Tainin

About Us
Mynd Solutions is a leading global service provider in business process and technology management,
offering broad spectrum of services in Finance and Accounting (FAO), Human Resource Outsourcing
(HRO), ustomer Relationship Management (RM) and onsulting! "e deliver the integrated solutions
coupled #ith deep process $no#ledge and insights #ith focused %& capabilities!
Having started in year '(() #ith small team of five people in *elhi, the company has '+++, professionals
around the %ndia and Asia to deliver services to its more than '-+ customers! Mynd has .an %ndia .resence
in more than /+ cities #ith regional offices in *elhi, Mumbai, 0angalore and centrally located state of the art
bac$ end processing facilities in 1urgaon!
%n 2+'2, Mynd has e3tended its o#n presence in Singapore and reach in more than 4+ countries #ith
channel of cohesive partner net#or$ in Asia, 5M5A 6 America!
Mynd collaborates #ith each client to deliver customi7ed business process outsourcing solutions that range
in comple3ity from individual transaction8based functions to highly scaled up operations! %n this endeavor,
our core competencies in .latform 0ased Service offering and ability to leverage relevant professional
e3pertise, resources strengthens our domain e3pertise and gives us a leading edge over any competitors!
More
9ear of 5stablishment '(()
:egal Status of Firm .rofessional Association
;ature of 0usiness Service .rovider
;umber of 5mployees more than '+++ .eople
Contact Us
Company name < Mynd Solutions .vt! :td
Contact Person < Mr! An$ur Sharma
Mobile / Cell Phone < ,((')8(='==4>>>>
Telephone < ,((')8('2/)8/>>-/++
Address < ;o! 2=+, ?dyog @ihar, .hase8 %v, 1urgaon 8 '22 ++', Haryana,
%ndia
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Mynd 1olutions P7t" 8td

1urgaon, Haryana
9ear of 5stablishment< 199:
+ndiaMA2T Member 1ince: 010
Services K(L
Mobile< ,((')8(='==4>>>>
HOM5
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.roducts 6 Services
Accounting
Outsouring Service
onsultancy
Service
*ata
Management Service
Fi3ed Asset
Management Service
Help *es$
Service
%fsr onsulting
6 &raining Service
Manpo#er
Outsourcing Service
.ayroll 6
.ension Accounting
Service
&ime 6
53pense Management
Service
1er7ices
Accountin* )utsourin* 1er7ice
Managing efficient accounting processes is one of our core competencies!
"hatever your bac$ office needs, Mynd Solutions delivers the right information at
the right time! %n addition to long8term outsourcing arrangements, Mynd SolutionsFs
team of AFs and accounting personnel provide various other services on a short8
term proJect basis! &hey leverage their e3perience in accounting along #ith their
$no#ledge of best practices and accounting standards to provide the follo#ing
services <
Offshore Accounting!
&ransition of accounting processes from overseas and local entities!
Set up of centrali7ed accounting processes 6 its management for 1:
Accounting!
.ayables processing and management!
%nventory accounting and reconciliations!
apitali7ation and Fi3ed asset management!
Sales accounting (0illing and collections)!
Reimbursements D 53pense sheets!
M%S (Financial 6 operational reporting)!

Product Code: ')>2)4'/
Consultancy 1er7ice
Mynd Solutions provides consultancy in various areas that concern set up of
business and also the day to day functioning! "e are a one stop shop for any
entity coming into or setting up ne# business in %ndia, covering company formation
to all statutory approvals from an R0%, company la#, Soft#are technology par$s,
S5M or *irect D indirect ta3 perspectives! "e believe in providing tailor made
solutions and guide each company through the various statutory options available!
Our service range in consultancy covers areas such as <
%ncorporation of companies!
&a3 consultancy including registration #ith %ncome ta3 authorities!
ompany la# consultancy and compliance!
%ndirect ta3es 8 consultancy on Sales ta3 D @A& D 53cise and customs!
onsulting for R0% related compliances in %ndia!
onsulting for R0% related compliances in %ndia!
onsulting for ta3ation in %ndia!
onsulting for ta3ation in %ndia!
onsulting for ompliances %n %ndia!
onsulting for ompliances %n %ndia!
*irect &a3 and %ndirect &a3 ompliances in %ndia!
*irect &a3 and %ndirect &a3 ompliances in %ndia!
R0% Related ompliances in %ndia !
R0% Related ompliances in %ndia!
ompliance ?nder Shops and 5stablishment Act !
ompliance ?nder Shops and 5stablishment Act!
0usiness Advisory services!
%ata Mana*ement 1er7ice
Mynd has a dedicated facility and a large pool of resources for e3ecuting data
entry Jobs! "e #or$ #ith the leading telecom companies in %ndia to help them
manage their reBuirements of data entry and data management! "e add value to a
simple data entry Job by adding validation processes that thro#s up errors and
conducts sanity D logical chec$s! "e have also developed soft#ares to ensure
faster and accurate M%S reports for clients and providing a much needed lin$age
from the data record to the physical record at a clic$ of a button!
%n addition, #e are currently engaged in carrying out a '- year proJect #ith a state
government in the role of a database management partner #here #e are
converting transport records into digitised format using smart card technology!
"e are also responsible for handling subscriber application forms (SAFsDAFs) for
telecom companies across ;orth %ndia! &his includes *ata entry, @erification,
Scanning and "arehousing of very large volume of documents and data!
Fi<ed Asset Mana*ement 1er7ice
"e assist many corporates in managing and reconciling their fi3ed asset database!
"e underta$e complete physical verification and affi3 bar coded tags on each type
of assets available! &hereafter the ne3t time the activity is capable of being done
by hand held bar code scanners #hich is e3tremely accurate and efficient! On
carrying out a reconciliation of the physical vis a vis accounting records #e provide
a location8#ise or asset #ise variance report! Our activities are broadly as
mentioned under <
Fi3ed Asset Management %ndia!
.reparation and maintenance of fi3ed asset register!
Fi3ed Asset Management %ndia!
Running depreciation calculations as per statutory la#s and ?S 1AA.!
Monthly capitali7ation and inventory reconciliation!
.hysical verification including a fi3ing of tags!
?sing barcode technology for identification of assets!
'elp %es5 1er7ice
@endor helpdes$ (@H*) assists the company is trac$ing each and every vendor
invoice as it travels through the departments in the company for approvals #hile
monitoring the S:A committed to the vendor for payment! &his is mainly set up to
handle large volumes of vendor invoices or as a help to a centrali7ed payable
process running in corporates!
"hile mostly the @H* is customi7ed to suit the reBuirements of the clients,
ho#ever broadly it aims to achieve the follo#ing <
entrali7e the vendor bill receipt D trac$ing!
hec$ invoices for relevant supporting and provide email confirmation to
vendors for receipt of invoices!
For#ard to departments for approvals!
For#ard to Finance for cheBue preparation!
heBue issuance to vendor #ith details!
Monitor turn around time for payment!
M%S!
Handling all correspondence #ith vendors!
&*S certificates and form reBuest receipt and for#arding to concerned
department!
+.sr Consultin* ; Trainin* 1er7ice
%FRS are the %nternational Financial Reporting Standards issued by %nternational
Accounting Standard 0oard (%AS0)!%FRS literature consists of %FRS, %AS, %FR% 6
S% %nterpretations!
%FRS convergence is li$ely to ta$e place by 'st April 2+'' in %ndia and
comparatives to be developed by 'st April 2+'+ (i!e!, by >'st March 2+'+)!
At Mynd 1roup, #e are #or$ing to#ards aligning the business processes and
reporting reBuirements for meeting the %FRS ReBuirements! ertainly, #e can help
you to comply #ith %FRS reBuirements by doing the gap analysis against the
reBuirements and support organi7ation to prepare themselves to implement the
process reBuired for same!
)..erin* .rom Mynd :
%FRS onsulting in %ndia
orporate and %nstitutional &rainings
&ransition from 1AA. to %FRS
Support to %ntegrate %FRS #ith lients Accounting Soft#are
.lanning lients Financials 6 Neeping their disclosures %ntact
2eadiness 4ith Mynd :
ombination of e3perience on 5R. systems, ?S1AA., %1AA. 6 %FRS in
diverse areas!
Mynd team have prior e3perience of implementation for large clients!
Mynd team is part of training faculty of reputed %nstitutes!
Manpo4er )utsourcin* 1er7ice
Mynd Solutions through its group entity Aapt onsultants, is dedicated to helping
you find the right people to fill your reBuirements! "e identify Bualified candidates
#hose s$ills match the specific disciplines you reBuire! "hether your needs are
temporary, short8term or permanent, Mynd Solutions has highly motivated
professionals to accomplish your goals!
Fle3ibility in hiring
ost and time saving in hiring process
;o permanent liability of people!
Availability of e3perts for short duration D proJect related #or$!
Availability of large resume data ban$!
Statutory obligations such as provident fund, gratuity, bonus, maternity
benefits, professional ta3, etc! are no longer a clientFs responsibility!
Payroll ; Pension Accountin* 1er7ice
At Mynd Solutions, #e believe a company should have more po#er over its single
largest e3pense! Our comprehensive methodology brings efficiencies to payroll
processing at the front end, #here more than )-I of costs associated #ith this
function e3ist!
At Mynd Solution, #e positively transform payroll 6 pension administration for your
company #ith a scalable, cost8effective solution that enables your HR personnel to
focus on $eeping your enterprise moving for#ard, #hile still treating employees
from the past #ith all the respect theyFve earned! lients and their employees have
access to real8time data through a personali7ed #ebsite and one8on8one personal
help!
.ayroll Outsourcing, .ayroll Administration!
Salary processing including ta3 calculation as per applicable ta3 la#s!
Registration #ith the Office of the Regional .rovident Fund ommissioner
(R.F)!
Record $eeping 6 Administration!
.ayroll Outsourcing %ndia, .ayroll Administration %ndia!
Monthly 5mployer D Statutory compliance!
.ayroll Outsourcing %ndia, .ayroll Administration in %ndia!
Annual 5mployer D Statutory compliance!
%nterface #ith the R.F!
All %ndia ompliances ?nder Shops and 5stb! Act and related la#s!
Set up and Management of Retiral 0enefits 6 &rusts!
Huery solving!
Time ; &<pense Mana*ement 1er7ice
.rocessing time 6 e3pense data for employees of company across the
#orld!
&he e3pense sheets are audited as per ompany policy!
&he employees are reimbursed on periodical basis!
Accurate, timely and complete time and e3pense reports!
%mproves employee accountability!
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opyright O '((482+'> %ndiaMAR& %nterM5SH :td! All rights reserved!
)ur @oals
Our 1oal is to be a trusted partner in each and every clients business by bringing value on our clients terms,
serving as an e3tension of our client s business and delivering service e3cellence coupled #ith innovative,
solutions and shape our services to reflect the changing dynamics of todays #or$place!
)ur Approach
"ith more than '+ years of e3perience in this industry, Mynd understands todayFs business environment and
has defined its services and solutions accordingly! :everaging the e3perience of its team and its innovative
delivery tools, Mynd Solutions has the ability to develop a solution aligned #ith a companys uniBue needs!
Mynd begins the process of defining a custom solution by $eeping the end in mind! Revie#ing a companys
current bac$ office processes and #or$ing #ith a companys management team to identify inefficiencies
helps to simplify and then optimi7e the processes! %n addition, MyndFs team of Hualified finance
professionals and functional e3perts help validate that the defined solutions are accordance #ith accounting
and human resources regulations and standards!
Clients
&elecom!
%nfrastructure!
%nformation 6 &echnology!
N.OS 6 all enters!
Retail!
0an$s!
Hospitality!
Manufacturers 6 &raders!
*esigners!
Clientele
&elecommunication
%nfrastructure
%nformation 6 &echnology
Retail
58ommerce
Hospitality
Manufactures 6 &raders
Achie7ements
0est Supporting Services for the year 2+'+8''P
- By CEO of Leading Tower Infrastructure Organization
QPSatisfactory .erformance of Mynd Solutions during the Accounts .ayable, Accounts Receivable, Fi3ed
Assets, .roJect System, Sales 6 *istribution and Materials Management Modules!P
- By GM Accounting & Tax of Leading Teleco Co!any
QPMynd Solutions introduced autoamtion in our Accounts Receivable .rocess! &heir S:A Approach has
helped us to streamline the order fulfillment process in line #ith our company policy 6 collect old outstanding
dues from customers 6 reducing debtor days! &heir support is highly appreciableP
- By "irector of #inance !f Leading Medical "e$ices Co!any
QP"e #ish to put on record that the activity of .hysical @erification and its reconciliation #ith the boo$s of
accounts #as carried out to the satisfaction of the management and auditors and #ithin the timeline
schedule agreed!P
- By Leading Teleco Co!any
QP.ayroll &eam of Mynd has done a good Job in managing .ayroll Bueries, Helpdes$s, oncalls #ith our
team across the statesDunion territories, sending provisional salary slips in advance, Buic$ response to
employee concerns, conscious approach to improvise the process! hallenges #ill remain but the #ay this
team has #or$ed closely #ith us is commendable! "e appreciate the effortsGGP
1end your enAuiry to this supplier
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Company Pro.ile
'istory
)ur Companies
)ur Approach
A4ards and 2eco*nition
Company Pro.ile
Having started in year '(() #ith small team of five people in *elhi, the company has '+++, professionals
around %ndia and Asia to deliver services to its more than '-+ customers! Mynd has .an %ndia .resence in
more than /+ cities #ith regional offices in *elhi, Mumbai, 0angalore and centrally located state of the art
bac$ end processing facilities in 1urgaon!
%n 2+'2, Mynd has e3tended its o#n presence in Singapore and reach in more than 4+ countries #ith
channel of cohesive partner net#or$ in Asia, 5M5A 6 America!
Mynd collaborates #ith each client to deliver customi7ed business process outsourcing solutions that range
in comple3ity from individual transaction8based functions to highly scaled up operations! %n this endeavor,
our core competencies in .latform 0ased Service offering and ability to leverage relevant professional
e3pertise, resources strengthens our domain e3pertise and gives us a leading edge over any competitors!
Mynd has successfully created a uniBue space for itself by delivering speciali7ed service offerings tailored
for specific business and industry needs! "e offer our platform as SaaS (Soft#are as a Service) #hich
complements the services delivered, to suit customers across the globe! Mynd platforms are structured for
best practices and can achieve customer needs vide configuration and least of customi7ation!
&he platforms demand 7ero cape3 cost from customers and therefore, customers can enJoy the benefit of
fle3ible service offerings! Mynd Us priority is to put the process forefront, understanding the value processes
bring to a company in driving front end results such as customer satisfaction and retention, revenue
generation and profitability! "e combine a#ard nominated technology #ith highly e3perienced multi8lingual
client service team and Sarbanes8O3ley compliant systems and processes to deliver bespo$e outsourcing
solutions of e3ceptional Buality! &his is helping clients to ta$e smarter and Buic$ decisions!
Accreditation ; Certi.ications
%SMS (%SO 2)++'<2++-) certified for %nformation Security Management<
SSA5 '4 &ype %% certified (formerly SAS )+ &ype %%)
?ey 1tren*ths
BPlat.orm =ased )..erin*
?niBue industry specific offerings leads to high client retention rates of (-I,

B+ndustry 1peci.ic 1olutions
Sector specific solutions #ith uniBue onsite8offsite delivery model creates a high barrier to entry

B8on*-term contracts and bac5lo*
:arge amount of une3ecuted contracts and more than (+I contracts #ith annual rene#als, #ith contracts
ranging from 28/ years

BCost Control
Focus on automation, an asset8light strategy and presence in &ier %%D%%% cities

B&<perienced Mana*ement Team
An e3ceptional employee profile comprising As, cost accountants, and post graduates strengthens service
delivery

BConsultin* Approach
?niBue approach to business development,

B&<perience 4ith Multiple &2P plat.orms
Ability to Buic$ly adapt to customer platforms and deliver solutions

3e4s ; Updates
A4ards ; 2eco*nition
Follo4 Us :
Faceboo$
&#itter
:in$edin
All O reserved to Myndsolutions .vt! :td
.rivacy .olicy
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ontractual Staffing
Accounting Solutions
.o#ered 0y
'istory
5merged as a $no#ledge management company
Service delivery in many spheres including F6A management,
RM and HRO
(+, employees in company
HeadBuarters established in 1urgaon
53pansion into maJor cities including Mumbai and 0angalore,
#ith teams present in '- cities
ollaborations #ith global service providers to address client
reBuirements in %ndia
:aunched VSaaSW model8based services
*eveloped and implemented #or$ flo# soft#are for vendor
management for a leading telecom company
Services utili7ed by leading &elecom, Retail and %nfrastructure
companies
&eam si7e crosses >++
ompany enters global mar$ets
Mynd selected as preferred outsourcing partner for Finance 6
accounts by a maJor ?S8based telecom provider for operations in the ?S
and ?N
Received ;ASSOM X 5merge :eader a#ard for gro#th in
2++(8'+
Mynd introduces eHR%S, a niche product, for managing HR
processes on the SaaS model
&eam si7e e3ceeds '+++
A#arded a contract for '- years by the 1overnment of
Narnata$a for the *epartment of &ransportation
:aunched the niche %FRS services in %ndia
Received %SO 2)++' certification
;ominated for the Avaya customer responsiveness a#ards for
2+'+
Received the 0est Service .rovider A#ard from %ndus &o#ers
:td! for .A;8%ndia Services
A#arded as the V0est .rofessional Service 0usiness of the 9ear
2+''W by Franchise %ndia and Mee 0usiness
53tended our presence in international mar$ets #ith a ne# office
in Singapore and strong partner net#or$ in more than 4+ countries
Secured business contract in the F6A domain from a leading
aviation company based in Africa
)ur Approach
Over a decade of e3perience in this industry, Mynd understands todayYs business environment and has
defined its services and solutions accordingly! :everaging the e3perience of its team and its innovative
delivery tools! "e possess the ability to develop a solution aligned #ith a companyYs uniBue needs!
