The paper 'Steps to Mastering Business' is a great example of a Business Case Study. The business will be operated in the accounting sector. This is an industry that had faced stagnation for fairly a long period of time. Unchanged for the past millennium, the accounting world has undergone some major technological shifts in the past few decades. Technological shifts and operational advancement have not been so far achieved. As the memories of accounting gurus like Enron and Arthur Andersen starts to fade in the industry, their contributions are still evident (International Business Publications, 2015).
The industry is fast redefining itself not only by major legislative bodies that have taken control of legislation in accounting like CIMA but also a major required need for accountability and transparency on qualified accountants. Accountancy firms are employing increased numbers of qualified staff to deal with increasing. Outsourcing of qualified accountants from accounting firms has been embraced as a trend picking up in central Sydney. The Economic Policy Foundation has estimated that the Australian economy will suffer a shortfall of 8 million workers by 2018, and 36 million workers by 2023. Future Major accounting trends will hit the industry in the next 5 years.
Computer technology will revolutionize the big four accounting fields; Accounting and record-keeping, Auditing, Assurance, and Tax compliance accounts (Stainbank & Ramatho, 2010). In accounting Automated Data entry and Balance software (ADBS) are emerging to replace the manual journal entries. Computerized audit trails have also simplified how an audit is done. Apart from technical advancement in the field, the market players have embraced consolidation and new business practices like mergers to help strengthen their base. From different research on accountancy firms in Sydney, many of them deal in record keeping and auditing services leaving a wide niche in consultancy and tax compliant record keeping services.
This will be the center gap to fill to avoid overcrowding in one or two competitive areas. Besides, with the studies on dynamism in the sector, a vast experience is needed which will help cope with the cut-throat competition; Eight-year experience and in the senior management position is a vital strength to back in setting up an accountancy consultation firm. This company will provide consultancy for SMEs and accountancy services to local companies.
Its main services are to assist in the selection and implementation of computer accounting systems and programs and provide a technological reference. Other services would include conducting accounting record-keeping about tax compliance giving ways of sales improvement through the application of accounting guidelines expense trail. Sound accounting techniques and management information system using available information technology will be used to collect data accurately, reducing chances for human error. It could also be applied in the analysis of the report on the data faster and relay the information to accountants and auditors. With the increased number of highly experienced retirees in the sector, I plan to employ them to make a pool of experience needed in consultation services.
This will also assist make a good image in the market and boost the percentage market control. The government has also eased the registration of businesses by reducing the costs and processes hence a boost for the startup. Finally, with most accountancy firm not celebrating their 2nd birthday in practice, this will help us a lot to assure them of going concerned as we will provide an incubation program from their startup.
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