Question: I'm having a hard time understanding this fact sheet assignment. I was wondering if someone could direct me into what to do with this assignment.
I'm having a hard time understanding this fact sheet assignment. I was wondering if someone could direct me into what to do with this assignment. I don't know what a fact sheet is. I'm thinking that it could be like a flyer maybe but I'm not totally sure. Looking at my business proposal I'm not sure what to include in the fact sheet. Below are the directions for the fact sheet and below that is my business proposal. Any suggestions or guidance would be greatly appreciated.
Fact Sheet:
The Fact Sheet will synthesize, organize, and condense the important and relevant information from the business prospectus into a creative, well-designed, effective one to two page document, paying particular attentionto information that investors wouldwant to know. Youshould look to includecharts, graphs, or other visuals either created by you or from another sources, as long as you attribute your sources.
Don't be misled by the term "fact sheet". This is not a list of factoids, but a hybrid between a traditional research paper and a newspaper or newsletter format. Fact sheets typically include graphics, headlines, pictures, graphs, tables, and pull-out boxes to emphasize certain points among the text. All fact sheets have a cohesive styling that pulls together information into one interesting and informative document.
Format Guidelines for Fact Sheet
- The fact sheet must be one to two pages in length - no more, no less - of 8.5 x 11 inch size. Imagine the document being printed like a newsletter style format fact sheet. Each page should stand on its own,without graphics or text bleeding across two pages.
- The fact sheet must be submitted as a PDF. Do not use an alternative software program (Microsoft Works, Microsoft Publisher, Adobe InDesign, Quark Xpress, etc.) unless you know how to make it into a PDF. The final output must be a page size of 8.5 x 11 inches.
- Fact sheets typically include graphics, headlines, pictures, graphs, tables, and pull out boxes to emphasize certain points among the text. Keep in mind basic rules of visual design (contrast, repetition, alignment, and proximity). Stick with a few fonts and a few colors; the fact sheet should not look like a flyer for the circus. Microsoft Word allows you to add text boxes, wrap objects around each other, use columns, and add visual elements through the drawing tools. Use tabs, paragraph spacing, section breaks, and line spacing as another tool to separate information. Avoid large amounts of blank space. See the links above for examples of quality fact sheets.
- Your fact sheet should not look like a standard research paper. You can organize your fact sheet into different "sections" that focus on specific issues or using another method that makes sense for the rhetorical situation. However, organizing your fact sheet according to sources (or using a separate source for each paragraph or section) may result in a significant reduction in points - integrate your resources fully to demonstrate critical analysis.
- You may choose your own font sizes, margins, and line spacing etc. However, choosing overly large fonts and spacing (or tiny fonts and spacing) will reduce your grade. Avoid double spacing as you won't have enough room to fully address your topic (and again, this is not an academic essay).
- There are no guidelines on the number of resources to use/cite in the fact sheet. You are judged on the quality of the resources, the variety of sources, and how well you integrated them in the appropriate places in the fact sheet. You easily could review 10+ resources in the actual prospectus and narrow this down to a set of 4-6 that you will use in your fact sheet. You should integrate a variety of sources, from basic to advanced, to present your topic completely (internet, books, periodicals, scientific and government documents, etc). For example, using all internet sources (or conversely, all book sources) may result in a deduction of points as it demonstrates that you did not go beyond the basic methods of research.
- References should fit cleanlywithinthe required page count. If you choose to have a references page (rather than footnotes), it should not look like an "add-on" - it should flow with the formatting of the fact sheet.
Business Proposal:
Executive Summary
One Stop Shop Accounting and Finance Services has identified a sizable unmet need for accounting and finance services in the Pacific Northwest. In order to make the most of this unmet need, One Stop Shop Accounting and Financial Services will offer each client accounting and finance services with a focus on a meticulous attention to detail. We will invest heavily in state-of-the-art accounting and financial tools to set us apart from rivals. By adhering to this policy, we can guarantee that our services will always be delivered.