Mynd begins the process of defining a custom solution by $eeping the end in mind! Revie#ing a companyFs
current bac$ office processes and #or$ing #ith a companyFs management team to identify inefficiencies
helps to simplify and then optimi7e the processes! %n addition, our team of Bualified professionals and
functional e3perts helps validate that the defined solutions are in accordance #ith regulations and standards!
&he result is a fle3ible solution that is client defined and client driven!
CThin5in* MyndsDD"Creati7e 1olutionsE

)ur Companies
1eAuel Mynd 1olutions P7t" 8td"
A Joint venture bet#een Mynd Solutions .rivate :imited and SeBuel, the company operates in "estern %ndia
to deliver its services to several global and national corporate customers in the areas of

Q HR consultancy
Q .ayroll administration
Q Retrials benefits administration
Q Accounts and finance outsourcing
Q Manpo#er outsourcing activities
&he company is e3hibiting robust gro#th in a short time through its innovative customer8focused services
and customi7ed products!
Aapt )utsourcin* 1olutions P7t" 8td"
Aapt Outsourcing Solutions is a '++I8o#ned subsidiary of Mynd Solutions .vt! :td! &he company is offering
services in manpo#er outsourcing! &he company #or$s #ith leading %ndian and international companies to
deliver outsourced services! Outsourced employees are enrolled in Aapt for document handling, ban$
account opening and .F and 5S% registrations, leave trac$ing and salary payments of clients! ustomers are
benefited due to reduced employees and smoother administrative tas$s!

Mynd Mana*ement Ad7isors P7t" 8td"
Mynd Management Advisors .vt! :td! is a management consulting arm of Mynd Solutions that offers
consulting services on critical proJects such as %FRS %mplementation!

Mynd 1olutions Asia PT&" 8td"
&he international sister concern of Mynd Solutions .vt! :td!, is based in Singapore to deliver #orld8class
services to clients spread all across the globe! &his ne# venture is assisting Mynd Solutions in e3tending
and gro#ing its international #ings across Asia, 5M5A and America!
Estimating Realistic Startup Costs
by Tim Berry
in 1hare7
7
in 1hare
in 1hare
Businesses spend money before they ever open their doors. Start-up expenses are those expenses incurred
before the business is running. Many people underestimate start-up costs and start their business in a
haphazard, unplanned way. This can work but is usually a harder way to do it. Customers are wary of
brand new businesses with makeshift logistics.
Use a start-up worksheet to plan your initial fnancing. Youll need this information to set up initial business
balances and to estimate startup expenses. Dont underestimate costs.
Startup expenses. These are expenses that happen before the beginning of the plan, before the
frst month. For example, many new companies incur expenses for legal work, logo design,
brochures, site selection and improvements, and other expenses.
Start-up assets. Typical start-up assets are cash (the money in the bank when the company
starts), and in many cases starting inventory. Other starting assets are both current and long-term,
such as equipment, ofce furniture, machinery, etc.
Start-up fnancing. This includes both capital investment and loans. The only investment amounts
or loan amounts that belong in the Start-up table are those that happen before the beginning of the
plan. Whatever happens during or after the frst month should go instead into the Cash Flow table,
which will automatically adjust the Balance Sheet.
Timing is everything
Some people are confused by the specifc defnition of start-up expenses, start-up assets, and start-up
fnancing. They would prefer to have a broader, more generic defnition that includes, say, expenses incurred
during the frst year, or the frst few months, of the plan. Unfortunately this would also lead to double counting
of expenses and non standard fnancial statements. All the expenses incurred during the frst year have to
appear in the Proft and Loss statement of the frst year, and all expenses incurred before that have to
appear as start-up expenses.
Dont count expenses twice: they go in Start-up or Proft and Loss, but not both. The only diference is timing.
Dont buy assets twice: they go into the Start-up if you acquire them before the starting date. Otherwise, put
them in the Proft and Loss.
Expenses vs. assets
Many people can be confused by the accounting distinction between expenses and assets. For example,
theyd like to record research and development as assets instead of expenses, because those expenses
create intellectual property. However, standard accounting and taxation law are both strict on the distinction:
Expenses are deductible against income, so they reduce taxable income.
Assets are not deductible against income.
What a company spends to acquire assets is not deductible against income. For example, money spent on
inventory is not deductible as expense. Only when the inventory is sold, and therefore becomes cost of
goods sold or cost of sales, does it reduce income.
Generally companies want to maximize deductions against income as expenses, not assets, because this
minimizes the tax burden. With that in mind, seasoned business owners and accountants will always want to
account for money spent on development as expenses, not assets. This is generally much better than
accounting for this expenditure as buying assets, such as patents or product rights. Assets look better on the
books than expenses, but there is rarely any clear and obvious correlation between money spent on
research and development and market value of intellectual property. Companies that account for
development as generating assets can often end up with vastly overstated assets, and questionable
fnancials statements.
Another common misconception involves expensed equipment. The U.S. Internal Revenue Service allows a
limited amount of ofce equipment purchases to be called expenses, not purchase of assets. You should
check with your accountant to fnd out the current limits of this rule. As a result, expensed equipment is
taking advantage of the allowance. After your company has used up the allowance, then additional
purchases have to go into assets, not expenses. This treatment also indicates the general preference for
expenses over assets, when you have a choice.
Why you dont want to capitalize expenses
Sometimes people want to treat expenses as assets. Ironically, thats usually a bad idea, for several reasons:
Money spent buying assets isnt tax deductible. Money spent on expenses is deductible.
Capitalizing expenses creates the danger of overstating assets.
If you capitalized the expense, it appears on your books as an asset. Having useless assets on the
accounting books is not a good thing.
Types of start-up fnancing
Investment is you or someone else puts in the company. It ends up as Paid-in Capital in the
Balance Sheet. This is the classic concept of business investment, taking ownership in a company,
risking money in the hope of gaining money later.
Accounts payable are debts that will end up as Accounts Payable in the Balance Sheet. Generally
this means credit-card debt. This number becomes the starting balance of your Balance Sheet.
Current borrowing is standard debt, borrowing from banks, Small Business Administration, or
other current borrowing.
Other current liabilities are additional liabilities that dont have interest charges. This is where you
put loans from founders, family members, or friends. We arent recommending interest-free loans
for fnancing, by the way, but when they happen, this is where they go.
Long-term liabilities are long-term debt, long-term loans.
Expect a Loss at Start-up
The loss at start-up is very commonat this point in the life of the company, youve already incurred tax-
deductible expenses, but you dont have sales yet. So you have a loss. Dont be surprised; its normal.
Cash Balance on Starting Date
Cash requirements is an estimate of how much money your start-up company needs to have in its checking
account when it starts. In general, your Cash Balance on Starting Date is the money you raised as
investments or loans minus the cash you spend on expenses and assets. As you build your plan, watch your
cash fow projections. If your cash balance drops below zero then you need to increase your fnancing or
reduce expenses. Many entrepreneurs decide they want to raise more cash than they need so theyll have
money left over for contingencies.
However, although that makes good sense when you can do it, it is hard to explain that to investors. The
outside investors dont want to give you more money than you need, for obvious reasonsits their money!
About the author: Founder and President of Palo Alto Software and a renowned planning expert. He is listed
in the index of "Fire in the Valley", by Swaine and Freiberger, the history of the personal computer industry.
Tim contributes regularly to the bplans blog, the Hufngtonpost.com as well as his own blogs, Planning,
Startups, Stories, Up and Running, and others. His full biography is available at timberry.com. More
How LivePlan makes your business more
successful
If you're writing a business plan, you're in luck. Online business planning software makes it easier than ever
before to put together a business plan for your business.
As you'll see in a moment, LivePlan is more than just business plan software, though. It's a knowledgable
guide combined with a professional designer coupled with a fnancial wizard. It'll help you get over the three
most common business hurdles with ease.
Let's take a look at those common hurdles, and see how producing a top-notch business plan sets your
business up for success
Executive Summary
TLC Wedding Consultants is a full service company that provides complete consulting services for
weddings, holy unions and anniversaries. Our consultants are experienced and dedicated professionals with
many years of event planning experience. TLC is unique in that we give our clients our undivided attention.
We listen to their needs and work with them to create the event of their dreams. Our clients' wishes become
our commands. So whether our client wants a Western, Tropical, Las Vegas or more traditional wedding, we
can help. Our services include weddings, honeymoons, receptions, anniversary consultations, budget
planning, answers to etiquette questions, as well as full-service referrals to forists, hair stylists, entertainers,
musicians, etc.
1.1 Mission
TLC Wedding Consultants is a full service company that provides complete consulting services for
weddings, holy unions and anniversaries. Our consultants are experienced and dedicated professionals with
many years of event planning experience. TLC is unique in that we give our clients our undivided attention.
We listen to their needs and work with them to create the event of their dreams. Our clients' wishes become
our commands. So whether our client wants a Western, Tropical, Las Vegas or more traditional wedding or
anniversary party, we can help. Our services include weddings, honeymoons, receptions, anniversary
consultations, budget planning, answers to etiquette questions, as well as full-service referrals to forists, hair
stylists, entertainers, musicians, etc.
1.2 Objectives
Whether this is our client's frst wedding, a renewal of their vows or their anniversary, we want every detail of
their event to be both a pleasurable and a memorable experience. Therefore we ofer a host of packages
and services specifcally tailored to the needs of each couple. We are confdent that this business venture
will be a success and we estimate that our net income will increase modestly by the second year.
1.3 Keys to Success
The keys to our success are as follows:
1. Service our clients' needs promptly and efciently.
2. Maintain an excellent working relationships with vendors such as forists, hair salons and bridal
shops.
3. Maintain a professional image at all times
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ompany Summary
TLC Wedding Consultants is a start-up company that provides wedding, holy union, and
anniversary consulting services to brides, grooms and other family members. We are a full-
service bridal consulting group and our goal is to put the "fun" back into planning a wedding, holy
union or anniversary party. Too many people become overly stressed and frustrated when
planning these wonderful events. We are experienced and professional consultants and will use
our expertise to help create memorable and stress free events for our customers. By doing this,
our clients can sit back and enjoy their event. The result? We create events suited to the couple's
unique style--a true expression of their relationship and individuality as a couple.
2.1 Company wners!ip
This business will start out as a simple proprietorship, owned by its founders, Darla and Micah
Johnson. As the operation grows, the owners will consider re-registering as a limited liability
company or as a corporation, whichever will better suite the future business needs.
2.2 Start"up Summary
The company founders, Darla and Micah Johnson, will handle day-to-day operations of the plan
and will work collaboratively to ensure that this business venture is a success.
We estimate that our start-up costs will be $3,000 (including legal costs, logo design, advertising,
direct mail, and related expenses). An additional $5,000 will be required in the bank account as
an operating capital for the frst two months of operation. The start-up costs are to be fnanced in
equal portions by the owners' personal funds (i.e., Darla and Micah Johnson are investing $4,000
each).
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Create your own business plan
Start-up Requirements
Start-up Expenses
Legal $200
Stationery etc. $450
Brochures $450
Insurance $300
Research and development $200
Expensed equipment $900
Other $500
Total Start-up Expenses $3,000
Start-up Assets
Cash Required $5,000
Other Current Assets $0
Long-term Assets $0
Total Assets $5,000
Total Requirements $8,000
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business plan.
Start-up Funding
Start-up Expenses to Fund $3,000
Start-up Assets to Fund $5,000
Total Funding Required $8,000
Assets
Non-cash Assets from Start-up $0
Cash Requirements from Start-up $5,000
Additional Cash Raised $0
Cash Balance on Starting Date $5,000
Total Assets $5,000
Liabilities and Capital
Liabilities
Current Borrowing $0
Long-term Liabilities $0
Accounts Payable (Outstanding Bills) $0
Other Current Liabilities (interest-free) $0
Total Liabilities $0
Capital
Planned Investment
Darla Johnson $4,000
Micah Johnson $4,000
Additional Investment Requirement $0
Total Planned Investment $8,000
Loss at Start-up (Start-up Expenses) ($3,000)
Total Capital $5,000
Total Capital and Liabilities $5,000
Total Funding $8,000
2.# Company Locations an$ %acilities
Initially this will be a home-based business; however, by Year 5, we intend to expand our facilities
into a well-equipped and operational ofce.
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Services
We are a full-service wedding consultant group and provide the following services: etiquette advice, event
scheduling, discounted invitations and products, vendor confrmation, rehearsal attendance, supervision of
both ceremony and reception setup and budget planning
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Market Analysis Summary
Nearly $35 billion are spent every year on weddings and receptions. Therefore, professional wedding
consultants are a commodity, not a calamity. TLC Wedding Consultants are full-service wedding consultants
that ofer a variety of services to our clients. We pride ourselves on being professional and courteous at all
times and we have packages to suit everyone's needs.
As previously stated, marriage is a billion dollar industry, therefore, just about everyone we meet is a
potential client. However, we mostly advertise to brides, grooms, and family members.
4.1 Market Segmentation
Although the fash and excitement of impending nuptials can be intoxicating, it can also be overwhelming.
Therefore, we primarily market our services to the people who need them most--brides and grooms. In 1997,
2.4 million marriages took place in the United States. According to the Encarta Encyclopedia, the current US
marriage rate of nine marriages per 1,000 people is still the highest rate among the industrialized countries.
This marriage rate is expected to remain at the same level in the near future. In the Eugene, OR area where
TLC Wedding Consultants plans to operate their business, over 1,500 marriages are registered each year,
which creates a sizable market potential for this line of business.
Another customer segment is represented by the numerous family members and guests attending weddings,
anniversaries, and similar events. This segment requires event preparation services like gift ideas, etiquette
tips, etc.
Besides the wedding arrangements, which TLC Wedding Consultants believe to be their major client
assignments, other events the company will provide services to include corporate retreats, etiquette training,
etc. This customer segment is estimated to have the annual volume of 1,000 orders in the Eugene, OR area.
Need actual charts
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yK
Market Analysis
Year 1 Year 2 Year 3 Year 4 Year 5
Potential Customers Growth CAGR
Brides & Grooms 5% 1,500 1,575 1,654 1,737 1,824 5.01%
Family Members 5% 5,000 5,250 5,513 5,789 6,078 5.00%
Other 5% 1,000 1,050 1,103 1,158 1,216 5.01%
Total 5.00% 7,500 7,875 8,270 8,684 9,118 5.00%
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4.2 Target Market Segment Strategy
TLC Wedding Consultants will ofer its services mostly to the brides and grooms, as well as to the family
members. The company will position itself as an experienced provider of wedding planning services. Unlike
most of its competitors, TLC will be ofering a full range of services and thus provide the convenience of one-
stop shopping for its clients. This will signifcantly reduce the customers' time and eforts preparing for such
an important event as a wedding. Moreover, by utilizing numerous supplier contacts that the company
owners have established and economies of scale, TLC Wedding Consultants will be able to pass on to its
customers sizable cost savings.
4.2.1 Market Needs
The market needs for wedding planning services are strongly shaped by the customers' desire to have a
perfectly planned and executed wedding ceremony. Although both major customer segments, brides and
grooms and family members, plan and budget for the wedding ceremony as far as a year or more in
advance, they often realize that they cannot make all the necessary preparations by themselves in a cost
efective manner. Strongly afected by the established social values, such customers seek professional
advice to ensure that all the important aspects of the wedding ceremony meet or exceed perceived
expectations.
4.3 Service Business na!ysis
The wedding services market is fragmented with the overwhelming majority of the incumbents ofering only a
limited line of services. There are numerous forists, hair stylists, and caterers to choose from. However,
there are almost no companies that will provide the full range of services associated with the wedding
planning and execution.
4.3.1 "om#etition and Buying $atterns
Competitive analysis conducted by the company owners has shown that there are 20 companies currently
ofering some sort of wedding planning services in the Eugene area. However, the majority of the incumbent
competitors ofer only a limited line of services like catering, fower arrangements or gifts. In fact, of these 25
competitors only three ofered a range of services comparable with what TLC Wedding Consultants plan to
ofer to its customers. The following is the list of the major competitors with a brief description of their
services:
Rent-An-Action ofers ceremony preparation, rehearsing and execution services.
