Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Prepared by
(XUELING HUANG)
(14 JAN 2018)
Table of Contents
Executive Summary 4
Business idea and goals 4
Business/operation strategy 4
Market opportunity/product summary 4
Financial summary 4
Strategic Plan 5
Mission statement 5
Vision 5
Goals 5
Values 5
Major responsibilities for the management of the practice (if applicable) 6
Legal Structure 7
SWOT analysis for Your Practice 5
Appendix 19
The aim of the business is to be a well-known tax and accounting practice for the local area. The
business will offer reliable, on-time and fairly priced services including taxation , accounting, book
keeping, loan and insurance broking and financial planning..
Business/operation strategy
The company was set up by a single experienced tax agent who has worked over 10 years in the
industry. Moving ahead, the company hopes to expand by leasing a shop in Cabramatta, Sydney. The
shop will be located on the ground floor of a shopping centre, where it will be easily seen by passing
consumers.
Set up a one-man stand company to start a tax agent and accounting practice from scratch. I am
going to lease a shop in Cabramatta Sydney. The shop must locate in the ground floor which can be
easily seen by passing shoppers.
Financial summary
Due to the seasonal nature of the taxation industry, the business will expect a negative cash flow from
January to June 2018. However, from July 2018 onwards, the business will expect a positive cash
inflow from individual tax returns. In three years, the business will expect to earn over $200, 000 in
revenue.
Points to note:
Mission statement is principally a ‘reason for existence’ or ‘set of basic values’ which underlie all
the practice’s services. It could be published in client communications.
Consider the overall direction for your Practice in relation to the range of services to be provided
and the type of client to be serviced.
With this broad picture in mind, develop the mission statement.
For further guidance on completing this section, refer to the session ‘Planning for Your Practice’.
Mission statement
My practice seeks to offer a competitive price for individual taxation services and provide affordable
accounting services for local businesses. seek to offer attractive price for individual tax returns and
provide affordable accounting services for local businesses.
Vision
My vision is to establish the practice as a reliable, on time, affordable and value adding taxation and
accounting service for the Western Sydney area.
Goals
My goal is to achieve a 300% growth in revenue over the next three years by providing competitive
pricing for individual and business tax returns.
Values
(up to 30 words)
The values of my business include hard work, attention to detail and personalised service. This is
demonstrated through careful assessment of a client’s financial situation and on-site business visits.
Human resources
Technology
Others
Details of partnership
agreement (if
applicable)
I will set up a company with the business name ”I&S Tax Services”. I will be the sole director and
shareholder. During the busy season from July to October, I will hire an accounting student to help
with data entry and preparing simple cash books. I will prepare all the tax returns by myself to ensure
all transactions are accurate and reflect professional high standard of professional competence.
Points to note:
Consider the services that Your Practice would offer and how would you be able to provide the
services.
For further guidance on completing this section, refer to the session ‘Planning for Your Practice’.
Name: ………………………………………………..
Qualifications: ………………………………………………..
CPA Australia membership number: ………………………………………………..
Any specific licence or registrations: ………………………………………………..
Services offered
Location
Shop1/11 Hughes St , Cabramatta, NSW 2166
Equipment required
Points to note:
The ChargeRate and CashFlows spreadsheets, provided in the appendix,would assist you
in preparing detailed financial projections relating to fees, profit and cash flow.
Complete these spreadsheets and include them in an appendix attached to your business
plan.
For further guidance on completing this section, refer to the session ‘Financial considerations
for Your Practice’.
Lease the shop and buy tax softwares and computers, desks.
Operating requirements
Before opening, I must set up all the computers and taxation software. The business will operation
between 10am and 5pm during the weekdays. It will also operate during the weekend by
appointment.
Get all the computers, internet tax software ready before open up. Open from 10am to 5pm during
weekday. By appointment during weekend to order to working people.
It is better to draw out $40,000 from home loan for a start-up fund. The initial cost will be rental bond
around $15000, rent pay in one month advance $2200, tax software $1500, computer and desks will
be $4,000, cabinet $4000, left $18,700 for ongoing working capital.
Pricing of services (charge rates and value based pricing)(up to 100 words)
Basic individual tax returns will be charged at a flat rate of $80.
For every rental property, I will add on an extra $100 for a cumulative price of $180.
For small business tax returns, I will charge a flat rate of $2000 annually. This price includes 4
quarters of BAS.
Pricing for financial advice will be value based with a benchmark of $1,500 per client.
For the basic individual tax returns, I will charge a flat rate of $80. For each rental property will add on
$100 on top of basic price, that is $180.
For small business tax returns, I will charge a flat rate of $2000 annually, this price will include 4
quarters BAS.
Value-based pricing for financial advice will be around $1500 per piece of advice.
For the first year of opening, if I can do 300 individual tax returns and 30 business tax returns I will
have a income of $84000, take away rent $25000 and initial start up cost of $9500, ongoing cost of
$10000, I expect a profit of $39,500 in the first year. In three years time, by growing 300%, I will earn
over $200,000.
WIP levels
WIP to be less than 14 days.
Write-downs/ write-offs
Maximum of 5% write downs
Growth
Each year will add on 100 Individual clients and 10 business clients - yearly income will increase
about $32000.
Points to note:
Consider the number and type of staff that Your Practice need to employ.
For further guidance on completing this section, refer to the sessions ‘Planning for Your Practice’ and
‘Ethics, Quality Controls and Risk Management’.
Staff details
Ethical guidelines
(up to 50 words)
…………………………………………………………………………………………………………….
…………………………………………………………………………………………………………….
Staffing policies
(up to 50 words)
…………………………………………………………………………………………………………….
…………………………………………………………………………………………………………….
Points to note:
Consider the how you would operate the day to day functioning of Your Practice.
For further guidance on completing this section, refer to the session ‘Ethics, Quality Controls and Risk
Management’.
Aim to paperless, using excel to prepare all the business transactions, ask client electronically sign
the tax returns. Proper review all data before lodgement.
Operational policies
(up to 100 words)
From July to October, the business will concentrate on individual tax clients. From November 2018 to
May 2019, I will arrange business clients to come in one by one to bring in their papers and download
their bank transactions. The business tax returns will be finished within 14 days.
Risk management
(up to 100 words)
Risk management will be in line with CPA Australia guidelines and APEX 320.
Points to note:
Consider the target client profile for Your Practice
Consider how Your Practice will be able to demonstrate value over other competitors
For further guidance on completing this section, refer to the session ‘Marketing and growing
Your Practice’.
Marketing plan
Software
Acquire Catsoft for doing tax returns
Acquire MYOB and QuickBooks for preparing books for medium sized business
Excel and Word.
Capital equipment
Two Desktops
Two Tables
Two Printers.
Risk management
(up to 100 words)
Website content will be reviewed every 2 months to ensure information is up to date.
Data will be backed up daily.