We are a start-up whose primary goal is to offer our business clients excellent advice and financial services in an effort to help them develop the best possible financial strategy. In order to make the most of this opening, One Stop Shop Accounting and Financial Services will offer each client a meticulous and personalized, attention to detail. We will invest heavily in state-of-the-art accounting and financial tools to set us apart from rivals. We will adhere to this policy so we can guarantee that our services will always be delivered.
Our Accounting and Finance Services streamlines the entire financial management process by providing a full range of services under one roof. We are a distinctive company whose business model permits to be able to handle everything from bookkeeping and payroll to more complex financial analysis and financial reporting. The integrated approach employed at One Stop Shop Accounting and Finance Services makes it much easier for our prospective clients to stay on top of their finances.Our strategies for carrying out our financial services eliminates the need to find multiple specialists and makes the entire process more efficient and cost-effective.
One Stop Shop Accounting and Finance Services was established to meet the needs of businesses for comprehensive financial and accounting services in a single location. Our plan will offer a fresh and comprehensive answer to the issue of corporate financial management. In order to help businesses, thrive in today's competitive market, we offer a full suite of accounting and financial services tailored to each individual client's needs. A business using our services will streamline their financial processes, which will allow the business to generate more time and resources toward the growth of their enterprises. Our company offers a valuable service that will help local businesses thrive.
Our business takes pride in a high level of financial expertise.My staff members all have at least a bachelor's degree in accounting, business administration, or finance, and many have advanced degrees. Our highly qualified and educated workforce reassures clients of a consistent quality financial solutions for all financial and accounting needs. The whole team is either a Certified Public Accountant (CPA) or has extensive expertise in the financial sector and is thus aware of the importance of meticulous record-keeping. As an innovated and involved company we are always studying and acquiring new skills designed to keep our clients abreast of the most recent innovations and can quickly and efficiently adjust our focus to meet the finance needs of our clients. Clients can trust that our team as accounting and financial specialists, will always give the best information and guidance available.
We pride ourselves in being a special establishment with an uncommon business strategy designed specifically to help businesses to attain financial success. To do this, it is safe to admit that adequate funding is not only but required. This necessity represents why the company is open to healthy sponsorship and investment partnership programs with interested investors and entrepreneurs. The company is in need of a $200,000 monetary investment/funding as this is highly needed to foot the bills of many of the operational activities that will cumulatively ensure that we offer quality financial services deliverable to all our clients. Our prospectus emphasizes market research, marketing strategy, design and development plan, overall schedule or timeline, main risks and problems, financial plan, and conclusion.
Company Background
In addition to its streamlined approach, One Stop Shop Accounting and Finance Services also offers a variety of additional services. By offering a variety of services under one roof, One Stop Shop Accounting and Finance Services can help potential business owners better understand their financial picture and make sure that their financial health is in order.
The company is being overseen by an individual whose experiences over the years within the accounting and finance industry has provided her with the mastery required to progressively lead the company to peak level of its career aspirations. Our CEO is actively supported with administrative duties by an excellent management team which is made up of professionals who are focused and intentional about the growth and continued assistance of the company. With this kind of leadership, we are confident in the possibilities of the company to come to the complete fulfilment of its potentials in no time.
Mission and Objectives
One Stop Shop Accounting and Finance Services' mission is to provide its clients with reliable, efficient, and cost-effective accounting and finance solutions tailored to their individual needs. We believe in excellence and the potential of each our clients to get it right with their finances! The company's goals are to supply clients with timely and accurate financial information that will aid the creation of plans for the consequential improvement of our clients' financial stances, to stay abreast of industry developments, and also provide the best possible services to them. We strive to ensure that clients receive the highest quality financial services with professionalism and integrity. We provide accurate and timely financial information, and we are constantly innovating and designing strategies for optimizing client financials, and to remain informed and abreast of current industry trends.