Cross & Reeves provide fower and catering arrangements and wedding consulting services.
Lafayette Wedding ofers its clients entertaining, catering, foral design and hair styling services.
The market research has also shown that customers anticipate the complete wedding consulting services to
be expensive and they budget accordingly. In fact, lower prices are very often associated with poor service
quality. By aggregating a complete range of wedding services under one roof, TLC Wedding Consultants will
ofer its customers the ease of one-stop shopping.
Read more:
http://www.bplans.com/wedding_consultant_business_plan/market_analysis_summary_fc.php#ixzz2XJI2yIv
W
Nearly $35 billion are spent every year on weddings and receptions. Therefore, professional wedding
consultants are a commodity, not a calamity. TLC Wedding Consultants are full-service wedding consultants
that ofer a variety of services to our clients. We pride ourselves on being professional and courteous at all
times and we have packages to suit everyone's needs.
As previously stated, marriage is a billion dollar industry, therefore, just about everyone we meet is a
potential client. However, we mostly advertise to brides, grooms, and family members.
4.1 Market Segmentation
Although the fash and excitement of impending nuptials can be intoxicating, it can also be overwhelming.
Therefore, we primarily market our services to the people who need them most--brides and grooms. In 1997,
2.4 million marriages took place in the United States. According to the Encarta Encyclopedia, the current US
marriage rate of nine marriages per 1,000 people is still the highest rate among the industrialized countries.
This marriage rate is expected to remain at the same level in the near future. In the Eugene, OR area where
TLC Wedding Consultants plans to operate their business, over 1,500 marriages are registered each year,
which creates a sizable market potential for this line of business.
Another customer segment is represented by the numerous family members and guests attending weddings,
anniversaries, and similar events. This segment requires event preparation services like gift ideas, etiquette
tips, etc.
Besides the wedding arrangements, which TLC Wedding Consultants believe to be their major client
assignments, other events the company will provide services to include corporate retreats, etiquette training,
etc. This customer segment is estimated to have the annual volume of 1,000 orders in the Eugene, OR area.
Need actual charts?
Market Analysis
Year 1 Year 2 Year 3 Year 4 Year 5
Brides & Grooms 5% 1,500 1,575 1,654 1,737 1,824 5.01%
Family Members 5% 5,000 5,250 5,513 5,789 6,078 5.00%
Other 5% 1,000 1,050 1,103 1,158 1,216 5.01%
Total 5.00% 7,500 7,875 8,270 8,684 9,118 5.00%
4.2 Target Market Segment Strategy
TLC Wedding Consultants will ofer its services mostly to the brides and grooms, as well as to the family
members. The company will position itself as an experienced provider of wedding planning services. Unlike
most of its competitors, TLC will be ofering a full range of services and thus provide the convenience of one-
stop shopping for its clients. This will signifcantly reduce the customers' time and eforts preparing for such
an important event as a wedding. Moreover, by utilizing numerous supplier contacts that the company
owners have established and economies of scale, TLC Wedding Consultants will be able to pass on to its
customers sizable cost savings.
4.2.1 Market Needs
The market needs for wedding planning services are strongly shaped by the customers' desire to have a
perfectly planned and executed wedding ceremony. Although both major customer segments, brides and
grooms and family members, plan and budget for the wedding ceremony as far as a year or more in
advance, they often realize that they cannot make all the necessary preparations by themselves in a cost
efective manner. Strongly afected by the established social values, such customers seek professional
advice to ensure that all the important aspects of the wedding ceremony meet or exceed perceived
expectations.
4.3 Service Business na!ysis
The wedding services market is fragmented with the overwhelming majority of the incumbents ofering only a
limited line of services. There are numerous forists, hair stylists, and caterers to choose from. However,
there are almost no companies that will provide the full range of services associated with the wedding
planning and execution.
4.3.1 "om#etition and Buying $atterns
Competitive analysis conducted by the company owners has shown that there are 20 companies currently
ofering some sort of wedding planning services in the Eugene area. However, the majority of the incumbent
competitors ofer only a limited line of services like catering, fower arrangements or gifts. In fact, of these 25
competitors only three ofered a range of services comparable with what TLC Wedding Consultants plan to
ofer to its customers. The following is the list of the major competitors with a brief description of their
services:
Rent-An-Action ofers ceremony preparation, rehearsing and execution services.
Cross & Reeves provide fower and catering arrangements and wedding consulting services.
Lafayette Wedding ofers its clients entertaining, catering, foral design and hair styling services.
The market research has also shown that customers anticipate the complete wedding consulting services to
be expensive and they budget accordingly. In fact, lower prices are very often associated with poor service
quality. By aggregating a complete range of wedding services under one roof, TLC Wedding Consultants will
ofer its customers the ease of one-stop shopping
Read more:
http://www.bplans.com/wedding_consultant_business_plan/market_analysis_summary_fc.php#ixzz2XJIF4B
yC
Strategy and Implementation Summary
Our strategy is simple: we intend to provide our customers with a wide range of services custom tailored to
their individual needs. Therefore, whether they require a complete package, or simply consulting on a
particular service, we can help.
%.1 "om#etitive &dge
By aggregating a complete range of wedding services under one roof, TLC Wedding Consultants will ofer its
customers the ease of one-stop shopping. The company will leverage its owners' expertise in planning such
events to competitively position itself as a premier provider of wedding services. Both owners have very
strong communication skills that will help develop the 'buzz' about the high quality of the services ofered by
TLC Wedding Consultants.
%.2 Sa!es Strategy
The company's sales strategy will be based on the following elements:
Advertising in the Yellow Pages - two inch by three inch ads describing the services will be placed
in the local Yellow Pages.
Placing advertisements in the local press, including The Register Guard, Eugene Weekly, The
Oregon Daily Emerald.
Developing afliate relationships with other service providers (forists, hair stylists, caterers) that
would receive a percentage of sales to the referred customers.
Word of mouth referrals - generating sales leads in the local community through customer referrals.
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Sales Forecast
Year 1 Year 2 Year 3
Sales
Brides & Grooms $54,200 $65,040 $71,544
Family Members $25,800 $30,960 $34,056
Other $15,300 $18,360 $20,196
Total Sales $95,300 $114,360 $125,796
Direct Cost of Sales Year 1 Year 2 Year 3
Row 1 $0 $0 $0
Row 1 $0 $0 $0
Other $0 $0 $0
Subtotal Direct Cost of Sales $0 $0 $0
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Management Summary
Our wedding consultants are Darla and Micah Johnson. Collaboratively they have planned and
serviced over 150 weddings and receptions. They are knowledgeable about all areas of planning,
decorating, as well as budgeting. Darla has a BS in Communications and a minor in Interior
Decorating. She has been a wedding consultant for fve years and became interested in providing
consultant services when she successfully planned her frst fve weddings for family and friends.
Since then, Darla has received extensive training in wedding planning and her certifcation from
the National Association of Wedding Consultants and Professional Wedding Planners. Micah has
an Associates Degree in Fashion Design, and, like Darla, she became interested in becoming a
consultant when she successfully planned her frst three weddings. Micah received her
certifcation from the National Association of Wedding Consultants and has been a wedding
planner for three years. Micah enjoys all aspects of planning traditional and nontraditional
weddings.
&.1 Personnel Plan
Initially, TLC Wedding Consultants' personnel will include only the two owners, both of whom will
be working full time. As the personnel plan shows, we expect to hire an additional wedding
consultant in the next year This person will work full time, but will not be included in the
management decisions.
Personnel Plan
Owner $53,100 $76,200 $85,800
Other $0 $0 $0
Total People 0 0 0
Total Payroll $53,100 $76,200 $85,800
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Financial Plan
The following subtopics represent the fnancial plan of TLC Wedding Consultants.
'.1 (reak"even )nalysis
The following table and chart summarize our break-even analysis.
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Break-even Analysis
Monthly Revenue Break-even $4,804
Assumptions:
Average Percent Variable Cost 0%
Estimated Monthly Fixed Cost $4,804
business plan.
'.2 Pro*ecte$ Pro+t an$ Loss
Our projected proft and loss is shown in the following table.
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Pro Forma Proft and Loss
Sales $95,300 $114,360 $125,796
Direct Cost of Sales $0 $0 $0
Other $0 $0 $0
Total Cost of Sales $0 $0 $0
Gross Margin $95,300 $114,360 $125,796
Gross Margin % 100.00% 100.00% 100.00%
Expenses
Payroll $53,100 $76,200 $85,800
Sales and Marketing and Other Expenses $4,550 $1,000 $2,000
Depreciation $0 $0 $0
Leased Equipment $0 $0 $0
Utilities $0 $0 $0
Insurance $0 $0 $0
Rent $0 $0 $0
Payroll Taxes $0 $0 $0
Other $0 $0 $0
Total Operating Expenses $57,650 $77,200 $87,800
Proft Before Interest and Taxes $37,650 $37,160 $37,996
EBITDA $37,650 $37,160 $37,996
Interest Expense $0 $0 $0
Taxes Incurred $9,443 $9,290 $9,657
Net Proft $28,208 $27,870 $28,339
Net Proft/Sales 29.60% 24.37% 22.53%
'.# Pro*ecte$ Cas! %low
The following chart and table show our cash fow projections.
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Pro Forma Cash Flow
Cash Received
Cash from Operations
Cash Sales $38,120 $45,744 $50,318
Cash from Receivables $45,494 $66,279 $74,075
Subtotal Cash from Operations $83,614 $112,023 $124,394
Additional Cash Received
Sales Tax, VAT, HST/GST Received $0 $0 $0
New Current Borrowing $0 $0 $0
New Other Liabilities (interest-free) $0 $0 $0
New Long-term Liabilities $0 $0 $0
Sales of Other Current Assets $0 $0 $0
Sales of Long-term Assets $0 $0 $0
New Investment Received $0 $0 $0
Subtotal Cash Received $83,614 $112,023 $124,394
Expenditures Year 1 Year 2 Year 3
Expenditures from Operations
Cash Spending $53,100 $76,200 $85,800
Bill Payments $12,748 $10,689 $11,545
Subtotal Spent on Operations $65,848 $86,889 $97,345
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out $0 $0 $0
Principal Repayment of Current Borrowing $0 $0 $0
Other Liabilities Principal Repayment $0 $0 $0
Long-term Liabilities Principal Repayment $0 $0 $0
Purchase Other Current Assets $0 $0 $0
Purchase Long-term Assets $0 $0 $0
Dividends $0 $0 $0
Subtotal Cash Spent $65,848 $86,889 $97,345
Net Cash Flow $17,766 $25,134 $27,049
Cash Balance $22,766 $47,900 $74,949
General Assumptions
Plan Month 1 2 3
Current Interest Rate 10.00% 10.00% 10.00%
Long-term Interest Rate 10.00% 10.00% 10.00%
Tax Rate 25.42% 25.00% 25.42%
Other 0 0 0
'., Pro*ecte$ (alance S!eet
Three years of annual totals are presented in the Projected Balance Sheet below. First year
monthly fgures are included in the appendix.
Pro Forma Balance Sheet
Assets
Current Assets
Cash $22,766 $47,900 $74,949
Accounts Receivable $11,686 $14,023 $15,426
Other Current Assets $0 $0 $0
Total Current Assets $34,452 $61,923 $90,374
Long-term Assets
Long-term Assets $0 $0 $0
Accumulated Depreciation $0 $0 $0
Total Long-term Assets $0 $0 $0
Total Assets $34,452 $61,923 $90,374
Liabilities and Capital Year 1 Year 2 Year 3
Current Liabilities
Accounts Payable $1,245 $846 $958
Current Borrowing $0 $0 $0
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $1,245 $846 $958
Long-term Liabilities $0 $0 $0
Total Liabilities $1,245 $846 $958
Paid-in Capital $8,000 $8,000 $8,000
Retained Earnings ($3,000) $25,208 $53,078
Earnings $28,208 $27,870 $28,339
Total Capital $33,208 $61,078 $89,416
Total Liabilities and Capital $34,452 $61,923 $90,374
Net Worth $33,207 $61,078 $89,416
business plan.
'.- (usiness Ratios
The following table outlines some of the more important ratios from the Personal
Services industry. The fnal column, Industry Profle, details specifc ratios based on the industry
as it is classifed by the Standard Industry Classifcation (SIC) code, 7299.
