It may also include a list of your core business values Marketing plan Define your target market and identify the demographics, age groups, tastes and preferences.
Describe your plans for building a brand to promote your business.
Once you have made your decision, ensure that you have a written agreement with your Accountant setting out your mutual requirements and expectations.
After that it's a matter of establishing a personal relationship with your Accountant.
One of the most important difference is the tax legislation as per the table below: Many new businesses fail due to administrative chaos.
From day one, record your transactions in some written form, whether it be an old-fashioned black ledger or a cloud-based accounting package.Here is an example of a simple transaction sheet which can be converted into an Income Statement: 4.CASHFLOW VERSUS PROFIT Keeping track of your cash flow is just as important as knowing your profit.However, the balance in your bank account may differ from this figure for many reasons including the most common ones: Most start-up companies have restricted cash flows or tight budgets which prevents them from employing a full time Accountant.Fortunately, the solution to this problem is simple due to the vast number of independent Accounting firms offering specialist financial services.Remember that he or she can be a invaluable asset to your business.Specific attention should be given to four key areas: the business itself, the management of the business (the entrepreneurs involved), the market in which the business operates, the financial management, and planning – the risks and rewards associated with the total investment in the business.We write Business Plans that raise capital for new and growing ventures.Our team of MBAs, charted accountants, industry experts and technical writers is focused on getting your venture funded via the highest quality business planning process available, one that considers you as a priority client.Here are some suggested items to include: Business information & Background Business contact details, names of owners/directors/shareholders and their ID numbers plus all registration numbers if available (SARS and CIPC). A great example is Bill Gates who wanted see a personal computer in every home.A Mission statement on the other hand is a summary of how you are going to achieve your vision.