Company Industry
All our staff have degrees in accounting and business administration, and most have degrees with a specialization in finance. All are CPA qualified with in-depth financial sector knowledge and recognize the value of precise financial records. As an innovative and involved company, we are always studying and acquiring new skills designed to keep our clients abreast of the most recent innovations within the accounting and finance industry.
Furthermore, the company is always ready to efficiently adjust its focus to meet the financial needs of our clients as a result of the rapidly evolving nature of technology. With the supervision of our CEO and the dedication of the company's team, our clients can rest assured that they will have firsthand access to the best knowledge and insight available as regard to their financial needs. One Stop Shop Accounting and Finance Services is a company this is knowledgeable in the ever-changing trends of the financial market, allowing us to anticipate upcoming shifts and capitalize on them quickly so that our clients stay ahead of the curve. We understand the importance of staying up to date with the most recent trends and are committed to continuous learning and personal development in order to provide our clients with the highest quality service possible.We strive to be the best, and our team's commitment to professional excellence is unmatched.
Products and Services
- Accounting and Bookkeeping: We provide full-service accounting and bookkeeping services, including accounts payable and receivable, payroll, and financial statement preparation (GlobelSpec, n.d.).
- Investment Advisor: We provide detailed advice and strategies to help maximize return on investments. Our experienced team of professionals will help develop a financial plan that works for clients and is thorough, comprehensive, and exact. We are designed to give owners peace of mind.
- Audit Services: Independent evaluations of an organization's financial statements and other information are provided by our audit services, confirming that the institution is compliant with generally accepted accounting principles (GlobelSpec, n.d.).
- Tax planning and preparation:Our experienced tax preparers will help a business plan ahead to reduce their overall tax burden. With the assistance of our team of knowledgeable tax professionals, clients can be confident that taxes are complete, accurate and prepared error free (GlobelSpec, n.d.).
- Consulting Services: Our consulting services provide invaluable guidance to help our clients understand the ever-changing tax code. We will provide the tools to allow our clients make informed decisions that will lead to financial success.
- Special Advisory Services: For those unique situations like mergers, acquisitions, and reorganizations, One Stop Shop Accounting and Finance Services has advisers available.
- Financial Planning: Our financial consultants will walk clients through the process of building a personalized portfolio that satisfies all objectives, regardless of whether they are interested in investing or consider themselves to be an experienced investor.We will give our clients the tools to remain on tip of things and decide what's best for their financial future (University, 1970).
- Estate Planning: Our experts are here to guide clients through the complex process of estate planning, ensuring that they fully grasp the ramifications of the numerous and often confusing choices. We can create an estate plan that is unique for individuals as well as for companies. We'll work to develop a personalized estate plan that focuses on the best strategies for reducing taxes and maximizing an individual's or a company's legacy (University, 1970).
Market Analysis
The business world of today is highly competitive and the demand for high-quality accounting and finance services is on the rise.For a business to succeed in such an environment, it needs to be able to perform its tasks quickly and reliably.This is where One Stop Shop Accounting and Finance Services come in. Our company provides a comprehensive suite of accounting and financial services to meet the needs of any enterprise.
Accounting and financial services are services required in business to comply with federal, state, and local regulations.Businesses may demand planning and consulting as part of their services to help them perform better as well as other objectives. In order to operate an organization successfully, accounting and financial management are crucial. There is a very strong probability that you will lose control of your company if you are unable to identify the sources and destinations of your company's financial resources. When business are able to successfully manage their income and costs, they increase their chances of experiencing growth. In addition, it is now simpler to get strategies that may maintain companies afloat amid unforeseen drops in their financial circumstances.
Target Market
The success of a thriving businesses in today's business environment is primarily attributable to two significant factors: talented executives as well as the support of accounting and finance services. A company's bottom line is important regardless of the industry. In today's business environment it is impossible for anyone to avoid dealing with important financial matters such as payroll, balance sheets, and financial planning cannot be avoided. This holds true for both app developers, and small business owners who typically have a need for accounting and financial services.Although it is necessary for businesses to do accounting tasks, taking use of accounting services often provides the quickest path to maximizing both sustainable development and capturing new possibilities. The benefits that may be obtained from using accounting services cannot be emphasized enough. In order to provide continuing assistance, an increasing number of businesses are reaching out to and establishing partnerships with totally subcontracted finance teams today.