Ratio Analysis
Year 1 Year 2 Year 3 Industry Profle
Sales Growth 0.00% 20.00% 10.00% 17.90%
Percent of Total Assets
Accounts Receivable 33.92% 22.65% 17.07% 11.10%
Other Current Assets 0.00% 0.00% 0.00% 37.10%
Total Current Assets 100.00% 100.00% 100.00% 52.80%
Long-term Assets 0.00% 0.00% 0.00% 47.20%
Total Assets 100.00% 100.00% 100.00% 100.00%
Current Liabilities 3.61% 1.37% 1.06% 33.90%
Long-term Liabilities 0.00% 0.00% 0.00% 28.00%
Total Liabilities 3.61% 1.37% 1.06% 61.90%
Net Worth 96.39% 98.63% 98.94% 38.10%
Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 100.00% 100.00% 100.00% 0.00%
Selling, General & Administrative Expenses 70.37% 75.63% 77.35% 72.70%
Advertising Expenses 3.52% 0.87% 1.59% 2.20%
Proft Before Interest and Taxes 39.51% 32.49% 30.20% 4.00%
Main Ratios
Current 27.68 73.22 94.32 1.81
Quick 27.68 73.22 94.32 1.33
Total Debt to Total Assets 3.61% 1.37% 1.06% 61.90%
Pre-tax Return on Net Worth 113.38% 60.84% 42.49% 6.30%
Pre-tax Return on Assets 109.28% 60.01% 42.04% 16.60%
Additional Ratios Year 1 Year 2 Year 3
Net Proft Margin 29.60% 24.37% 22.53% n.a
Return on Equity 84.94% 45.63% 31.69% n.a
Activity Ratios
Accounts Receivable Turnover 4.89 4.89 4.89 n.a
Collection Days 57 68 71 n.a
Accounts Payable Turnover 11.24 12.17 12.17 n.a
Payment Days 27 37 28 n.a
Total Asset Turnover 2.77 1.85 1.39 n.a
Debt Ratios
Debt to Net Worth 0.04 0.01 0.01 n.a
Current Liab. to Liab. 1.00 1.00 1.00 n.a
Liquidity Ratios
Net Working Capital $33,207 $61,078 $89,416 n.a
Interest Coverage 0.00 0.00 0.00 n.a
Additional Ratios
Assets to Sales 0.36 0.54 0.72 n.a
Current Debt/Total Assets 4% 1% 1% n.a
Acid Test 18.29 56.64 78.22 n.a
Sales/Net Worth 2.87 1.87 1.41 n.a
Dividend Payout 0.00 0.00 0.00 n.a
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Appendix
Sales Forecast
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9
Month
10
Month
11
Month
12
Sales
Brides & Grooms 0% $2,900 $3,100 $3,300 $3,500 $4,000 $5,400 $4,600 $5,000 $5,200 $5,500 $5,700 $6,000
Family Members 0% $1,600 $1,700 $1,800 $1,900 $2,000 $2,100 $2,200 $2,300 $2,400 $2,500 $2,600 $2,700
Other 0% $1,200 $1,200 $1,200 $1,200 $1,200 $1,300 $1,300 $1,300 $1,300 $1,300 $1,400 $1,400
Total Sales $5,700 $6,000 $6,300 $6,600 $7,200 $8,800 $8,100 $8,600 $8,900 $9,300 $9,700 $10,100
Direct Cost of Sales Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9
Month
10
Month
11
Month
12
Row 1 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Row 1 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Direct Cost of
Sales
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Personnel Plan
Month
1
Month
2
Month
3
Month
4
Month
5
Month
6
Month
7
Month
8
Month
9
Month
10
Month
11
Month
12
Owner 0% $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $5,700 $5,700 $5,700
Other 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total People 0 0 0 0 0 0 0 0 0 0 0 0
Total Payroll $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $5,700 $5,700 $5,700
General Assumptions
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9Month 10Month 11
Month
12
Plan Month 1 2 3 4 5 6 7 8 9 10 11 12
Current Interest
Rate
10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Long-term Interest
Rate
10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Tax Rate 30.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
Other 0 0 0 0 0 0 0 0 0 0 0 0
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11
Month
12
Sales $5,700 $6,000 $6,300 $6,600 $7,200 $8,800 $8,100 $8,600 $8,900 $9,300 $9,700 $10,100
Direct Cost of Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Cost of Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Gross Margin $5,700 $6,000 $6,300 $6,600 $7,200 $8,800 $8,100 $8,600 $8,900 $9,300 $9,700 $10,100
Gross Margin % 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Expenses
Payroll $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $5,700 $5,700 $5,700
Sales and Marketing
and Other Expenses
$1,100 $250 $250 $250 $600 $250 $250 $250 $600 $250 $250 $250
Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Leased Equipment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Utilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Insurance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Rent $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Payroll Taxes 15% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Operating
Expenses
$5,100 $4,250 $4,250 $4,250 $4,600 $4,250 $4,250 $4,250 $4,600 $5,950 $5,950 $5,950
Proft Before Interest
and Taxes
$600 $1,750 $2,050 $2,350 $2,600 $4,550 $3,850 $4,350 $4,300 $3,350 $3,750 $4,150
EBITDA $600 $1,750 $2,050 $2,350 $2,600 $4,550 $3,850 $4,350 $4,300 $3,350 $3,750 $4,150
Interest Expense $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Taxes Incurred $180 $438 $513 $588 $650 $1,138 $963 $1,088 $1,075 $838 $938 $1,038
Net Proft $420 $1,313 $1,538 $1,763 $1,950 $3,413 $2,888 $3,263 $3,225 $2,513 $2,813 $3,113
Net Proft/Sales 7.37% 21.88% 24.40% 26.70% 27.08% 38.78% 35.65% 37.94% 36.24% 27.02% 28.99% 30.82%
Pro Forma Cash Flow
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9Month 10Month 11Month 12
Cash Received
Cash Sales $2,280 $2,400 $2,520 $2,640 $2,880 $3,520 $3,240 $3,440 $3,560 $3,720 $3,880 $4,040
Cash from Receivables $0 $114 $3,426 $3,606 $3,786 $3,972 $4,352 $5,266 $4,870 $5,166 $5,348 $5,588
Subtotal Cash from
Operations
$2,280 $2,514 $5,946 $6,246 $6,666 $7,492 $7,592 $8,706 $8,430 $8,886 $9,228 $9,628
Sales Tax, VAT, HST/GST
Received
0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Other Liabilities (interest-
free)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales of Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales of Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Investment Received $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash Received $2,280 $2,514 $5,946 $6,246 $6,666 $7,492 $7,592 $8,706 $8,430 $8,886 $9,228 $9,628
Expenditures Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9Month 10Month 11Month 12
Cash Spending $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $5,700 $5,700 $5,700
Bill Payments $43 $1,260 $690 $765 $851 $1,255 $1,382 $1,217 $1,349 $1,655 $1,091 $1,191
Subtotal Spent on Operations $4,043 $5,260 $4,690 $4,765 $4,851 $5,255 $5,382 $5,217 $5,349 $7,355 $6,791 $6,891
Sales Tax, VAT, HST/GST Paid
Out
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Principal Repayment of Current
Borrowing
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Liabilities Principal
Repayment
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Long-term Liabilities Principal
Repayment
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Purchase Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Purchase Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash Spent $4,043 $5,260 $4,690 $4,765 $4,851 $5,255 $5,382 $5,217 $5,349 $7,355 $6,791 $6,891
Net Cash Flow ($1,763) ($2,746) $1,256 $1,481 $1,815 $2,237 $2,210 $3,489 $3,081 $1,531 $2,437 $2,737
Cash Balance $3,237 $491 $1,747 $3,228 $5,043 $7,280 $9,491 $12,980 $16,061 $17,592 $20,029 $22,766
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9Month 10Month 11Month 12
Assets
Starting
Balances
Current Assets
Cash $5,000 $3,237 $491 $1,747 $3,228 $5,043 $7,280 $9,491 $12,980 $16,061 $17,592 $20,029 $22,766
Accounts Receivable $0 $3,420 $6,906 $7,260 $7,614 $8,148 $9,456 $9,964 $9,858 $10,328 $10,742 $11,214 $11,686
Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Current Assets $5,000 $6,657 $7,397 $9,007 $10,842 $13,191 $16,736 $19,455 $22,838 $26,389 $28,334 $31,243 $34,452
Long-term Assets
Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Accumulated Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Assets $5,000 $6,657 $7,397 $9,007 $10,842 $13,191 $16,736 $19,455 $22,838 $26,389 $28,334 $31,243 $34,452
Liabilities and Capital Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9Month 10Month 11Month 12
Current Liabilities
Accounts Payable $0 $1,237 $665 $737 $810 $1,208 $1,341 $1,172 $1,293 $1,619 $1,051 $1,148 $1,245
Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Current Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Current
Liabilities
$0 $1,237 $665 $737 $810 $1,208 $1,341 $1,172 $1,293 $1,619 $1,051 $1,148 $1,245
Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Liabilities $0 $1,237 $665 $737 $810 $1,208 $1,341 $1,172 $1,293 $1,619 $1,051 $1,148 $1,245
Paid-in Capital $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000
Retained Earnings ($3,000) ($3,000) ($3,000) ($3,000) ($3,000) ($3,000) ($3,000) ($3,000) ($3,000) ($3,000) ($3,000) ($3,000) ($3,000)
Earnings $0 $420 $1,733 $3,270 $5,033 $6,983 $10,395 $13,283 $16,545 $19,770 $22,283 $25,095 $28,208
Total Capital $5,000 $5,420 $6,733 $8,270 $10,033 $11,983 $15,395 $18,283 $21,545 $24,770 $27,283 $30,095 $33,208
Total Liabilities and
Capital
$5,000 $6,657 $7,397 $9,007 $10,842 $13,191 $16,736 $19,455 $22,838 $26,389 $28,334 $31,243 $34,452
Net Worth $5,000 $5,420 $6,733 $8,270 $10,033 $11,983 $15,395 $18,283 $21,545 $24,770 $27,282 $30,095 $33,207
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Accounting and Bookkeeping Business Plan
The Sorcerer's Accountant
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Executive Summary
The Sorcerer's Accountant is a small, successful, one-person accounting and tax preparation
service owned and run by Max Greenwood, CPA in Chicago, Illinois. The frm ofers tax
accounting, management accounting, and QuickBooks set-up and training for small business
clients. To move beyond a one person model, the business will expand its services to include
bookkeeping services for small businesses. This will require an investment in marketing and staf
to grow the business to include this complementary line of business. This business plan
organizes the strategy and tactics for the business expansion and set objectives for growth over
the next three years.
The business will ofer clients bookkeeping services with the oversight of a CPA at a price they
can aford. To do this involves hiring undergraduate student bookkeepers and a graduate student
manager, keeping fxed costs as low as possible, and continuing to defne the expertise of
Sorcerer's Accountant through its website resources. The efect will be sales more than doubling
over three years as 8 part-time bookkeepers are deployed to client businesses as needed, and
salary and dividends to Greenwood increase substantially.
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b*ectives
The Sorcerer's Accountant seeks to launch a new line of services - small business bookkeeping -
which will be ofered to the same ongoing clients as Sorcerer's Accountant currently seeks.
Sorcerer's Accountant has set the following objectives:
To launch the bookkeeping services slowly, beginning with two part-time bookkeepers
To achieve bookkeeping service annual revenues equal or greater to the current total
revenues within three years (efectively doubling revenue)
To achieve net proft of $60,000 in three years
To employ 8 part-time bookkeepers in three years
.ission
The Sorcerer's Accountant seeks to provide a full suite of tax and management accounting
services for small businesses in Chicago, Illinois, allowing business owners to not only save
money over in-house accounting and ensure their compliance with tax laws, but to make valuable
management decisions from their numbers.
/eys to Success
The keys to success for the accounting business include:
Building trust with clients
Maintaining up-to-date CPA certifcation and education on accounting practices and laws
Going beyond saving clients money to proposing how they can increase their revenues
Legal and ethical practices when it comes to transparency, reporting, and taxes
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Company Summary
The Sorcerer's Accountant, established in 2006 by Max Greenwood, is a one-person CPA frm
which provides tax services, management and cost consulting services, and QuickBooks sales
and added services. Sorcerer's Accountant serves small businesses (under $5 million in revenue)
in the Chicago, IL area, primarily in service industries. The Sorcerer's Accountant plans to add
bookkeeping services to its suite of services to better serve its current and future clients.
Company wners!ip
Max Greenwood is founder and 100% owner of The Sorcerer's Accountant, a sole proprietorship.
Company History
Founded with $10,000 of start-up capital by Max Greenwood, CPA in 2006, The Sorcerer's
Accountant has become a full-time endeavor for Greenwood. At frst focused entirely on tax
services, Greenwood added management and cost accounting services in 2007 and then
QuickBooks reselling and services to small businesses and startups in 2008, after becoming a
certifed QuickBooks Pro Advisor. This has allowed Sorcerer's Accountant to provide a wide range
of services to small businesses over its lifetime from launch through expansion and growth.
The Sorcerer's Accountant has grown signifcantly in past years to $175,000 in total annual
revenue, but has had difculty taking on additional work due to the limits on Greenwood's time.
Client retention has been a positive factor, with 75% of 2008 clients repeating service in 2009.
The business operates out of a small rented ofce which has enough room for one additional
employee. The ofce is not used for client meetings - they are held entirely at client ofces.
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Past Performance
2007 2008 2009
Sales $100,000 $150,000 $175,000
Gross Margin $75,000 $112,500 $131,250
Gross Margin % 75.00% 75.00% 75.00%
Operating Expenses $55,000 $67,500 $82,750
Collection Period (days) 30 25 28
Balance Sheet
2007 2008 2009
Current Assets
Cash $15,000 $17,500 $20,000
Other Current Assets $5,000 $5,000 $5,000
Long-term Assets
Total Assets $24,167 $28,750 $32,292
Current Liabilities
Accounts Payable $4,583 $5,625 $6,896
Other Current Liabilities (interest free) $0 $0 $0
Total Current Liabilities $4,583 $5,625 $6,896
Total Liabilities $4,583 $5,625 $6,896
Paid-in Capital $10,000 $10,000 $10,000
Retained Earnings ($10,417) ($51,875) ($83,554)
Earnings $20,000 $65,000 $98,950
Total Capital $19,583 $23,125 $25,396
Total Capital and Liabilities $24,167 $28,750 $32,292
Other Inputs
Payment Days 30 30 30
Sales on Credit $50,000 $75,000 $87,500
Receivables Turnover 12.00 12.00 12.00
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Services
Current services ofered by The Sorcerer's Accountant include:
Tax Services:
Tax preparation
Tax planning
Addressing tax problems (audit representation, back taxes owed, payroll tax problems, IRS issues,
bankruptcy)
Management/Cost Accountant Services:
Audits
Cost and Margin Analysis
Financial Projection
Setup for credit card processing
QuickBooks Services
QuickBooks sales and setup
QuickBooks training
QuickBooks tips (via website)
QuickBooks "quicktune" service (audit and fx of QuickBooks fles)
Current services are either provided entirely by Max Greenwood or available through resources on the The
Sorcerer's Accountant website. Greenwood will provide referrals to credit card processing companies or
some speciality consultants when the need calls for it, but focuses his work on general small business
services of use to the widest variety of businesses.
The Sorcerer's Accountant intends to add the following bookkeeping services:
Payroll processing
Accounts payable (entry, bill paying)
Accounts receivable (entry, invoicing, deposits, collection)
Sales tax processing
Bank reconciliations
Inventory management
Financial statement preparation
Other fnancial reporting
These bookkeeping services will be at a rate of $30 per hour/per bookkeeper for clients. Clients would pay
$20 -$25, once benefts and taxes are factored in, for an in-house, part-time bookkeeper, and would still be
responsible for training, oversight, and management in that case. The Sorcerer's Accountant's rate is very
economical once this is taken into account.
The new services will be performed by part-time student bookkeepers who are current undergraduate
accounting majors with up to 20 hours per week free to work. Each business will have a consistent
bookkeeper assigned to it. The bookkeepers will be trained by Max Greenwood directly in proper techniques.
They will all be students in the top 20% of their class with at least one professional recommendation and
one educational (professor) recommendation. This is a business model which has been successful in other
cities where there is ample student labor, such as New York City.
To add additional value, the bookkeeping manager, a graduate student pursuing an MBA in accounting, will
supervise and audit the work of the bookkeepers, answering their questions when questions arise, and
providing quality assurance. The bookkeeping manager will review the QuickBooks fles and reports created
by the bookkeepers to ensure that they follow proper formats and are prepared correctly
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The small business accounting market consists of virtually every small business in the United
States. As businesses grow larger than one person sole proprietorships, they generally require
expert help with at least their tax preparation, and often with additional bookkeeping and
accounting services. Even many non-employer sole proprietorships will use accounting help at
some point. While some small businesses hire bookkeepers or CFOs directly, many successfully
outsource these types of services.
The accounting service market as a whole includes the following:
Corporate accounting and auditing frms: The "Big Four" (PricewaterhouseCoopers, Ernst
& Young, Deloitte Touche Tohmatsu, and KPMG) and their competitors
Small business accounting
Personal accounting (by H & R Block and the like)
The National Society of Accountants states that it represents more than 30,000 independent
practitioners who provide services to 19 million individuals and businesses. The continuing
evolution of U.S. tax laws guarantees work for tax accountants on an ongoing basis. The market
is somewhat recession-proof, as businesses which are contracting use accountants to help cut
spending and limit tax liability just as growing businesses will use accountants to launch and
prepare fnancials for expansion, mergers and acquisitions.
.arket Segmentation
The market of small businesses in Chicago for The Sorcerer's Accountant represents
approximately 85,000 businesses in 2010. It has been divided into three groups:
Non-employer frms: Without employees, these frms do not have many of the concerns of larger
businesses. However, the owners must be vigilant to protect their own tax liability and sort out
how their personal and business tax returns intersect. These frms are generally buyers of
QuickBooks services and tax preparation services. As they grow, this group becomes ripe for
outsourced bookkeeping services before they can hire an full-time in-house bookkeeper.
Very small businesses: Made up of businesses that are designed to stay small and those which
are growing through a phase, these businesses require payroll services, bookkeeping, and tax
preparation. They are concerned about losing control, but can generally be convinced of using
outsourced accounting and bookkeeping with cost analysis. With the stakes higher, these
businesses can make greater use of management accounting services, especially as most
cannot aford a dedicated CFO. Many do not need a full-time bookkeeper, but can make do with
part-time help, which limits their hiring options.
Other small businesses: Many of these businesses will have some in-house fnancial
management and bookkeeping help. However, they may be able to save money by outsourcing
these services, as they are not generally core to what the business seeks to do. These
businesses may be comfortable with their situation as a cash producer for their owners or intent
on growing or positioning themselves for sale.
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Market Analysis
2010 2011 2012 2013 2014
Non-employer Firms 4% 50,000 52,000 54,080 56,243 58,493 4.00%
Very Small Businesses (2
to 10 employees)
4% 25,000 26,000 27,040 28,122 29,247 4.00%
Other Small Businesses
(11 to 99 employees)
4% 10,000 10,400 10,816 11,249 11,699 4.00%
Total 4.00% 85,000 88,400 91,936 95,614 99,439 4.00%
business plan.
0arget .arket Segment Strategy
The Sorcerer's Accountant will focus on the "very small business" target group for its bookkeeping
services as this group can make the most consistent use of part-time bookkeepers. The type of
student bookkeepers whom these businesses would hire are generally students of the same kind.
However, these businesses often do not have the resources to provide proper oversight or training
to their bookkeepers, and will sufer from not having the leverage to hire the cream of the crop.
The Sorcerer's Accountant can provide the solution to these problems.
Service (usiness )nalysis
The small business accounting industry consists of numerous independent accountants and
bookkeepers as well as many small frms. Larger frms tend to pursue medium and large business
clients.
Accounting and bookkeeping services are purchased by owners and top managers of small
businesses. They will contact businesses by phone and generally meet in person (at the client's
ofce) to interview and discuss the prospect of working together.
Competition an$ (uying Patterns
Major competitors in the Chicago market include:
Corporate Bookkeeping Services: Provides general bookkeeping services, not taxes.
Seeks entrepreneurial clients specifcally, especially in the real estate industry. Business has
only been in existence for a few years and has no CPA leadership.
MasterType Accounting Business Services, P.C.: Accounting and bookkeeping
services, including a bookkeeping software package. Their major weakness is the reliance
on their own software package rather then QuickBooks, the industry standard for small
businesses.
For bookkeeping services, the business also must compete indirectly against the prospect of
businesses hiring their own part-time bookkeepers. This gives businesses the advantage of
greater control and perhaps development of a future full-time employee. If the hire works out, the
cost can be lower for a business than an outside service. However, this can lead to employees
who are not as well-educated or experienced as bookkeepers through a bookkeeping service who
have worked with a range of businesses. Generally, the cost is lower in the long run with a
bookkeeping service, as training is done more systematically and supervisors are more
regimented and experienced.
To choose between competitors, factors considered by clients include:
Positive references (especially from known sources or other businesses in the same
industry)
CPA leadership (protects the businesses, even if work is being performed by non-CPAs)
Price (often low on the list of considerations, as long as price is not exorbitantly high)
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Web Plan Summary
The website for The Sorcerer's Accountant presents a simple, uncluttered look which holds a great deal of
information about services ofered beneath its surface and beyond its homepage. The purpose of the
website is to assure clients and potential clients of the expertise of the company and then inspire them to call
for a phone or in-person consultation.
