ACC 202 Final: Budgeting Year

Overview

This document contains instructions for your frontal project. For this assignment, imagine youre a junior member of the accounting team for The Daily Grind. The CEO has asked you to begin preparing for the upcoming Annual Budget and Planning Meeting, where the companys leadership team will review the companys performance over the previous year and discuss goals for the next year. Ahead of this meeting, the CEO has asked you to draft a meeting agenda and a balanced scorecard.

Begin by reviewing the background and appendices in this document. Then, follow the instructions in the Your Task section to create your meeting agenda and balanced scorecard. Submit both documents to this Assignment dropbox.

Background

The Daily Grind Coffeehouse is a privately held LLC that was founded in 2007 by two friends with a passion for quality coffee. The company is committed to providing the best cup of coffee in town by sourcing high-quality beans and training its staff to be knowledgeable and friendly. Additionally, The Daily Grind is dedicated to fair trade and donates 5% of its profits to support the communities of its farming partners.

Over the past 15 years, The Daily Grind has expanded from a single storefront to a local coffee chain with eleven brick-and-mortar locations. Each caf is decorated in a retro industrial style and features artwork and signage that tells the story of the company's crop-to-cup process and educates customers about coffee-related topics.

The Daily Grind offers premium coffee beverages and breakfast items, with an average sales of $2,750 per day per store. Some locations have higher sales due to factors such as location, square footage, and whether they have a drive-thru (all but two locations do). The average transaction is $5.74, and last year, the company saw $10,900,000 in total revenue.

1. Draft a Meeting Agenda

Draft an agenda for the annual budgeting and planning meeting. The meeting agenda you put together should:

1. Establish who attends.
2. Establish the time and location of the meeting.
3. Identify the topics to be covered.
4. Prescribe an amount of time for each topic.
5. Identify who has responsibility for leading the discussion around each topic.
6. Identify information or decisions necessary to finalize an operating and capital budget.

In addition to the agenda, you should also include a brief for the leadership team on important information regarding target growth goals such as revenue and operating profit, proposed capital investment, and anticipated financing needs for the upcoming year. Write SMART goals where appropriate. SMART goals are specific, measurable, achievable, relevant, and time-bound.