Market Size and Growth Potential
The market for accounting and financial services is substantial and expanding. With a projected revenue of $11.6 billion in 2021 and a five-year average growth rate of 2.4%, the accounting services industry in Washington State is predicted by IBISWorld to grow at a 2.4% annual rate (Industry market research, reports, and Statistics, n.d.). This demonstrates that there is a sizable market for accounting services, and that the sector is expanding steadily. The Maryville University publication also believes that the evolving tax laws and regulations, in addition to the expanding complexity of financial transactions, have created a greater demand for accountants and financial experts (Accounting job market statistics: Employment outlook, n.d.). This is in line with the notion that there is a high demand for accounting services and that this need is probably going to keep increasing in the future.
Also, according to the Statista projection, the state of Washington will see an increase in revenue from accounting, tax preparation, and bookkeeping services. Their forecasts state that by 2026, the industry's income will increase by 4.67% annually, or 3,185.05 million dollars (Published by Statista Research Department & 30, 2021). This can be attributed to the increasing complexity of tax regulations and demand for financial management services among small businesses in the state.
According to a survey by Business Research Company, the global market for accounting services is predicted to grow at an annual pace of 11.4% from 2021 to 2026, reaching $1,009.51 billion (Our market research reports, n.d.). The accounting services market is a sizable and expanding one on a global basis, even though this research does not specifically address the Washington state market. Despite the fact that the market in the state of Washington is not the primary focus of this study, it does show that the accounting services industry is a significant one that is expanding globally. The accounting and financial services market is a significant one that is both growing and seeing a rising demand for services. This implies that there might be business prospects in Washington or other places for people to enter this market. Additionally, the growth of the accounting services industry may indicate an increase in demand for financial expertise across various sectors, from small businesses to large corporations.
Overall, it appears that the market for accounting and finance services is sizable, expanding, and has a strong demand for services. One Stop Shop Accounting and Finance Services has significant development potential as a result of the growing demand from businesses for the outsourcing of their financial operations and the company's capacity to provide a wide range of services to meet those demands. Yet the industry is also highly competitive, so in order to flourish, the business will need to set itself apart by exceptional quality and motivatedpricing. The success of the business can also be influenced by developing a solid brand reputation and forming positive client relationships. Creating cutting-edge solutions and utilizing technology can also give One Stop Shop an advantage over rival businesses.
Competitive Advantage
One Stop Shop Accounting and Financial Services have an advantage over its competitors because it provides complete services and has technology that has been recently enhanced. We cater to the specific requirements of small and medium-sized enterprises by providing a comprehensive selection of services that can be modified to meet their requirements. Bookkeeping, accounting, tax preparation, financial planning, and investment advising are the components that make up our all-encompassing strategy for catering to the requirements of our customers. In addition, most of our team members hold degrees in accounting and business administration, and many also hold certifications in financing. This enables us to offer unrivaled experience in the relevant industry.
Marketing Strategy
Opening Strategy
One Stop Shop Accounting and Financial Services will launch its business with a comprehensive bundle of services, which will be the basis for the company's long-term expansion and development. We wish to cultivate the impression that we are the preeminent authority in providing comprehensive accounting and financial services to companies of a size range between small and medium businesses.In order to accomplish this goal, we plan to offer instructional seminars directed toward particular business associations and small company groups in the surrounding area. This is essential to raise people's knowledge of the brand, solidify one's place in the market, and cultivate personal relationships with existing and prospective customers.
First things first: One Stop Shop Accounting and Financial Services need to determine their target customer before they can construct an effective marketing strategy. Because of this, we will be able to focus more precisely on our messaging. For us to accomplish this objective, we will conduct research on the market to learn more about our typical clients and the demands and requirements that they have at the present time. A company must first determine its customers and the requirements that those customers have before it can provide its services as a solution or establish communication and marketing tactics that are specifically tailored toward a certain audience. In addition, the company must do this before it can create marketing and communication strategies specifically tailored toward a certain audience.