To redevelop the website for the new bookkeeping services to be ofered, additional service pages will be
created for each subset of the bookkeeping service as well as a main page presenting the value proposition
and benefts to clients of the services. All areas will ofer description to be clear about what services are and
are not ofered, but will be focused on client benefts.
'ebsite Marketing Strategy
To market the website, many of the current tactics will be maintained, but supplemented.
Expanding Google Adwords with $1,000 per month devoted to bookkeeping-related keywords for
the Chicago market
Listing the website on databases and other websites for small business services and bookkeeping
services in Chicago
Promoting the service to small business blogs and posting to blogs directly wherever possible
Referencing the website in print ads and the brochure
Most of these marketing activities will be executed by the marketing services frm contracted by Sorcerer's
Accountant as Greenwood does not have the time or expertise to execute them himself.
The website will be expanded with additional information about best practices of bookkeeping services. Max
Greenwood will devote 40 hours to developing this content within two months of the launch of the service.
(eve!o#ment )e*uirements
The website redevelopment will require the marketing service partner for the business to create new pages
based on the template already set by the existing website. All copy will be written by Max Greenwood.
Graphics and design elements will be added by the marketing partner. There is not a need for e-commerce,
a back-end, or other functionality for the website.
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ci6vA
Strategy and Implementation Summary
To promote the business to its target of businesses with 2 to 10 employees, The Sorcerer's Accountant will:
Expand its Web presence through website development and marketing
Initiate a systematic client referral program to prospect within existing clients and their contacts
Use print ads in local business publications to target small business readers
"om#etitive &dge
The Sorcerer's Accountant will achieve a competitive edge among Chicago bookkeeping services due to its
combination of CPA oversight with lower-level, inexpensive labor. Clients will receive the advantage of having
a CPA review their books and propose additional advice when appropriate, while not paying much more than
they would to hire their own part-time bookkeeper.
This is not an inimitable competitive edge, but the market in Chicago is large enough to allow for the success
of Sorcerer's Accountant with this strategy. Large frms ignore the small business market because they are
better positioned to serve larger businesses. They are unlikely to imitate this strategy as they will fnd it
difcult to convince small businesses that they can ofer services which are afordable to them.
Marketing Strategy
The Sorcerer's Accountant will use the following marketing tactics to reach its target market of very small
businesses (2 to 10 employees) with its new bookkeeping services:
Website marketing (detailed in the Web plan section)
Redevelopment of the The Sorcerer's Accountant brochure with an additional section about the
services
Periodic advertisements in Chicago small business publications, each tracked to determine whether
they yield inquiries and clients
The marketing messages will focus on the economics of the decision to use outsourced bookkeepers from
The Sorcerer's Accountant and the advantage of CPA oversight with Greenwood's experience and track
record.
Marketing also encompasses the search for student bookkeepers. Job listings will be posted at local
universities and promote the learning involved in the position and the "leg up" it can give students for
accounting positions upon graduation. We will recruit the best student bookkeepers possible. The costs
associated with this hiring are only the time of Max Greenwood.
Sa!es Strategy
The sales strategy for The Sorcerer's Accountant's new bookkeeping services is to attempt to sell the
service predominantly to existing clients, especially at frst before marketing pays of with new inquiries. This
will require Max Greenwood to inform all existing clients by phone about the idea, once he has determined
that they are qualifed to use the service. Whenever possible, clients will be approached during regularly
scheduled calls and meetings so as to not require a great deal of additional prospecting time.
Greenwood will then ask clients directly for referrals to other businesses and business owners they know
who may be right for the bookkeeping services. Greenwood will seek to contact two referrals per day. When
and if existing clients and referrals are exhausted, Greenwood will engage in cold calling to likely prospects
he has heard about from other businesses.
The result of this initiative of direct selling is expected to be at least fve clients within the frst couple of
months, as many current Sorcerer's Accountant clients appear extremely ready for this service and
trusting of Max Greenwood.
Sa!es +orecast
Unit prices represent the average project cost for tax services ($750), cost accounting projects ($1,000), and
QuickBooks services ($300). Bookkeeping services are set at $30 per hour. Direct unit costs are very low for
all of these services as they are primarily labor services. Tax projects incur a 5% cost for printing and travel,
cost accounting projects incur 3% cost, primarily for travel. QuickBooks services are generally given
remotely and sales of QuickBooks are done directly to the vendor (Greenwood Accounting receives a
commission on software sold). Bookkeeping services incur a 50% cost of sales as the bookkeepers are paid
at $15 per hour.
Total sales are expected to rise signifcantly with the success of the bookkeeping services revenue stream.
The existing revenue streams are projected to grow at slow rates, as Max Greenwood cannot take on much
additional work. They are not projected to grow at all in 2010, as Greenwood will spend additional time on
the establishment of the bookkeeping services. Furthermore, these revenues will drop by 20% in the frst
quarter as additional time is spent by Greenwood on hiring, training and launching this revenue stream.
The sales forecast assumes part-time bookkeepers working 20 hours per week. These will grow from 2
bookkeepers working below capacity at the start of 2010 to 3 by the end of 2010, to 4 in 2011 and 8 by the
end of 2012. Revenues will begin in the second month after training in the frst month of 2010. This growth
rate is made possible by the intention to do everything possible to retain clients and grow with them, as well
as to actively seek referrals to other businesses from each client. Two levels of oversight (Greenwood's
oversight over the Bookkeeping Manager, and the Bookkeeping Manager's oversight over all bookkeepers)
will improve quality assurance and the chances of a high level of client retention and satisfaction.
Direct cost of sales are very low for the business as most costs are fxed. Travel to client sites, printing and
paper, and other direct supplies for clients are the only direct costs for services provided directly by
Greenwood. The direct labor of student bookkeepers for the bookkeeping services is $15 per hour, or 50%.
Wages for non-billable hours (training periods) for new bookkeepers are listed in the Personnel table.
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Sales Forecast
2010 2011 2012
Unit Sales
Tax Preparations 125 130 135
Cost Accounting Analysis 60 63 65
QuickBooks Services 57 59 62
Bookkeeping Hours 1,570 3925 7850
Total Unit Sales 1,812 4,177 8,112
Unit Prices 2010 2011 2012
Tax Preparations $750.00 $750.00 $750.00
Cost Accounting Analysis $1,000.00 $1,000.00 $1,000.00
QuickBooks Services $300.00 $300.00 $300.00
Bookkeeping Hours $30.00 $30.00 $30.00
Sales
Tax Preparations $93,600 $97,500 $101,250
Cost Accounting Analysis $60,300 $63,000 $65,000
QuickBooks Services $17,100 $17,700 $18,600
Bookkeeping Hours $47,100 $117,750 $235,500
Total Sales $218,100 $295,950 $420,350
Direct Unit Costs 2010 2011 2012
Tax Preparations $37.50 $37.50 $37.50
Cost Accounting Analysis $30.00 $30.00 $30.00
QuickBooks Services $0.00 $0.00 $0.00
Bookkeeping Hours $15.00 $15.00 $15.00
Direct Cost of Sales
Tax Preparations $4,680 $4,875 $5,063
Cost Accounting Analysis $1,809 $1,890 $1,950
QuickBooks Services $0 $0 $0
Bookkeeping Hours $23,550 $58,875 $117,750
Subtotal Direct Cost of Sales $30,039 $65,640 $124,763
Mi!estones
To execute the milestones listed, Max Greenwood will make liberal use of an outside marketing service frm
(OF denotes outside frm on the table) which will manage the execution of the marketing activities listed.
Greenwood will directly execute the sales activities listed through his work with clients.
$4,000 of these costs will be incurred at the end of 2009 and are included in operating costs on the past
performance table.
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Milestones
Milestone Start Date End Date Budget Manager Department
Redevelop Website 12/1/2009 1/1/2010 $2,500 MG (OF) Marketing
List Website on Databases 1/1/2010 1/15/2010 $500 MG (OF) Marketing
Change Yellow Pages ads 1/1/2010 1/15/2010 $500 MG (OF) Marketing
Search Engine Marketing 1/1/2010 12/31/2010 $12,000 MG (OF) Marketing
Expand Website Best
Practices Section
12/1/2009 2/28/2010 $0 MG Marketing
Redevelop Brochure 12/1/2009 1/1/2010 $1,000 MG (OF) Marketing
Print New Brochures 1/1/2010 1/15/2010 $3,000 MG (OF) Marketing
Promotion to Clients 1/1/2010 1/31/2010 $0 MG Sales
Promotion to Client Referrals 2/1/2010 2/28/2010 $0 MG Sales
Develop Print Ad 12/1/2009 12/15/2009 $500 MG (OF) Marketing
Run frst print ads 2/1/2010 2/15/2010 $5,000 MG (OF) Marketing
Totals $25,000
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Management Summary
Max Greenwood is CEO and sole manager of The Sorcerer's Accountant. With the launch of bookkeeping
services, Greenwood will oversee a part-time bookkeeping manager who will oversee the work of the
bookkeepers. The manager will be in an MBA or MS accounting program with professional work experience
and bookkeeping experience, preferably at the start of his or her graduate school program so that he or she
can work through the program's two years and then be considered for a move to a full-time position in year
three. This manager will work from the Sorcerer's Accountant ofce or remotely, checking in with the
bookkeepers by email and phone to remain apprised of the situations and problems they are facing. The
manager will be present for the bookkeepers' training by Max Greenwood, so he or she will be aware of their
responsibilities and requirements.
Periodically, the manager will visit the bookkeepers on-site and also request to audit their work directly to
spot any problems before they become issues for the clients. Any issues with the bookkeepers will be
reported by the clients to the bookkeeping manager directly. He will either handle them himself or report to
Greenwood for help.
Greenwood will remain in close contact with the bookkeeping manager and review work samples from
the bookkeepers at least once a month.
$ersonne! $!an
The bookkeeping manager will move from a part-time position over the next two years to a full-time position
in the third year. As mentioned previously, this is designed for an accounting graduate student interested in
being part of this growing organization. If this student becomes a CPA, the role can continue to expand and
he can take on accounting work within the organization as well as oversight of the student bookkeepers. This
growth, and the fact that the business will ofer benefts, are the strategy to retain this key employee in future
years.
Direct cost wages for student bookkeepers' billable hours are listed in the Sales Forecast. The wages shown
for student bookkeepers in this table represent only training periods (non-billable hours) when new
bookkeepers join the business. We will start with two part-time bookkeepers at the start of 2010, and
increase to three midyear, adding a fourth in the second year and doubling the student bookkeeping
staf to eight total in the third year.
Employee benefts are 10% of payroll and are provided only for the management.
Personnel Plan
2010 2011 2012
Bookkeeper training-period wages $1,200 $400 $1,600
Max Greenwood $60,000 $65,000 $70,000
Bookkeeper Manager $24,000 $28,800 $48,000
Benefts $8,400 $9,380 $11,800
Total People 5 6 10
Total Payroll $93,600 $103,580 $131,400
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XJOwGgIE
Financial Plan
The fnancial plan of the business requires growth fnanced by positive cash fows from
operations. Additional outside investment or owner investment is not necessary. The new
business line is not capital-intensive, but will increase fxed costs of the business which must be
covered almost immediately by additional revenues from bookkeeping sales. This is feasible
because it is expected that at least fve current clients will use the service without hesitation as
they are ready to start using a bookkeeper or outsource their current bookkeeping.
1mportant )ssumptions
The business will grow the number of part-time bookkeepers with the business over these next
three years. In the frst year, two bookkeepers will work at less than 20 hours per week each for
several months before reaching capacity, and a third bookkeeper will join us mid-year. A fourth
part-time bookkeeper will be added in year two, and four more will be added in year three.
(reak"even )nalysis
Our monthly revenue break-even is based on the fxed costs of running the current business
along with the old lines of business. This is a signifcant increase from the 2009 break-even point.
The increased marketing activity, capacity, payroll, benefts, and computer expenses for the new
bookkeeper, insurance for the new line of business, and cost of sales to hire bookkeepers drives
this break-even point higher.
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Break-even Analysis
Monthly Units Break-even 141
Monthly Revenue Break-even $16,926
Assumptions:
Average Per-Unit Revenue $120.36
Average Per-Unit Variable Cost $16.58
Estimated Monthly Fixed Cost $14,595
business plan.
Pro*ecte$ Pro+t an$ Loss
The Sorcerer's Accountant actually expects its gross margin to fall as it takes on bookkeepers to
fulfll the new bookkeeping service. This will move from the frm's gross margin from being in line
with a non-employer frm to a contractor frm that provides labor to businesses. The growth in
revenues will ofset this drop in gross margin and produce steady growth in net proft. Marketing
will include the activities listed for 2010 in the milestones table as well as additional runs of print
ads in local publications beyond the frst few months. This expense will drop somewhat in future
years as marketing returns to the business's focus on referrals and word-of-mouth from clients.
Rent and utilities will not grow signifcantly, as only Greenwood and the bookkeeping manager will
work out of the ofce space. Insurance will grow to cover the added liability of additional
employees working in client spaces. Payroll taxes are set at 15% of payroll and the bookkeeping
labor items. Employee benefts are 10% of payroll and are provided only for the management.
January will be a month of additional setup training to bring the new bookkeepers and manager
online and install additional software and computers. Software and computer expenses to provide
accounting software for the laptops of student bookkeepers and to continue to upgrade the
systems of the business will grow. In the frst year, this includes a computer and software set-up
for the bookkeeping manager.
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2010 2011 2012
Sales $218,100 $295,950 $420,350
Direct Cost of Sales $30,039 $65,640 $124,763
Other Cost of Sales $0 $0 $0
Total Cost of Sales $30,039 $65,640 $124,763
Gross Margin $188,061 $230,310 $295,588
Gross Margin % 86.23% 77.82% 70.32%
Expenses
Payroll $93,600 $103,580 $131,400
Marketing/Promotion $38,500 $20,000 $20,000
Depreciation $0 $0 $0
Rent $18,000 $18,720 $19,469
Utilities $2,400 $2,496 $2,596
Insurance $5,000 $7,000 $8,000
Payroll Taxes $14,040 $15,537 $19,710
Software and Computer Expenses $3,600 $4,000 $6,000
Total Operating Expenses $175,140 $171,333 $207,175
Proft Before Interest and Taxes $12,921 $58,977 $88,413
EBITDA $12,921 $58,977 $88,413
Interest Expense $0 $0 $0
Taxes Incurred $3,876 $17,693 $26,524
Net Proft $9,045 $41,284 $61,889
Net Proft/Sales 4.15% 13.95% 14.72%
Pro*ecte$ Cas! %low
The expansion of the business can be undertaken with the current cash reserves, even
accounting for a cash loss over $10000 in February, 2010 as the marketing and set-up expenses
for the new business line must be paid. The business will return to positive cash-fow in the
second quarter. The fact that the part-time bookkeepers will only be deployed on paying jobs
lowers the risk of this new business line to the cost of the bookkeeping manager and marketing.
Signifcant cash reserves can be built up in future years for an acquisition or additional service
expansion or the owner can take dividends as shown.
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Pro Forma Cash Flow
2010 2011 2012
Cash Received
Cash Sales $109,050 $147,975 $210,175
Cash from Receivables $105,612 $144,145 $204,055
Subtotal Cash from Operations $214,662 $292,120 $414,230
Sales Tax, VAT, HST/GST Received $0 $0 $0
New Current Borrowing $0 $0 $0
New Other Liabilities (interest-free) $0 $0 $0
New Long-term Liabilities $0 $0 $0
Sales of Other Current Assets $0 $0 $0
Sales of Long-term Assets $0 $0 $0
New Investment Received $0 $0 $0
Subtotal Cash Received $214,662 $292,120 $414,230
Expenditures 2010 2011 2012
Cash Spending $93,600 $103,580 $131,400
Bill Payments $111,643 $149,376 $220,816
Subtotal Spent on Operations $205,243 $252,956 $352,216
Sales Tax, VAT, HST/GST Paid Out $0 $0 $0
Principal Repayment of Current Borrowing $0 $0 $0
Other Liabilities Principal Repayment $0 $0 $0
Long-term Liabilities Principal Repayment $0 $0 $0
Purchase Other Current Assets $0 $0 $0
Purchase Long-term Assets $0 $0 $0
Dividends $0 $20,000 $60,000
Subtotal Cash Spent $205,243 $272,956 $412,216
Net Cash Flow $9,418 $19,164 $2,013
Cash Balance $29,418 $48,582 $50,596
Pro*ecte$ (alance S!eet
The net worth of the business will improve if the new business line succeeds as expected.
Additional external fnancing will not be needed and the debt of the business will remain low.
