“Custom Mobile Applications Development” is the name of my business. I will be operating the business alone so it is a sole proprietorship form of business. Primarily, this form of business will involve developing application software for handheld devices with low power qualities such as mobile phones, enterprise digital assistants, and personal digital assistants. These applications can be downloaded from web applications, pre installed in the handset by the manufacturer, or downloaded from distribution platforms for mobile software. My business will fall under the third category where my customers will download their desired application from a distribution platform for mobile software development.
Accounting will indeed play a major role in the start up of my business. Accounting will help me determine the financial condition of my business. This will involve formulating a budget for the business and enable me to anticipate the funds needed to start up the business and keep it running before it can stand by itself. It is my understanding that accounting will also serve to alert me on problems from impeding cash flows and enable me to act accordingly. Additionally, accounting will also play the role of informing me what decisions to make. These decisions will revolve around the best selling application products; facilitate the correct allocation of the business’ resources, and help in guiding the business towards the most profitable activity.
One characteristic I will be looking for when hiring my accountants include the ability to come up with valid solutions for accounting problems that may arise in the course of undertaking business as well as strategies to implement when starting up my business. Another characteristic will be the willingness to share my risk tolerance. These accountants should not be too risky but be creative in nature. Another characteristic will be an accountant whom I will be able to understand clearly. The accountant should be capable of clearly explaining information and figures at a capacity I will be able to interpret and understand.
With regard to the education required to officiate budgeting, internal controls, and cash management before venturing into business, an MBA will suffice. This form of education is required for the controller position. The individual in this position will be responsible for handling the funds of the business. The controller will oversee the hiring of the accounts receivable and accounts receivable manager. Each of these managers will be at the minimum be required to hold a bachelors degree accounting or business and three years working years. The accounting manager will also be required to have an accounting degree and three years working experience as well. I consider the above positions as a crucial part of managing the operations of the business. In addition, the qualification requirements in each position are also necessary to ensure the success of my business.
Considering the kind of internal controls I will employ in my business, I will see to it that an internal auditor is hired to ensure that accounting process within the business conform to the set standards of the profession to facilitate efficiency and responsibility among the staff. More often than not, when accounting practices within a business are lacking or weak, the possibility of misappropriating funds ultimately rises. The internal auditing accountant will be responsible for setting necessary procedures and guidelines of each step of handling funds by setting an internal check system to ensure that money reaches its intended destination in full and in convenience.
As to how the business’ managers will use financial information for the prediction of the business’ outcome, I believe that financial data will be the most fundamental factor to determine this aspect of the business. Since the business will be new and will still be involved in forecasting strategies, the mangers should then shift their attention to potential competition, evaluate how it conducts business, assess its weaknesses and strengths and look how to make my business profitable. In this case, the strengths of our competitors will be our foundation and the business will look to avoid the weaknesses subjected to its competitors. To be successful, there will be need for the business to conduct analyses in both quantitative and qualitative forms.
The information acquired from the above sets of analyses will help advice the managers on how they lead the way and get an informed understanding of the mobile applications development market, strategize on the proper ways of studying consumer tastes and preference as well as understand the local regulations and laws. If this information was unavailable, I feel that my business will have a slim chance of succeeding in the mobile applications development market. The hiring of the management team, accounting staff, accompanied with the information above will ultimately serve as key factors for the success of my business idea. In addition, I feel that a strategic plan will also be necessary. This plan will involve an analysis of the mobile applications development market, an S.W.O.T. analysis of the business’ potential competition and the failure or success associated with that particular competition.
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