Advertising Strategy
To guarantee that the broadest audience possible encounters our brand, One Stop Shop Accounting and Financial Services will use a range of advertising techniques. We'll employ a variety of advertising tactics, such as:
- Social media: Since practically everyone has a social media account, it will be the first tool we will employ to market our business. According to Dave Chaffey 59% of the world's population uses social media. The average daily usage is 2 hours and 29 minutes (Chaffey, 2023).
- Facebook: Since this media platform is one that is widely uses or utilized by a large population of youths in this current world, creating a Facebook ad campaign becomes absolutely necessary (Strauss, 2012 pp. 451-455).
- Twitter: This is a platform that is highly respected and utilized by many people, young professionals and as such it can be optimized to prospect, foster relationships, and possibly offer special deals (Strauss, 2012 pp. 457-466).
- LinkedIn: Promote our brand, build relationships, prospecting (Strauss, 2012 pp. 467-474).
- Attend networking seminars.
- Radio.
Marketing Mix
- Product: We offer a comprehensive range of service, including bookkeeping, auditing, tax planning, investment advice, advisory, and financial planning.
- Price: Our prices are competitive and tailored to meet the specific needs of each client.
- Evaluation: We will measure the success of our marketing efforts by tracking website traffic, social media engagement, and the number of new clients acquired. We will regularly review our marketing plan and adjust it as necessary to ensure it is effectively reaching our target market and achieving our objectives.
Design and Development Plan
Benefits of the Service
Customers of One Stop Shop Accounting and Financial Services enjoy a wide range of benefits, including unrestricted access to seasoned professionals who offer sound financial advice and guidance as well as ongoing support to help customers stay on top of their financial needs. Custom financial plans created to meet each client's unique needs are also provided. These services make sure that consumers get the best results from their financial decisions and investments, making it simpler for them to achieve their financial goals and objectives. Additionally, customers of One Stop Shop Accounting and Financial Services benefit from peace of mind, knowing that their finances are being taken care of by professionals who understand their needs and are committed to helping them achieve financial success. As well as these direct benefits, customers also benefit from the convenience of having all of their financial services in one location.
Structure
One Stop Shop Accounting and Financial Services have assembled a team of highly qualified experts in their various spheres to serve its clients' accounting and financial needs. Every employee has a degree in Accounting or Business Administration, and many have a concentration in Finance. Every employee has a degree in Accounting or Business Administration, and many have a concentration in finance. Everyone on the team possesses a Certified Public Accountant credential and has substantial experience working in the financial sector. We can give our clients the greatest guidance and support for their financial and accounting needs thanks to the expertise and experience that our staff has collectively accumulated over the years. By tailoring its offerings to the specific needs of the clients it hopes to draw, One Stop Shop Accounting and Financial Services can offer the greatest service to those clients. This allows One Stop Shop to provide the highest degree of service possible. The company will successfully achieve this objective if it solicits feedback from potential consumers, customers already using the product, and other relevant industry stakeholders. This will allow the company to acquire additional information regarding client preferences and create a product that effectively meets the target audience's needs.
Overall Schedule or Timeline
This schedule will aid in keeping the project on track and will help identify when specific steps in the process need to be completed in order for the company to launch on schedule. A summary of each action that must be completed to achieve the goal will also be provided by the timeline.By doing this, you can make sure that everyone working on the project is aware of what has to get done and when.