2010 2011 2012
Assets
Current Assets
Cash $29,418 $48,582 $50,596
Other Current Assets $5,000 $5,000 $5,000
Long-term Assets
Total Assets $45,148 $68,142 $76,276
Liabilities and Capital 2010 2011 2012
Current Liabilities
Accounts Payable $10,708 $12,418 $18,663
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $10,708 $12,418 $18,663
Total Liabilities $10,708 $12,418 $18,663
Paid-in Capital $10,000 $10,000 $10,000
Retained Earnings $15,396 $4,441 ($14,276)
Earnings $9,045 $41,284 $61,889
Total Capital $34,441 $55,724 $57,613
Total Liabilities and Capital $45,148 $68,142 $76,276
Net Worth $34,441 $55,724 $57,613
(usiness Ratios
The Sorcerer's Accountant is compared here to the "Ofce Administrative Services" industry of
under $500,000 in revenues. Comparison to the other closest industry, "Tax Preparation
Services," is less useful because of the diferences created by the new revenue line.
Sorcerer's Accountant does not hold substantial current or long-term assets, besides some ofce
equipment and a rental security deposit. The assets of the business are primarily the human and
knowledge assets of Max Greenwood, and the resources presented on the Sorcerer's Accountant
website which are not recognized here. This explains the diferences in asset ratios.
Gross margins will be higher than industry averages, as employees will be contracted directly to
clients only for the bookkeeping services and not for the accounting services of the business.
However, S G & A will be higher than the industry averages because of the need for an extra level
of management to oversee the employees.
Ratio Analysis
2010 2011 2012 Industry Profle
Sales Growth 24.63% 35.69% 42.03% 3.34%
Percent of Total Assets
Accounts Receivable 23.77% 21.37% 27.11% 14.34%
Other Current Assets 11.07% 7.34% 6.56% 53.58%
Total Current Assets 100.00% 100.00% 100.00% 70.11%
Long-term Assets 0.00% 0.00% 0.00% 29.89%
Total Assets 100.00% 100.00% 100.00% 100.00%
Current Liabilities 23.72% 18.22% 24.47% 37.94%
Long-term Liabilities 0.00% 0.00% 0.00% 54.53%
Total Liabilities 23.72% 18.22% 24.47% 92.47%
Net Worth 76.28% 81.78% 75.53% 7.53%
Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 86.23% 77.82% 70.32% 59.56%
Selling, General & Administrative Expenses 82.08% 63.87% 55.60% 28.35%
Advertising Expenses 17.65% 6.76% 4.76% 1.21%
Proft Before Interest and Taxes 5.92% 19.93% 21.03% 8.19%
Main Ratios
Current 4.22 5.49 4.09 1.24
Quick 4.22 5.49 4.09 1.18
Total Debt to Total Assets 23.72% 18.22% 24.47% 92.47%
Pre-tax Return on Net Worth 37.52% 105.84% 153.46% 696.33%
Pre-tax Return on Assets 28.62% 86.55% 115.91% 52.41%
Additional Ratios 2010 2011 2012
Net Proft Margin 4.15% 13.95% 14.72% n.a
Return on Equity 26.26% 74.09% 107.42% n.a
Activity Ratios
Accounts Receivable Turnover 10.16 10.16 10.16 n.a
Collection Days 29 31 31 n.a
Accounts Payable Turnover 10.78 12.17 12.17 n.a
Payment Days 29 28 25 n.a
Total Asset Turnover 4.83 4.34 5.51 n.a
Debt Ratios
Debt to Net Worth 0.31 0.22 0.32 n.a
Current Liab. to Liab. 1.00 1.00 1.00 n.a
Liquidity Ratios
Net Working Capital $34,441 $55,724 $57,613 n.a
Interest Coverage 0.00 0.00 0.00 n.a
Additional Ratios
Assets to Sales 0.21 0.23 0.18 n.a
Current Debt/Total Assets 24% 18% 24% n.a
Acid Test 3.21 4.31 2.98 n.a
Sales/Net Worth 6.33 5.31 7.30 n.a
Dividend Payout 0.00 0.48 0.97 n.a
business plan.
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"##ounting and Bookkeeping Business Plan
The Sor#erer1s "##ountant
Start 'our on business plan
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; Pre0ious Page <e%t Page =
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Sales Fore#ast
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Hours
A? A86? A2,?6? A2,46? A2,6?? A2,9?? A3,2?? A3,5?? A3,8??
Subtotal
*ire#t Cost
of Sales
A555 A2,329 A2,653 A2,::6 A3,?66 A3,466 A3,766 A3,:66 A4,366
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Personnel Plan
>an Feb Mar "pr Ma' >un >ul "ug Sep O#t <o0 *e#
Bookkeeper
training!
period
ages
A9?? A? A? A? A? A? A5?? A? A? A? A? A?
Ma%
&reenood
A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,???
Bookkeeper
Manager
A3,??? A3,??? A3,??? A3,??? A3,??? A3,??? A3,??? A3,??? A3,??? A3,??? A3,??? A3,???
Benefits 2?B A8?? A8?? A8?? A8?? A8?? A8?? A8?? A8?? A8?? A8?? A8?? A8??
Total
People
5 5 5 5 5 5 6 6 6 6 6 6
Total
Pa'roll
A9,6?? A8,8?? A8,8?? A8,8?? A8,8?? A8,8?? A9,2?? A8,8?? A8,8?? A8,8?? A8,8?? A8,8??
Pro Forma Profit and Loss
>an Feb Mar "pr Ma' >un >ul "ug Sep O#t
Sales A23,??? A24,6?? A25,2?? A28,8?? A29,??? A29,7?? A2:,3?? A2:,9?? A3?,5?? A32,???
*ire#t Cost of Sales A555 A2,329 A2,653 A2,::6 A3,?66 A3,466 A3,766 A3,:66 A4,366 A4,666
Other Cost of Sales A? A? A? A? A? A? A? A? A? A?
Total Cost of Sales A555 A2,329 A2,653 A2,::6 A3,?66 A3,466 A3,766 A3,:66 A4,366 A4,666
&ross Margin A22,667 A23,393 A23,669 A26,8?6 A26,:56 A27,356 A27,656 A27,956 A28,256 A28,556
&ross Margin B :7.4?B :?.:9B 9:.?7B 99.84B 99.69B 98.45B 97.28B 96.?9B 95.?5B 94.?8B
+%penses
Pa'roll A9,6?? A8,8?? A8,8?? A8,8?? A8,8?? A8,8?? A9,2?? A8,8?? A8,8?? A8,8??
MarketingDPromotion A2?,??? A4,??? A4,??? A3,6?? A3,6?? A3,6?? A3,6?? A3,6?? A3,6?? A3,6??
*epre#iation A? A? A? A? A? A? A? A? A? A?
(ent A2,6?? A2,6?? A2,6?? A2,6?? A2,6?? A2,6?? A2,6?? A2,6?? A2,6?? A2,6??
.tilities A3?? A3?? A3?? A3?? A3?? A3?? A3?? A3?? A3?? A3??
Ensuran#e A6,??? A? A? A? A? A? A? A? A? A?
Pa'roll Ta%es 26B A2,386 A2,266 A2,266 A2,266 A2,266 A2,266 A2,326 A2,266 A2,266 A2,266
Softare and
Computer +%penses
A3,6?? A2?? A2?? A2?? A2?? A2?? A2?? A2?? A2?? A2??
Total Operating
+%penses
A39,:86 A24,766 A24,766 A24,266 A24,266 A24,266 A24,726 A24,266 A24,266 A24,266
Profit Before Enterest
and Ta%es
FA28,52:G FA2,484G FA2,?:8G A3,66? A3,8:? A4,?:? A3,:4? A4,7:? A4,::? A5,3:?
+BET*" FA28,52:G FA2,484G FA2,?:8G A3,66? A3,8:? A4,?:? A3,:4? A4,7:? A4,::? A5,3:?
Enterest +%pense A? A? A? A? A? A? A? A? A? A?
Ta%es En#urred FA6,337G FA523G FA43:G A876 A948 A:38 A98: A2,2?8 A2,2:8 A2,398
<et Profit FA23,2:4G FA:72G FA879G A2,896 A2,:64 A3,274 A3,?62 A3,694 A3,8:4 A4,??4
<et ProfitDSales !2?2.72B !8.23B !6.56B 2?.?9B 2?.96B 22.74B 2?.79B 24.?6B 24.7:B 25.4?B
Pro Forma Cash Flo
Cash
(e#ei0ed
Cash from
Operations
Cash Sales A7,??? A7,86? A8,?6? A9,96? A:,??? A:,4?? A:,7?? A:,:?? A2?,3?? A2?,6??
Cash from
(e#ei0ables
A8,5:3 A7,?36 A7,87? A8,22? A9,966 A:,?2? A:,42? A:,72? A:,:2? A2?,32?
Subtotal
Cash from
Operations
A24,5:3 A23,886 A24,92? A26,:7? A28,966 A29,42? A29,:2? A2:,62? A3?,22? A3?,82?
"dditional
Cash
(e#ei0ed
Sales Ta%,
)"T,
HSTD&ST
(e#ei0ed
?.??B A? A? A? A? A? A? A? A? A? A?
<e Current
Borroing
A? A? A? A? A? A? A? A? A? A?
<e Other
Liabilities
Finterest!
freeG
A? A? A? A? A? A? A? A? A? A?
<e Long!
term
Liabilities
A? A? A? A? A? A? A? A? A? A?
Sales of
Other
Current
"ssets
A? A? A? A? A? A? A? A? A? A?
Sales of
Long!term
"ssets
A? A? A? A? A? A? A? A? A? A?
<e
En0estment
(e#ei0ed
A? A? A? A? A? A? A? A? A? A?
Subtotal
Cash
(e#ei0ed
A24,5:3 A23,886 A24,92? A26,:7? A28,966 A29,42? A29,:2? A2:,62? A3?,22? A3?,82?
+%penditures >an Feb Mar "pr Ma' >un >ul "ug Sep O#t
+%penditures
from
Operations
Cash A9,6?? A8,8?? A8,8?? A8,8?? A8,8?? A8,8?? A9,2?? A8,8?? A8,8?? A8,8??
Spending
Bill
Pa'ments
A8,52: A26,4:7 A7,886 A8,3?4 A9,32: A9,47? A9,858 A:,?76 A:,64? A:,:3?
Subtotal
Spent on
Operations
A26,:2: A34,?:7 A25,586 A25,:?4 A26,:2: A27,?7? A27,958 A27,876 A28,34? A28,73?
"dditional
Cash Spent
Sales Ta%,
)"T,
HSTD&ST
Paid Out
A? A? A? A? A? A? A? A? A? A?
Prin#ipal
(epa'ment
of Current
Borroing
A? A? A? A? A? A? A? A? A? A?
Other
Liabilities
Prin#ipal
(epa'ment
A? A? A? A? A? A? A? A? A? A?
Long!term
Liabilities
Prin#ipal
(epa'ment
A? A? A? A? A? A? A? A? A? A?
Pur#hase
Other
Current
"ssets
A? A? A? A? A? A? A? A? A? A?
Pur#hase
Long!term
"ssets
A? A? A? A? A? A? A? A? A? A?
*i0idends A? A? A? A? A? A? A? A? A? A?
Subtotal
Cash Spent
A26,:2: A34,?:7 A25,586 A25,:?4 A26,:2: A27,?7? A27,958 A27,876 A28,34? A28,73?
<et Cash
Flo
FA3,538G FA2?,432G FA776G A2,?68 A2,:47 A3,36? A3,?74 A3,856 A3,99? A4,?:?
Cash
Balan#e
A28,684 A8,363 A7,699 A8,756 A:,69? A22,94? A24,9:4 A27,749 A2:,629 A33,7?9
Pro Forma Balan#e Sheet
"ssets
Starting
Balan#es
Current
"ssets
Cash A3?,??? A28,684 A8,363 A7,699 A8,756 A:,69? A22,94? A24,9:4 A27,749 A2:,629
"##ounts
(e#ei0able
A8,3:3 A6,9?? A7,636 A7,926 A9,666 A9,8?? A9,::? A:,39? A:,68? A:,97?
Other
Current
"ssets
A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,???
Total
Current
"ssets
A43,3:3 A39,484 A29,888 A29,5?4 A32,3?? A34,39? A36,93? A39,284 A42,3?9 A45,489
Long!term
"ssets
Long!term
"ssets
A? A? A? A? A? A? A? A? A? A?
"##umulated
*epre#iation
A? A? A? A? A? A? A? A? A? A?
Total Long!
term "ssets
A? A? A? A? A? A? A? A? A? A?
Total "ssets A43,3:3 A39,484 A29,888 A29,5?4 A32,3?? A34,39? A36,93? A39,284 A42,3?9 A45,489
Liabilities
and Capital
Current
Liabilities
"##ounts
Pa'able
A7,9:7 A26,28? A7,647 A7,:3: A8,:52 A9,?7: A9,557 A9,858 A:,3?? A:,688
Current
Borroing
A? A? A? A? A? A? A? A? A? A?
Other
Current
Liabilities
A? A? A? A? A? A? A? A? A? A?
Subtotal
Current
Liabilities
A7,9:7 A26,28? A7,647 A7,:3: A8,:52 A9,?7: A9,557 A9,858 A:,3?? A:,688
Long!term
Liabilities
A? A? A? A? A? A? A? A? A? A?
Total
Liabilities
A7,9:7 A26,28? A7,647 A7,:3: A8,:52 A9,?7: A9,557 A9,858 A:,3?? A:,688
Paid!in
Capital
A2?,??? A2?,??? A2?,??? A2?,??? A2?,??? A2?,??? A2?,??? A2?,??? A2?,??? A2?,???
(etained
+arnings
FA94,665G A26,4:7 A26,4:7 A26,4:7 A26,4:7 A26,4:7 A26,4:7 A26,4:7 A26,4:7 A26,4:7
+arnings A:9,:6? FA23,2:4G FA24,265G FA24,:33G FA23,248G FA2?,295G FA9,?32G FA6,:8?G FA4,498G FA6:5G
Total Capital A36,4:7 A24,3?4 A23,352 A22,585 A24,36: A26,323 A28,486 A2:,537 A33,??: A35,9?3
Total
Liabilities
and Capital
A43,3:3 A39,484 A29,888 A29,5?4 A32,3?? A34,39? A36,93? A39,284 A42,3?9 A45,489
<et $orth A36,4:7 A24,3?4 A23,352 A22,585 A24,36: A26,323 A28,486 A2:,537 A33,??: A35,9?3
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68
Sales Fore#ast
>an Feb Mar "pr Ma' >un >ul
.nit Sales
Ta%
Preparations
9 2? 22 27 2? 2? 2?
Cost
"##ounting
"nal'sis
6 5 3 3 7 7 7
@ui#kBooks
Ser0i#es
5 5 5 6 6 6 6
Bookkeeping
Hours
? 6? 8? :? 2?? 23? 25?
Total .nit
Sales
28 78 99 224 232 252 272
.nit Pri#es >an Feb Mar "pr Ma' >un >ul
Ta%
Preparations
A86?.?? A86?.?? A86?.?? A86?.?? A86?.?? A86?.?? A86?.??
Cost A2,???.?? A2,???.?? A2,???.?? A2,???.?? A2,???.?? A2,???.?? A2,???.??
"##ounting
"nal'sis
@ui#kBooks
Ser0i#es
A4??.?? A4??.?? A4??.?? A4??.?? A4??.?? A4??.?? A4??.??
Bookkeeping
Hours
A4?.?? A4?.?? A4?.?? A4?.?? A4?.?? A4?.?? A4?.??
Sales
Ta%
Preparations
A7,??? A8,3?? A9,5?? A23,??? A8,6?? A8,6?? A8,6??
Cost
"##ounting
"nal'sis
A5,9?? A4,7?? A3,5?? A2,6?? A7,??? A7,??? A7,???
@ui#kBooks
Ser0i#es
A2,3?? A2,3?? A2,3?? A2,6?? A2,6?? A2,6?? A2,6??
Bookkeeping
Hours
A? A2,6?? A3,2?? A3,8?? A4,??? A4,7?? A5,3??
Total Sales A23,??? A24,6?? A25,2?? A28,8?? A29,??? A29,7?? A2:,3??
*ire#t .nit
Costs
>an Feb Mar "pr Ma' >un >ul
Ta%
Preparations
6.??B A48.6? A48.6? A48.6? A48.6? A48.6? A48.6? A48.6?
Cost
"##ounting
"nal'sis
4.??B A4?.?? A4?.?? A4?.?? A4?.?? A4?.?? A4?.?? A4?.??
@ui#kBooks
Ser0i#es
?.??B A?.?? A?.?? A?.?? A?.?? A?.?? A?.?? A?.??
Bookkeeping
Hours
6?.??B A26.?? A26.?? A26.?? A26.?? A26.?? A26.?? A26.??
*ire#t Cost
of Sales
Ta%
Preparations
A4?? A47? A53? A7?? A486 A486 A486
Cost
"##ounting
"nal'sis
A255 A2?9 A83 A56 A29? A29? A29?
@ui#kBooks
Ser0i#es
A? A? A? A? A? A? A?
Bookkeeping
Hours
A? A86? A2,?6? A2,46? A2,6?? A2,9?? A3,2??
Subtotal
*ire#t Cost
of Sales
A555 A2,329 A2,653 A2,::6 A3,?66 A3,466 A3,766
Personnel Plan
Bookkeeper
training!
period ages
A9?? A? A? A? A? A? A5?? A? A? A?
