The Importance of Planning for a Firm´s Five Year Plan

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Five-Year Plan For a national public accounting firm planning is very important and they have to know what they want to achieve and what are their goals and objectives. For a firm like this one the objectivity principle and millstone schedule has to be clearly outlined. To begin with they need to know themselves what they want to do and that is where the objectives and goals become of prime significance. Although it is a public accounting firm and management is not their prime job but they still need to organize themselves and need to have it outlined what they want to achieve and what they want to avoid doing. As a basic principle and since it is an accounting firm it would need to have an appraisal and a system for checks and balances in place. For that a database will have to be maintained that will keep track of all their projects and activities and will be a guiding book for them. This way they would know where they are headed and how far have they digressed from their objectives and goals. The profitability and income goals will also have to be set. These figures will have to be checked with as little of an interval as possible. Ideal check could be to check them on a monthly basis. The account maintenance should be under different headers and one would need to know where the different incomes are coming from. If the budgeting is proper and you know for a fact what your target and goals are then it is always that much easier to re-direct if you start drifting away.
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