Figure 1.1
| Figure 1.1 Timeline | |
| Process Steps and Explanation | Start Date |
| Register with the Washington Secretary of State | February 1, 2023 |
| Need to acquire an office space by the 15th | February 1, 2023 |
| Apply for Washington State Business License | February 15, 2023 |
| Apply for City License Endorsement with City | February 15, 2023 |
| Open a Business Checking Account | February 15, 2023 |
| Start Hiring Employees | February 15, 2023 |
| Design Website | February 16, 2023 |
| Develop Marketing Plan and Social Media | February 16, 2023 |
| Acquire Office Furniture, Equipment, and Technology | February 17, 2023 |
| Phase 1: Pre-Launch (0-2 Months)
| February 1, 2023 - April 1, 2023 |
| Phase 2: Soft Launch (2-4 Months)
| April 1, 2023 - July 1, 2023 |
| Phase 3: Open House (4-6 Months)
| July 1, 2023 - January 1, 2024 |
| Phase 4: Expansion
| January 1, 2024 |
Critical Risk and Problems
Problems that may arise
A major potential problem for One Stop Shop Accounting and Financial Services may be the improper management of clients' private information. Due to the sensitive nature of the information our clients will be entrusting us with, we must implement the essential safeguards. To achieve this goal, businesses must use data encryption, data backup security, and access control protocols.
Client turnover is another area of concern. Customers may decide to end their business relationship with the company for various reasons, such as high prices, a perception of subpar service, or the simple fact that they no longer require the services offered. We must work hard to keep our customers happy with the service they receive at all times. One way to accomplish this is to constantly monitor our ability to provide excellent service to customers, give reasonable prices, and fulfill all promises made.
Potential risks involved
The company's finances are one of the major potential risks involved, as it must watch its cash flow carefully and direct its resources where they are needed most. To achieve this goal, it is necessary to carefully manage payroll, allocate resources to areas like marketing and research, and assess the performance of any investments. Inadequate cash flow management can prevent a company from meeting its obligations, such as making payroll or investing in research and developing new products or features.
Finally, the nature of the services we are offering raises the possibility of legal complications. Misunderstandings between the company and its customers can arise from various sources, including contracts, accounting, and tax concerns. Correctly designed legal documents that account for every possible risk factor are crucial. When necessary, the corporation will consult an experienced attorney for guidance on legal matters.
Financial Plan
Starting a new business requires significant upfront costs, including expenses such as getting the required business licenses, office space, legal assistance, salaries and benefits, insurance, office equipment and supplies, website creation and maintenance, advertising materials, and utilities. One Stop Shop Accounting and Financial Services strives to offer its customers high-quality financial and accounting services while also making sure that the company is financially secure.
Initial Costs
The total startup costs for One Stop Shop Accounting and Financial Services are $46,900 with a breakdown of the figures in the appendix in Figure 2.1. These costs include expenses associated with setting up the office space, purchasing necessary equipment and software, and obtaining necessary licenses and permits. It is important to ensure that these costs are accurately budgeted for in order to establish a strong foundation for the business.
Breakdown of Costs
The breakdown of the monthly costs can be found in Appendix Figure 2.2, with a total of $46,873.20. These expenses include office rent, utilities, and salaries for employees. It is important to keep track of these expenses to ensure that they are within the budget and do not cause financial strain on the company. It is vital to keep in mind that these costs could alter depending on a range of variables, including inflation and unforeseen costs. To guarantee financial stability, there will be regular budget reviews. The annual costs for extra expenses, such as continuing education and accounting and finance organizations, that One Stop Shop Accounting and Finance Services are covering are also listed in the appendix. These costs are required to maintain our staff's skill and knowledge as well as to stay current with industry standards. For us to deliver top-notch services to our clients, it is essential to invest in the education and growth of our workforce.
Revenue Projection
According to the rates table in the Appendix figure 2.4 One Stop Shop expects to earn $200,000 in sales within the first year. The average business should expand between 10% and 25% yearly, according to C2FO (What is a good growth rate for a business?, n.d.). In order to estimate for up to five years utilizing a straight line, One Stop Shop Accounting and Finance Services decided to use 15%. One Stop Shop Accounting and Financial Services will use this growth rate estimation to better manage their financial resources, make strategic choices, and assess their performance in relation to the growth rate forecast. To maintain sustainable growth and prevent overestimating or underestimating their potential, it is crucial for businesses to have a reasonable growth rate estimate.