Ma%
&reenood
A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,???
Bookkeeper
Manager
A3,??? A3,??? A3,??? A3,??? A3,??? A3,??? A3,??? A3,??? A3,??? A3,???
Benefits 2?B A8?? A8?? A8?? A8?? A8?? A8?? A8?? A8?? A8?? A8??
Total People 5 5 5 5 5 5 6 6 6 6
Total Pa'roll A9,6?? A8,8?? A8,8?? A8,8?? A8,8?? A8,8?? A9,2?? A8,8?? A8,8?? A8,8??
Pro Forma Profit and Loss
Sales A23,??? A24,6?? A25,2?? A28,8?? A29,??? A29,7?? A2:,3?? A2:,9?? A3?,5??
*ire#t Cost of Sales A555 A2,329 A2,653 A2,::6 A3,?66 A3,466 A3,766 A3,:66 A4,366
Other Cost of Sales A? A? A? A? A? A? A? A? A?
Total Cost of Sales A555 A2,329 A2,653 A2,::6 A3,?66 A3,466 A3,766 A3,:66 A4,366
&ross Margin A22,667 A23,393 A23,669 A26,8?6 A26,:56 A27,356 A27,656 A27,956 A28,256
&ross Margin B :7.4?B :?.:9B 9:.?7B 99.84B 99.69B 98.45B 97.28B 96.?9B 95.?5B
+%penses
Pa'roll A9,6?? A8,8?? A8,8?? A8,8?? A8,8?? A8,8?? A9,2?? A8,8?? A8,8??
MarketingDPromotion A2?,??? A4,??? A4,??? A3,6?? A3,6?? A3,6?? A3,6?? A3,6?? A3,6??
*epre#iation A? A? A? A? A? A? A? A? A?
(ent A2,6?? A2,6?? A2,6?? A2,6?? A2,6?? A2,6?? A2,6?? A2,6?? A2,6??
.tilities A3?? A3?? A3?? A3?? A3?? A3?? A3?? A3?? A3??
Ensuran#e A6,??? A? A? A? A? A? A? A? A?
Pa'roll Ta%es 26B A2,386 A2,266 A2,266 A2,266 A2,266 A2,266 A2,326 A2,266 A2,266
Softare and
Computer +%penses
A3,6?? A2?? A2?? A2?? A2?? A2?? A2?? A2?? A2??
Total Operating
+%penses
A39,:86 A24,766 A24,766 A24,266 A24,266 A24,266 A24,726 A24,266 A24,266
Profit Before Enterest
and Ta%es
FA28,52:G FA2,484G FA2,?:8G A3,66? A3,8:? A4,?:? A3,:4? A4,7:? A4,::?
+BET*" FA28,52:G FA2,484G FA2,?:8G A3,66? A3,8:? A4,?:? A3,:4? A4,7:? A4,::?
Enterest +%pense A? A? A? A? A? A? A? A? A?
Ta%es En#urred FA6,337G FA523G FA43:G A876 A948 A:38 A98: A2,2?8 A2,2:8
<et Profit FA23,2:4G FA:72G FA879G A2,896 A2,:64 A3,274 A3,?62 A3,694 A3,8:4
<et ProfitDSales !2?2.72B !8.23B !6.56B 2?.?9B 2?.96B 22.74B 2?.79B 24.?6B 24.7:B
Pro Forma Cash Flo
Cash (e#ei0ed
Cash from
Operations
Cash Sales A7,??? A7,86? A8,?6? A9,96? A:,??? A:,4?? A:,7?? A:,:?? A2?,3?? A2?,6??
Cash from
(e#ei0ables
A8,5:3 A7,?36 A7,87? A8,22? A9,966 A:,?2? A:,42? A:,72? A:,:2? A2?,32?
Subtotal Cash
from
Operations
A24,5:3 A23,886 A24,92? A26,:7? A28,966 A29,42? A29,:2? A2:,62? A3?,22? A3?,82?
"dditional
Cash (e#ei0ed
Sales Ta%, )"T,
HSTD&ST
(e#ei0ed
?.??B A? A? A? A? A? A? A? A? A? A?
<e Current
Borroing
A? A? A? A? A? A? A? A? A? A?
<e Other
Liabilities
Finterest!freeG
A? A? A? A? A? A? A? A? A? A?
<e Long!term
Liabilities
A? A? A? A? A? A? A? A? A? A?
Sales of Other
Current "ssets
A? A? A? A? A? A? A? A? A? A?
Sales of Long!
term "ssets
A? A? A? A? A? A? A? A? A? A?
<e
En0estment
(e#ei0ed
A? A? A? A? A? A? A? A? A? A?
Subtotal Cash
(e#ei0ed
A24,5:3 A23,886 A24,92? A26,:7? A28,966 A29,42? A29,:2? A2:,62? A3?,22? A3?,82?
+%penditures >an Feb Mar "pr Ma' >un >ul "ug Sep O#t
+%penditures
from
Operations
Cash Spending A9,6?? A8,8?? A8,8?? A8,8?? A8,8?? A8,8?? A9,2?? A8,8?? A8,8?? A8,8??
Bill Pa'ments A8,52: A26,4:7 A7,886 A8,3?4 A9,32: A9,47? A9,858 A:,?76 A:,64? A:,:3?
Subtotal Spent
on Operations
A26,:2: A34,?:7 A25,586 A25,:?4 A26,:2: A27,?7? A27,958 A27,876 A28,34? A28,73?
"dditional
Cash Spent
Sales Ta%, )"T,
HSTD&ST Paid
Out
A? A? A? A? A? A? A? A? A? A?
Prin#ipal
(epa'ment of
Current
Borroing
A? A? A? A? A? A? A? A? A? A?
Other
Liabilities
Prin#ipal
(epa'ment
A? A? A? A? A? A? A? A? A? A?
Long!term
Liabilities
Prin#ipal
(epa'ment
A? A? A? A? A? A? A? A? A? A?
Pur#hase Other
Current "ssets
A? A? A? A? A? A? A? A? A? A?
Pur#hase Long!
term "ssets
A? A? A? A? A? A? A? A? A? A?
*i0idends A? A? A? A? A? A? A? A? A? A?
Subtotal Cash
Spent
A26,:2: A34,?:7 A25,586 A25,:?4 A26,:2: A27,?7? A27,958 A27,876 A28,34? A28,73?
<et Cash Flo FA3,538G FA2?,432G FA776G A2,?68 A2,:47 A3,36? A3,?74 A3,856 A3,99? A4,?:?
Cash Balan#e A28,684 A8,363 A7,699 A8,756 A:,69? A22,94? A24,9:4 A27,749 A2:,629 A33,7?9
Pro Forma Balan#e Sheet
"ssets
Starting
Balan#es
Current
"ssets
Cash A3?,??? A28,684 A8,363 A7,699 A8,756 A:,69? A22,94? A24,9:4 A27,749 A2:,629
"##ounts
(e#ei0able
A8,3:3 A6,9?? A7,636 A7,926 A9,666 A9,8?? A9,::? A:,39? A:,68? A:,97?
Other
Current
"ssets
A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,??? A6,???
Total
Current
"ssets
A43,3:3 A39,484 A29,888 A29,5?4 A32,3?? A34,39? A36,93? A39,284 A42,3?9 A45,489
Long!term
"ssets
Long!term
"ssets
A? A? A? A? A? A? A? A? A? A?
"##umulated
*epre#iation
A? A? A? A? A? A? A? A? A? A?
Total Long!
term "ssets
A? A? A? A? A? A? A? A? A? A?
Total "ssets A43,3:3 A39,484 A29,888 A29,5?4 A32,3?? A34,39? A36,93? A39,284 A42,3?9 A45,489
Liabilities
and Capital
Current
Liabilities
"##ounts
Pa'able
A7,9:7 A26,28? A7,647 A7,:3: A8,:52 A9,?7: A9,557 A9,858 A:,3?? A:,688
Current
Borroing
A? A? A? A? A? A? A? A? A? A?
Other
Current
Liabilities
A? A? A? A? A? A? A? A? A? A?
Subtotal
Current
Liabilities
A7,9:7 A26,28? A7,647 A7,:3: A8,:52 A9,?7: A9,557 A9,858 A:,3?? A:,688
Long!term
Liabilities
A? A? A? A? A? A? A? A? A? A?
Total
Liabilities
A7,9:7 A26,28? A7,647 A7,:3: A8,:52 A9,?7: A9,557 A9,858 A:,3?? A:,688
Paid!in
Capital
A2?,??? A2?,??? A2?,??? A2?,??? A2?,??? A2?,??? A2?,??? A2?,??? A2?,??? A2?,???
(etained
+arnings
FA94,665G A26,4:7 A26,4:7 A26,4:7 A26,4:7 A26,4:7 A26,4:7 A26,4:7 A26,4:7 A26,4:7
+arnings A:9,:6? FA23,2:4G FA24,265G FA24,:33G FA23,248G FA2?,295G FA9,?32G FA6,:8?G FA4,498G FA6:5G
Total Capital A36,4:7 A24,3?4 A23,352 A22,585 A24,36: A26,323 A28,486 A2:,537 A33,??: A35,9?3
Total
Liabilities
and Capital
A43,3:3 A39,484 A29,888 A29,5?4 A32,3?? A34,39? A36,93? A39,284 A42,3?9 A45,489
<et $orth A36,4:7 A24,3?4 A23,352 A22,585 A24,36: A26,323 A28,486 A2:,537 A33,??: A35,9?3
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Sales Fore#ast
Sales Fore#ast
.nit Sales
Ta%
Preparations
9 2? 22 27 2? 2? 2? 2? 2?
Cost
"##ounting
"nal'sis
6 5 3 3 7 7 7 7 7
@ui#kBooks
Ser0i#es
5 5 5 6 6 6 6 6 6
Bookkeeping
Hours
? 6? 8? :? 2?? 23? 25? 27? 29?
Total .nit
Sales
28 78 99 224 232 252 272 292 3?2
.nit Pri#es >an Feb Mar "pr Ma' >un >ul "ug Sep
Ta%
Preparations
A86?.?? A86?.?? A86?.?? A86?.?? A86?.?? A86?.?? A86?.?? A86?.?? A86?.??
Cost
"##ounting
"nal'sis
A2,???.?
?
A2,???.?
?
A2,???.?
?
A2,???.?
?
A2,???.?
?
A2,???.?
?
A2,???.?
?
A2,???.?
?
A2,???.?
?
@ui#kBooks
Ser0i#es
A4??.?? A4??.?? A4??.?? A4??.?? A4??.?? A4??.?? A4??.?? A4??.?? A4??.??
Bookkeeping
Hours
A4?.?? A4?.?? A4?.?? A4?.?? A4?.?? A4?.?? A4?.?? A4?.?? A4?.??
Sales
Ta%
Preparations
A7,??? A8,3?? A9,5?? A23,??? A8,6?? A8,6?? A8,6?? A8,6?? A8,6??
Cost
"##ounting
"nal'sis
A5,9?? A4,7?? A3,5?? A2,6?? A7,??? A7,??? A7,??? A7,??? A7,???
@ui#kBooks
Ser0i#es
A2,3?? A2,3?? A2,3?? A2,6?? A2,6?? A2,6?? A2,6?? A2,6?? A2,6??
Bookkeeping
Hours
A? A2,6?? A3,2?? A3,8?? A4,??? A4,7?? A5,3?? A5,9?? A6,5??
Total Sales A23,??? A24,6?? A25,2?? A28,8?? A29,??? A29,7?? A2:,3?? A2:,9?? A3?,5??
*ire#t .nit
Costs
Ta%
Preparations
6.??B A48.6? A48.6? A48.6? A48.6? A48.6? A48.6? A48.6? A48.6? A48.6?
Cost
"##ounting
"nal'sis
4.??B A4?.?? A4?.?? A4?.?? A4?.?? A4?.?? A4?.?? A4?.?? A4?.?? A4?.??
@ui#kBooks
Ser0i#es
?.??B A?.?? A?.?? A?.?? A?.?? A?.?? A?.?? A?.?? A?.?? A?.??
Bookkeeping
Hours
6?.??
B
A26.?? A26.?? A26.?? A26.?? A26.?? A26.?? A26.?? A26.?? A26.??
*ire#t Cost
of Sales
Ta%
Preparations
A4?? A47? A53? A7?? A486 A486 A486 A486 A486
Cost
"##ounting
"nal'sis
A255 A2?9 A83 A56 A29? A29? A29? A29? A29?
@ui#kBooks
Ser0i#es
A? A? A? A? A? A? A? A? A?
Bookkeeping
Hours
A? A86? A2,?6? A2,46? A2,6?? A2,9?? A3,2?? A3,5?? A3,8??
Subtotal
*ire#t Cost
of Sales
A555 A2,329 A2,653 A2,::6 A3,?66 A3,466 A3,766 A3,:66 A4,366
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Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Unit Sales
Tax
Preparations
8 10 11 16 10 10 10 10 10
Cost
Accounting
Analysis
5 4 2 2 6 6 6 6 6
QuickBooks
Services
4 4 4 5 5 5 5 5 5
Bookkeeping
Hours
0 50 70 90 100 120 140 160 180 200
Total Unit
Sales
17 67 88 113 121 141 161 181 201 221
Unit Prices Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Tax
Preparations
$750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00
Cost
Accounting
Analysis
$1,000.0
0
$1,000.0
0
$1,000.0
0
$1,000.0
0
$1,000.0
0
$1,000.0
0
$1,000.0
0
$1,000.0
0
$1,000.0
0
$1,000.0
QuickBooks
Services
$300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00
Bookkeeping
Hours
$30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00
Sales
Tax
Preparations
$6,000 $7,200 $8,400 $12,000 $7,500 $7,500 $7,500 $7,500 $7,500 $7,500
Cost
Accounting
Analysis
$4,800 $3,600 $2,400 $1,500 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000
QuickBooks
Services
$1,200 $1,200 $1,200 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Bookkeeping
Hours
$0 $1,500 $2,100 $2,700 $3,000 $3,600 $4,200 $4,800 $5,400 $6,000
Total Sales $12,000 $13,500 $14,100 $17,700 $18,000 $18,600 $19,200 $19,800 $20,400 $21,000
Direct Unit
Costs
Tax
Preparations
5.00% $37.50 $37.50 $37.50 $37.50 $37.50 $37.50 $37.50 $37.50 $37.50 $37.50
Cost
Accounting
Analysis
3.00% $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00
QuickBooks
Services
0.00% $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Bookkeeping
Hours
50.00
%
$15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00
Direct Cost
of Sales
Tax
Preparations
$300 $360 $420 $600 $375 $375 $375 $375 $375 $375
Cost
Accounting
Analysis
$144 $108 $72 $45 $180 $180 $180 $180 $180 $180
QuickBooks
Services
$0 $0 $0 $0 $0 $0 $0 $0 $0
Bookkeeping
Hours
$0 $750 $1,050 $1,350 $1,500 $1,800 $2,100 $2,400 $2,700 $3,000
Subtotal
Direct Cost
of Sales
$444 $1,218 $1,542 $1,995 $2,055 $2,355 $2,655 $2,955 $3,255 $3,555
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Appendix
Sales Forecast
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Unit Sales
Tax Preparations 8 10 11 16 10 10 10 10 10 10 10 10
Cost Accounting Analysis 5 4 2 2 6 6 6 6 6 6 6 6
QuickBooks Services 4 4 4 5 5 5 5 5 5 5 5 5
Bookkeeping Hours 0 50 70 90 100 120 140 160 180 200 220 240
Total Unit Sales 17 67 88 113 121 141 161 181 201 221 241 261
Unit Prices Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Tax Preparations $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00
Cost Accounting Analysis $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
QuickBooks Services $300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00
Bookkeeping Hours $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00
Sales
Tax Preparations $6,000 $7,200 $8,400 $12,000 $7,500 $7,500 $7,500 $7,500 $7,500 $7,500 $7,500 $7,500
Cost Accounting Analysis $4,800 $3,600 $2,400 $1,500 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000
QuickBooks Services $1,200 $1,200 $1,200 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Bookkeeping Hours $0 $1,500 $2,100 $2,700 $3,000 $3,600 $4,200 $4,800 $5,400 $6,000 $6,600 $7,200
Total Sales $12,000 $13,500 $14,100 $17,700 $18,000 $18,600 $19,200 $19,800 $20,400 $21,000 $21,600 $22,200
Direct Unit Costs Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Tax Preparations 5.00% $37.50 $37.50 $37.50 $37.50 $37.50 $37.50 $37.50 $37.50 $37.50 $37.50 $37.50 $37.50
Cost Accounting Analysis 3.00% $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00
QuickBooks Services 0.00% $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Bookkeeping Hours 50.00% $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00
Direct Cost of Sales
Tax Preparations $300 $360 $420 $600 $375 $375 $375 $375 $375 $375 $375 $375
Cost Accounting Analysis $144 $108 $72 $45 $180 $180 $180 $180 $180 $180 $180 $180
QuickBooks Services $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Bookkeeping Hours $0 $750 $1,050 $1,350 $1,500 $1,800 $2,100 $2,400 $2,700 $3,000 $3,300 $3,600
Subtotal Direct Cost of
Sales
$444 $1,218 $1,542 $1,995 $2,055 $2,355 $2,655 $2,955 $3,255 $3,555 $3,855 $4,155
business plan.
