Acc 220 Survey of Accounting Final

First of all, I would like to thank the investment group for taking the time to listen to my proposal. I hope everyone will be as excited about Tdaddy??™s as much as I after reviewing the following information. I will be explaining Tdaddy??™s business structure, services provided, and accounting involvement. Tdaddy??™s is an innovating idea that will change the way we think about family entertainment.
Business Structure
Tdaddy??™s will be a limited liability company in which I will be the sole owner. Since Tdaddy??™s is going to start small and build big, this structure fits the best. I will be the only owner and am seeking investments from others to help start and expand Tdaddy??™s. As Tdaddy??™s begins to expand to other areas of town and states, this allows room for others to become part owner or have stock in this company.
Tdaddy??™s is the name of my upcoming and revolutionary idea in family entertainment. This establishment is going to cater to families of all ages. Food, sports, and gaming are some of the attractions that are going to bring people of all ages. If a person likes sports, we have many big screen televisions. If a person likes food, we have some of the best steaks and burgers imaginable. If a person likes pool, darts, or a variety of video games, we have that too. No matter what one??™s age or desires are, there is a little something for everyone at Tdaddy??™s.
Accounting Role
Accounting role must be and will be the strength of this company. Reliable accounting reports are imperative to success and this will be extremely focused on in building and maintaining this facility. Accounting reports will also be relevant, consistent, and comparable. The use of balance sheets, income, and balance statements will be something that I personally monitor with intenseness. Tdaddy??™s is committed to having a strong accounting hold on this establishment in order to know where improvements need to be made or ideas need to be altered.
Accounting roles are crucial in the start up of any business and Tdaddy??™s is not any different. Documentation of all expenditures will be one of the first places to start. I will use CVP or, cost-volume-profit analysis to determine how long it will take to turn a profit and pay back loans. Having these controls in place and monitored with relevant and precise documentation ensures that Tdaddy??™s will be able to make educated decisions to ensure profitability.
When hiring accounting personnel, we will be looking for some education and practical experience in budgeting, internal controls, and cash management. Tdaddy??™s will administer a general knowledge test during the interview process to ensure these concepts are understood. Tdaddy??™s is also a company that will be checking backgrounds. Our accounting staff must have good finances in their personal lives before considered to handle the finances of this facility. Another important factor is to look at these individuals criminal record. Tdaddy??™s accounting staff needs to have all aspects of their lives under control in order to be a part of this team.
Internal Controls
Separation of powers is something that this organization will put into place from the start. There will not be one person in charge of all accounting function because there is too much risk for errors or fraud. Purchasing supplies, payments, and receiving will be done by separate individuals. This practice is put in place so that there will be checks and balances. If someone makes a mistake it is possible that another will catch it. I will review all these records for completeness and accuracy. This will ensure that four separate eyes get too look at the figures to minimize errors or the chance of deception. The final thing will be to have our process audited annually by an independent person for a new point of view.
Financial Information
Management will be analyzing budgets to actual information. This is important in determining how much food and beverages to order. If we are not selling as much as budgeting, then ordering decreases and vice versa. This information also helps figure on the amount of staff that is needed. Management will be able to determine if profitability is being met. Analyzing budgeting information to actual expenses is imperative to keep a competitive edge.
As we see, Tdaddy??™s is a business that will thrive because of it innovative ideas and accounting controls. Tdaddy??™s concept of bringing activities for all members of a household in an environment that all can enjoy is brilliant but putting extreme internal controls is imperative. Tdaddy??™s understands that without solid affective accounting controls, it will not be able to keep its competitive edge and this is why Tdaddy??™s will use accounting to build this establishment from the ground up. Thank you all for your time.
Axia College of University of Phoenix. (2009). Budgetary Control and Responsibility Accounting. Retrieve July 12, 2009, from Axia College, Week Seven reading, ACC220-Survey of Accounting: The Maze of Numbers Course Web Site
Axia College of University of Phoenix. (2009). Cost-Volume-Profit Relationships. Retrieve July 12, 2009, from Axia, Week Five reading, ACC220-Survey of Accounting: The Maze of Numbers Course Web Site College of Phoenix
Axia College of University of Phoenix. (2009). Internal Control and Cash. Retrieve July 12, 2009, from Axia College, Week Three reading, ACC220-Survey of Accounting: The Maze of Numbers Course Web Site