Sustainability
To ensure the sustainability of the business, One Stop Shop Accounting and Financial Services will focus on building long-term relationships with its clients and providing exceptional client service. In addition, the company will regularly review its financial performance to identify areas for improvement and adjust its financial plan as necessary to ensure that the business is financially sustainable.
One Stop Shop Accounting and Financial Services is focused on ensuring that the business is financially sustainable while also providing quality financial and accounting services to its clients. The business is well-positioned for success with a predicted revenue of $200,000 in the first year of operation (see the profit and loss statement in Appendix figure 2.4), as well as a dedication to providing great customer care.
Conclusion
One Stop Shop Accounting and Financial Services is an excellent choice for small to medium-sized businesses looking to simplify their accounting and financial services. Our experienced and well-trained personnel specialize in offering tailored services with a friendly, dependable, and informed attitude. We employ technology to interact with our clients to monitor and analyze their ever-changing financial needs and provide thorough counsel and advice to help them realize their financial goals and achieve financial success. We offer a wide range of sophisticated financial services suited to the demands of all our clients, and we are committed to meeting and exceeding customer expectations by providing high-quality services at reasonable prices. We hope potential clients will consider using our services and forming mutually beneficial relationships.
Appendix
Figure 1.1
| Process Steps and Explanation | Start Date |
| Register with the Washington Secretary of State | February 1, 2023 |
| Need to acquire an office space by the 15th | February 1, 2023 |
| Apply for Washington State Business License | February 15,2023 |
| Apply for City License Endorsement with City | February 15, 2023 |
| Open a Business Checking Account | February 15, 2023 |
| Start Hiring Employees | February 15, 2023 |
| Design Website | February 16, 2023 |
| Develop Marketing Plan and Social Media | February 16, 2023 |
| Acquire Office Furniture, Equipment, and Technology | February 17, 2023 |
| Phase 1: Pre-Launch (0-2 Months)
| February 1, 2023 - April 1, 2023 |
| Phase 2: Soft Launch (2-4 Months)
| April 1, 2023 - July 1, 2023 |
| Phase 3: Open House (4-6 Months)
| July 1, 2023 - January 1, 2024 |
| Phase 4: Expansion
| January 1, 2024 |
Figure 2.1
| Startup Costs | |
| Item | Cost |
| Washington State Business License LLC (Apply for a business license, n.d.) &(Variable Business License Processing Fees, n.d.) | $250.00 |
| Leasing of Office Space 1st month and Deposit (Bothell Office space, n.d.) | $25,500.00 |
| Legal(How much do lawyers cost: Fees broken down by State (2022) n.d.) | $300.00 |
| Software (Wehner, 2020) | $10,000.00 |
| Office Equipment | $500.00 |
| Office Furniture | $5,000 |
| Marketing and Advertising (Facebook.com/nwangenef, 2022) | $5,000.00 |
| Office Supplies | $350.00 |
| Total Startup Costs | $46,900.00 |
Figure 2.2
Monthly Expenses | |
Expense | Cost |
Rent (Bothell Office space, n.d.) | $12,750 |
Website (Accounting website hosting pricing find the package that's right for you, n.d.) | $350.00 |
Insurance (Insureon., n.d.) | $300.00 |
Utilities | $500.00 |
Advertising (Facebook.com/nwangenef, 2022) | $200.00 |