Personnel Plan
Bookkeeper training-period
wages
$800 $0 $0 $0 $0 $0 $400 $0 $0 $0 $0 $0
Max Greenwood $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
Bookkeeper Manager $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Benefts 10% $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700
Total People 4 4 4 4 4 4 5 5 5 5 5 5
Total Payroll $8,500 $7,700 $7,700 $7,700 $7,700 $7,700 $8,100 $7,700 $7,700 $7,700 $7,700 $7,700
Sales $12,000 $13,500 $14,100 $17,700 $18,000 $18,600 $19,200 $19,800 $20,400 $21,000 $21,600 $22,200
Direct Cost of Sales $444 $1,218 $1,542 $1,995 $2,055 $2,355 $2,655 $2,955 $3,255 $3,555 $3,855 $4,155
Other Cost of Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Cost of Sales $444 $1,218 $1,542 $1,995 $2,055 $2,355 $2,655 $2,955 $3,255 $3,555 $3,855 $4,155
Gross Margin $11,556 $12,282 $12,558 $15,705 $15,945 $16,245 $16,545 $16,845 $17,145 $17,445 $17,745 $18,045
Gross Margin % 96.30% 90.98% 89.06% 88.73% 88.58% 87.34% 86.17% 85.08% 84.04% 83.07% 82.15% 81.28%
Expenses
Payroll $8,500 $7,700 $7,700 $7,700 $7,700 $7,700 $8,100 $7,700 $7,700 $7,700 $7,700 $7,700
Marketing/Promotion $10,000 $3,000 $3,000 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500
Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Rent $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Utilities $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Insurance $5,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Payroll Taxes 15% $1,275 $1,155 $1,155 $1,155 $1,155 $1,155 $1,215 $1,155 $1,155 $1,155 $1,155 $1,155
Software and Computer
Expenses
$2,500 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100
Total Operating
Expenses
$28,975 $13,655 $13,655 $13,155 $13,155 $13,155 $13,615 $13,155 $13,155 $13,155 $13,155 $13,155
Proft Before Interest and
Taxes
($17,419) ($1,373) ($1,097) $2,550 $2,790 $3,090 $2,930 $3,690 $3,990 $4,290 $4,590 $4,890
EBITDA ($17,419) ($1,373) ($1,097) $2,550 $2,790 $3,090 $2,930 $3,690 $3,990 $4,290 $4,590 $4,890
Interest Expense $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Taxes Incurred ($5,226) ($412) ($329) $765 $837 $927 $879 $1,107 $1,197 $1,287 $1,377 $1,467
Net Proft ($12,193) ($961) ($768) $1,785 $1,953 $2,163 $2,051 $2,583 $2,793 $3,003 $3,213 $3,423
Net Proft/Sales -101.61% -7.12% -5.45% 10.08% 10.85% 11.63% 10.68% 13.05% 13.69% 14.30% 14.88% 15.42%
Pro Forma Cash Flow
Cash Received
Cash Sales $6,000 $6,750 $7,050 $8,850 $9,000 $9,300 $9,600 $9,900 $10,200 $10,500 $10,800 $11,100
Cash from Receivables $7,492 $6,025 $6,760 $7,110 $8,855 $9,010 $9,310 $9,610 $9,910 $10,210 $10,510 $10,810
Subtotal Cash from
Operations
$13,492 $12,775 $13,810 $15,960 $17,855 $18,310 $18,910 $19,510 $20,110 $20,710 $21,310 $21,910
Sales Tax, VAT, HST/GST
Received
0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Other Liabilities (interest-
free)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales of Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales of Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Investment Received $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash Received $13,492 $12,775 $13,810 $15,960 $17,855 $18,310 $18,910 $19,510 $20,110 $20,710 $21,310 $21,910
Expenditures Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Cash Spending $8,500 $7,700 $7,700 $7,700 $7,700 $7,700 $8,100 $7,700 $7,700 $7,700 $7,700 $7,700
Bill Payments $7,419 $15,396 $6,775 $7,203 $8,219 $8,360 $8,747 $9,065 $9,530 $9,920 $10,310 $10,700
Subtotal Spent on Operations $15,919 $23,096 $14,475 $14,903 $15,919 $16,060 $16,847 $16,765 $17,230 $17,620 $18,010 $18,400
Sales Tax, VAT, HST/GST Paid
Out
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Principal Repayment of Current
Borrowing
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Liabilities Principal
Repayment
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Long-term Liabilities Principal
Repayment
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Purchase Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Purchase Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash Spent $15,919 $23,096 $14,475 $14,903 $15,919 $16,060 $16,847 $16,765 $17,230 $17,620 $18,010 $18,400
Net Cash Flow ($2,427)($10,321) ($665) $1,057 $1,936 $2,250 $2,063 $2,745 $2,880 $3,090 $3,300 $3,510
Cash Balance $17,573 $7,252 $6,588 $7,645 $9,580 $11,830 $13,893 $16,638 $19,518 $22,608 $25,908 $29,418
Assets
Starting
Balances
Current Assets
Cash $20,000 $17,573 $7,252 $6,588 $7,645 $9,580 $11,830 $13,893 $16,638 $19,518 $22,608 $25,908 $29,418
Accounts Receivable $7,292 $5,800 $6,525 $6,815 $8,555 $8,700 $8,990 $9,280 $9,570 $9,860 $10,150 $10,440 $10,730
Other Current Assets $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
Total Current Assets $32,292 $28,373 $18,777 $18,403 $21,200 $23,280 $25,820 $28,173 $31,208 $34,378 $37,758 $41,348 $45,148
Long-term Assets
Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Accumulated Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Assets $32,292 $28,373 $18,777 $18,403 $21,200 $23,280 $25,820 $28,173 $31,208 $34,378 $37,758 $41,348 $45,148
Liabilities and Capital Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Current Liabilities
Accounts Payable $6,896 $15,170 $6,536 $6,929 $7,941 $8,069 $8,446 $8,747 $9,200 $9,577 $9,954 $10,331 $10,708
Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Current Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Current
Liabilities
$6,896 $15,170 $6,536 $6,929 $7,941 $8,069 $8,446 $8,747 $9,200 $9,577 $9,954 $10,331 $10,708
Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Liabilities $6,896 $15,170 $6,536 $6,929 $7,941 $8,069 $8,446 $8,747 $9,200 $9,577 $9,954 $10,331 $10,708
Paid-in Capital $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000
Retained Earnings ($83,554) $15,396 $15,396 $15,396 $15,396 $15,396 $15,396 $15,396 $15,396 $15,396 $15,396 $15,396 $15,396
Earnings $98,950 ($12,193)($13,154)($13,922)($12,137)($10,184) ($8,021) ($5,970) ($3,387) ($594) $2,409 $5,622 $9,045
Total Capital $25,396 $13,203 $12,241 $11,474 $13,259 $15,212 $17,375 $19,426 $22,009 $24,802 $27,805 $31,018 $34,441
Total Liabilities and
Capital
$32,292 $28,373 $18,777 $18,403 $21,200 $23,280 $25,820 $28,173 $31,208 $34,378 $37,758 $41,348 $45,148
Net Worth $25,396 $13,203 $12,241 $11,474 $13,259 $15,212 $17,375 $19,426 $22,009 $24,802 $27,805 $31,018 $34,441
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Plan Outline
1.0 Executive Summary
2.0 Company Summary
3.0 Services
4.0 Market Analysis Summary
5.0 Web Plan Summary
6.0 Strategy and Implementation Summary
7.0 Management Summary
8.0 Financial Plan
Appendix
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Sales Forecast
Jan Feb Mar Apr May Jun Jul Aug
Unit Sales
Tax
Preparations
8 10 11 16 10 10 10
Cost
Accounting
Analysis
5 4 2 2 6 6 6
QuickBooks
Services
4 4 4 5 5 5 5
Bookkeeping
Hours
0 50 70 90 100 120 140 160
Total Unit
Sales
17 67 88 113 121 141 161 181
Unit Prices Jan Feb Mar Apr May Jun Jul Aug
Tax
Preparations
$750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00 $750.00
Cost
Accounting
Analysis
$1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00$1,000.00
QuickBooks
Services
$300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00
Bookkeeping
Hours
$30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00
Sales
Tax
Preparations
$6,000 $7,200 $8,400 $12,000 $7,500 $7,500 $7,500 $7,500
Cost
Accounting
Analysis
$4,800 $3,600 $2,400 $1,500 $6,000 $6,000 $6,000 $6,000
QuickBooks
Services
$1,200 $1,200 $1,200 $1,500 $1,500 $1,500 $1,500 $1,500
Bookkeeping
Hours
$0 $1,500 $2,100 $2,700 $3,000 $3,600 $4,200 $4,800
Total Sales $12,000 $13,500 $14,100 $17,700 $18,000 $18,600 $19,200 $19,800
Direct Unit
Costs
Jan Feb Mar Apr May Jun Jul Aug
Tax
Preparations
5.00% $37.50 $37.50 $37.50 $37.50 $37.50 $37.50 $37.50 $37.50
Cost
Accounting
Analysis
3.00% $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00
QuickBooks
Services
0.00% $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Bookkeeping
Hours
50.00% $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00
Direct Cost
of Sales
Tax
Preparations
$300 $360 $420 $600 $375 $375 $375 $375
Cost
Accounting
Analysis
$144 $108 $72 $45 $180 $180 $180 $180
QuickBooks
Services
$0 $0 $0 $0 $0 $0 $0 $0
Bookkeeping
Hours
$0 $750 $1,050 $1,350 $1,500 $1,800 $2,100 $2,400
Subtotal
Direct Cost
of Sales
$444 $1,218 $1,542 $1,995 $2,055 $2,355 $2,655 $2,955
Personnel Plan
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Bookkeeper
training-
period
wages
$800 $0 $0 $0 $0 $0 $400 $0 $0 $0 $0
Max
Greenwood
$5,000 $5,000$5,000 $5,000 $5,000$5,000 $5,000 $5,000$5,000 $5,000 $5,000
Bookkeeper
Manager
$2,000 $2,000$2,000 $2,000 $2,000$2,000 $2,000 $2,000$2,000 $2,000 $2,000
Benefts 10% $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700
Total
People
4 4 4 4 4 4 5 5 5 5
Total
Payroll
$8,500 $7,700$7,700 $7,700 $7,700$7,700 $8,100 $7,700$7,700 $7,700 $7,700
Jan Feb Mar Apr May Jun Jul Aug Sep
Sales $12,000 $13,500 $14,100 $17,700 $18,000 $18,600$19,200$19,800$20,400
Direct Cost of Sales $444 $1,218 $1,542 $1,995 $2,055 $2,355 $2,655 $2,955 $3,255
Other Cost of Sales $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Cost of Sales $444 $1,218 $1,542 $1,995 $2,055 $2,355 $2,655 $2,955 $3,255
Gross Margin $11,556 $12,282 $12,558 $15,705 $15,945 $16,245$16,545$16,845$17,145
Gross Margin % 96.30% 90.98% 89.06% 88.73% 88.58% 87.34% 86.17% 85.08% 84.04%
Expenses
Payroll $8,500 $7,700 $7,700 $7,700 $7,700 $7,700 $8,100 $7,700 $7,700
Marketing/Promotion $10,000 $3,000 $3,000 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500
Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0
Rent $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Utilities $200 $200 $200 $200 $200 $200 $200 $200 $200
Insurance $5,000 $0 $0 $0 $0 $0 $0 $0 $0
Payroll Taxes 15% $1,275 $1,155 $1,155 $1,155 $1,155 $1,155 $1,215 $1,155 $1,155
Software and
Computer Expenses
$2,500 $100 $100 $100 $100 $100 $100 $100 $100
Total Operating
Expenses
$28,975 $13,655 $13,655 $13,155 $13,155 $13,155$13,615$13,155$13,155
Proft Before Interest
and Taxes
($17,419) ($1,373)($1,097) $2,550 $2,790 $3,090 $2,930 $3,690 $3,990
EBITDA ($17,419) ($1,373)($1,097) $2,550 $2,790 $3,090 $2,930 $3,690 $3,990
Interest Expense $0 $0 $0 $0 $0 $0 $0 $0 $0
Taxes Incurred ($5,226) ($412) ($329) $765 $837 $927 $879 $1,107 $1,197
Net Proft ($12,193) ($961) ($768) $1,785 $1,953 $2,163 $2,051 $2,583 $2,793
Net Proft/Sales -101.61% -7.12% -5.45% 10.08% 10.85% 11.63% 10.68% 13.05% 13.69%
Pro Forma Cash Flow
Cash Received
Cash from
Operations
Cash Sales $6,000 $6,750 $7,050 $8,850 $9,000 $9,300 $9,600 $9,900 $10,200$10,500
Cash from
Receivables
$7,492 $6,025 $6,760 $7,110 $8,855 $9,010 $9,310 $9,610 $9,910 $10,210
Subtotal Cash from
Operations
$13,492$12,775 $13,810$15,960$17,855$18,310$18,910$19,510$20,110$20,710
Additional Cash
Received
Sales Tax, VAT,
HST/GST Received
0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Current
Borrowing
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Other Liabilities
(interest-free)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Long-term
Liabilities
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales of Other
Current Assets
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales of Long-term
Assets
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Investment
Received
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash
Received
$13,492$12,775 $13,810$15,960$17,855$18,310$18,910$19,510$20,110$20,710
Expenditures Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Expenditures from
Operations
Cash Spending $8,500 $7,700 $7,700 $7,700 $7,700 $7,700 $8,100 $7,700 $7,700 $7,700
Bill Payments $7,419 $15,396 $6,775 $7,203 $8,219 $8,360 $8,747 $9,065 $9,530 $9,920
Subtotal Spent on
Operations
$15,919$23,096 $14,475$14,903$15,919$16,060$16,847$16,765$17,230$17,620
Additional Cash
Spent
Sales Tax, VAT,
HST/GST Paid Out
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Principal Repayment
of Current Borrowing
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Liabilities
Principal Repayment
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Long-term Liabilities
Principal Repayment
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Purchase Other
Current Assets
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Purchase Long-term
Assets
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash
Spent
$15,919$23,096 $14,475$14,903$15,919$16,060$16,847$16,765$17,230$17,620
Net Cash Flow ($2,427)($10,321) ($665)$1,057 $1,936 $2,250 $2,063 $2,745 $2,880 $3,090
Cash Balance $17,573 $7,252 $6,588 $7,645 $9,580 $11,830$13,893$16,638$19,518$22,608
Assets
Starting
Balances
Current
Assets
Cash $20,000 $17,573 $7,252 $6,588 $7,645 $9,580 $11,830$13,893$16,638$19,518$22,608
Accounts
Receivable
$7,292 $5,800 $6,525 $6,815 $8,555 $8,700 $8,990 $9,280 $9,570 $9,860 $10,150
Other
Current
Assets
$5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
Total
Current
Assets
$32,292 $28,373 $18,777 $18,403 $21,200 $23,280 $25,820$28,173$31,208$34,378$37,758
Long-term
Assets
Long-term
Assets
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Accumulated
Depreciation
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Long-
term Assets
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total
Assets
$32,292 $28,373 $18,777 $18,403 $21,200 $23,280 $25,820$28,173$31,208$34,378$37,758
Liabilities
and Capital
Current
Liabilities
Accounts
Payable
$6,896 $15,170 $6,536 $6,929 $7,941 $8,069 $8,446 $8,747 $9,200 $9,577 $9,954
Current
Borrowing
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other
Current
Liabilities
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal
Current
Liabilities
$6,896 $15,170 $6,536 $6,929 $7,941 $8,069 $8,446 $8,747 $9,200 $9,577 $9,954
Long-term
Liabilities
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total
Liabilities
$6,896 $15,170 $6,536 $6,929 $7,941 $8,069 $8,446 $8,747 $9,200 $9,577 $9,954
Paid-in
Capital
$10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000$10,000$10,000$10,000$10,000
Retained
Earnings
($83,554)$15,396 $15,396 $15,396 $15,396 $15,396 $15,396$15,396$15,396$15,396$15,396
Earnings $98,950 ($12,193)($13,154)($13,922)($12,137)($10,184)($8,021)($5,970)($3,387) ($594)$2,409
Total
Capital
$25,396 $13,203 $12,241 $11,474 $13,259 $15,212 $17,375$19,426$22,009$24,802$27,805
Total
Liabilities
and Capital
$32,292 $28,373 $18,777 $18,403 $21,200 $23,280 $25,820$28,173$31,208$34,378$37,758
Net Worth $25,396 $13,203 $12,241 $11,474 $13,259 $15,212 $17,375$19,426$22,009$24,802$27,805
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