Business Plan - International Discount Auto Parts Essay

949 Words 4 Pages
The name of my business will be International Discount Auto Parts; my main objective will be to provide national and international customers with quality auto parts at a discounted price from that of our competitors. I have chosen to open my business as a sole proprietorship because this is the most simplest type of business to set up and because this will give me control over the business.

Accounting plays a very important role in any business; therefore, I will be sure to hire an accounting staff that has experience with record keeping, internal controls, and cash management. I will also do a thorough background check on my accounting staff to ensure that each employee, including my management team, is trustworthy, and has good work
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All transactions and assets, including inventory, will be recorded as accurately as possible by the accounting department. Characteristics I will look for when hiring my accounting staff the selection process will include a clean background check, integrity, and a strong work ethic, a bachelor’s degree in accounting, accurate record keeping skills, team player, and strong interpersonal and communications skills. My accounting staff and management team will need some education or prior experience with budgeting, internal controls, and cash management. As the business owner, it is important that I also have knowledge in these areas. Having once been part of the management team of a small corporation, I have some experience with these accounting aspects. Budgeting is important for making both long-term and short-term plans for the company. Budgets are also important for being able to establish company objectives. Internal controls are also an important aspect of accounting that safeguard company assets and enhance the accuracy of accounting records (Axia, 2010).

Good cash management is extremely important for ensuring that the company has adequate cash to maintain company functions. As mentioned earlier, internal controls can help protect company assets and improve the reliability and accuracy of company records. The kinds of internal controls that I plan to set in
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