment
Assumptions/justification of business structure 15%
The strategic business plan 30%
The financial information 40%
Conclusion/recommendation. The business plan will be based on factual data, assuming the venture will proceed. A final section of your report must, however, contain a brief summary (confidential to the Bulls) offering the professional opinion of your firm as to the viability of the business venture. You should draw on the information in Part A to support the reasons for your conclusions
In order to give the assessor a clear picture of the approach taken to the task and results of the investigations, you are required to prepare a synopsis. This is separate to Parts A and B of the assignment, and relates to the whole assignment. Its quality will be taken into account in the overall grade.
Additional data
Startup Capital
Honora is earning $59,000 per year as a taxi control room supervisor and Eddie earns $69,000 (including overtime) as a baker. They have no other sources of income apart from their $25,000 savings account with the NAZ Bank which earns interest of about 2% per year. They jointly purchased a house in the outer suburbs for $390,000 in 2010 and borrowed $170,000 for 25 years from Bank Oz at a first mortgage fixed rate for 5 years of 6.8%. As an alternative to taking out any further loans, this loan can be extended without affecting the existing loan’s repayments (ie they remain fixed at the current rate), however any extra funds will have to be borrowed and repaid at the current market fixed or variable rate with an end date the same as the existing loan (you will need to research current 1st mortgage fixed and variable rates to get a reasonable estimation of what that might be).
The premises:
If you chose Options 1 or 2, you can assume that you have successfully negotiated a lease for premises at your selected location (see below). For Option 3, see later.
You should assume that the premises are bare and require all fixtures & fittings, floor coverings, furniture and business equipment etc to be installed. You may assume that no building works are required and that all plumbing and electrical connections you require are available, though additional electrical and plumbing fittings will most likely be required. The utilities have, however, been disconnected by the previous proprietor. There is a separate staff/baking area for the bakery and a staff/storage area for the courier service. Assume both premises have adequate restrooms for staff and/or customers. You are required to choose ONE location for the business from the lists provided below (Note: You are not required to justify the selection of your business location). Once the location is chosen, it can be assumed that this is the desired location of the proprietors. All data concerning the business and its operation included in your assignment (eg customers, competitors, council rates, etc) should be relevant to the location selected. Students who have good reason to choose a different location (eg Mt Gambier based students) can discuss an alternative with their lecturer.
The Courier Service premises
The total area of the premises for the business location (excluding the restroom areas) is approximately 60m2. There is a carpark area at the rear of the premises for at least 5 family sedan cars or medium sized vans, and a loading dock for merchandise that is required to be temporarily stored on the premises. Select ONE location from:
Assumed weekly rental
Railway Terrace – Mile End
$1 520
Main South Road – Edwardstown
$1 250
Port Road – Woodville
$1 300
Regency Road – Enfield
$1 150
Norrie Avenue – Whyalla
The Retail Bakery premises
The retail bakery: The total area (including a servery/customer area but excluding the staff/restroom areas) is approximately 50m2 . Select ONE location from:
Assumed weekly rental
King William Road – Hyde Park
$1 550
Main South Road – Morphett Vale
Melbourne Street –North Adelaide
$1 400
The Parade – Norwood
$1 450
Forsyth Street – Whyalla
The lease:
A three year non-cancellable lease with an option for an additional 3 years with a clause that provides for rental increases of 2% every six months.
Since the previous business is still moving out, the initial lease will be signed to commence on 1 November, 2011 and expire on 31 October, 2014.
Products and Services
As part of your business plan you are to decide on the range of products and services offered by the business.


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