Office Supplies | $200.00 |
Administration wages | $3,200.00 |
Bookkeeping wages (20.00 per hour*2)(Industries at a glance: Funds, trusts, and other financial vehicles: NAICS 525, n.d.) | $3,200 |
Accounting wages ($38.00 per hour*2)(Industries at a glance: Finance and insurance: NAICS 52, n.d.) | $12,160.00 |
Financing wages ($38.00 per hour*2)(Industries at a glance: Finance and insurance: NAICS 52, n.d.) | $12,160.00 |
Auditing wages (30.00 per hour)(Industries at a glance: Finance and insurance: NAICS 52, n.d.) | $ 4,800.00 |
Copy machine rental (Rent a copy machine or multifunction printer - OFFIX 2021) | $50.00 |
Savings fund for replacement office equipment | $200.00 |
Total Monthly Expenses | $46,873.20 |
Figure 2.3
Annual Expenses | |
Expenses | Cost |
Continuing Education(CPA Exam Guy, 2022) | $500.00 |
Professional Memberships(Join Today - PASBA - the Premier Business Accounting Community, n.d.) (AICPA, n.d.) | $1,251.00 |
Figure 2.4
| Rates | |
| Accounting & Bookkeeping (Lacey, WA accounting firm: Fees Page: Precisely Right Accounting, n.d.) | $90.00/hr. - 300.00/hr. depending on project |
| Investment Advice (Neugarten, 2022) | $100.00/hr. and up depending on project |
| Audit Services (Team, 2022) | $2,000 and up depending on project |
| Tax Planning (Team, 2022) | $200.00/hr.and up depending on project and if its unincorporated or incorporated |
| Consulting Services (How much should I charge as a consultant? | indeed.com, n.d.) | $100.00/hr. and up depending on project |
| Special Advisory Services (About the authors: Arielle O'Shea is a NerdWallet authority on retirement and investing, n.d.) | $200.00/hr. and up depending on project |
| Financial Planning (About the authors: Arielle O'Shea is a NerdWallet authority on retirement and investing, n.d.) | $200.00/hr. and up depending on project |
| Estate Planning (Women Who Money, 2023) | $200.00/hr. and up depending on project |
Figure 2.5
| Profit and Loss | |||||
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
| Revenue | |||||
| Gross Sales | $ 200,000 | $ 300,000 | $ 450,000 | $ 675,000 | $ 1,012,500 |
| Gross Profit | $ 200,000 | $ 300,000 | $ 450,000 | $ 675,000 | $ 1,012,500 |
| Operating Expenses | |||||
| Rent | $ 153,000.00 | $ 168,300.00 | $ 185,130.00 | $ 203,643.00 | $ 224,007.30 |
| Website | $ 4,200.00 | $ 4,200.00 | $ 4,620.00 | $ 5,082.00 | $ 5,590.20 |
| Insurance | $ 3,600.00 | $ 3,600.00 | $ 3,960.00 | $ 4,356.00 | $ 4,791.60 |
| Utilities | $ 6,000.00 | $ 6,000.00 | $ 6,600.00 | $ 7,260.00 | $ 7,986.00 |
| Advertising | $ 2,400.00 | $ 2,400.00 | $ 2,640.00 | $ 2,904.00 | $ 3,194.40 |
| Office Supplies | $ 2,400.00 | $ 2,400.00 | $ 2,640.00 | $ 2,904.00 | $ 3,194.40 |
| Administration wages | $ 38,400.00 | $ 42,240.00 | $ 46,464.00 | $ 51,110.40 | $ 56,221.44 |
| Copy Machine Rental | $ 600.00 | $ 660.00 | $ 726.00 | $ 798.60 | $ 878.46 |
| Saving Fund for Replacement | $ 2,400.00 | $ 2,400.00 | $ 2,640.00 | $ 2,904.00 | $ 3,194.40 |
| Continuing Education | $ 500.00 | $ 500.00 | $ 550.00 | $ 605.00 | $ 665.50 |
| Payroll | $ 35,520.00 | $ 35,520.00 | $ 35,520.00 | $ 39,072.00 | $ 42,979.20 |
| Professional Membership | $ 1,251.00 | $ 1,251.00 | $ 1,251.00 | $ 1,251.00 | $ 1,376.10 |
| Total Operating Expenses | $ 250,271.00 | $ 232,700.00 | $ 291,490.00 | $ 321,890.00 | $ 354,079.00 |
| Income Before Taxes | $50,271 | $67,300 | $158,510 | $353,110 | $658,421 |
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