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Accounting Firm Business Plan

VIEWS: 169 PAGES: 18

Write a business plan for an accounting office with this downloadable template Accounting Firm Business Plan. The Plan is intended to be used by an existing business. The original purpose of the Plan was to raise sufficient capital to expand the firm's facilities, services and staff. The Business Plan includes: - A market analysis and marketing strategy. - A financial model. - A Confidentiality Agreement to protect your proprietary information, such as financial data. - Instructions in each section to help you complete the document. This Accounting Firm Business Plan template is totally customizable to fit your needs.

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                               [NAME OF COMPANY]

                                      BUSINESS PLAN
                                          [date business plan issued]




                                      Contact: [name], CEO [or President]
                                                   [address]
                                             [phone no. & fax no.]
                                                    [email]
                                                   [web site]




        The information contained in this business plan is confidential and proprietary to [NAME OF
     COMPANY] (the “Company”) and is intended only for the persons to whom it is transmitted by the
       Company or its representatives. Any reproduction of this document, in whole or in part, or the
      divulgence of any of its contents without the prior written consent of the Company, is prohibited.

    This is a business plan. It does not imply and shall not be construed as an offering of securities. Persons
                interested in pursuing an investment should contact their professional advisors.
                                 -2-


Business Plan Copy No. _______




                                  2
                              Confidentiality Agreement

The undersigned reader acknowledges that the information provided by [NAME OF
COMPANY] in this business plan is confidential. Therefore, the undersigned reader
agrees not to disclose any of such information without the express written permission
of [NAME OF COMPANY].


It is hereby acknowledged by the undersigned that the information to be furnished in
this business plan is in all respects confidential in nature (other than such information
which is already in the public domain through other means) and that any disclosure or
use of same by the undersigned may cause serious harm or damage to [NAME OF
COMPANY].


Upon request, this document is to be immediately returned to [NAME OF COMPANY].




Signature


Print Name


Date
                                                                                -2-


                                                            TABLE OF CONTENTS
Confidentiality Agreement ...................................................................................................................................... 1
EXECUTIVE SUMMARY ......................................................................................................................................... 1
I.     COMPANY OBJECTIVES ......................................................................................................................... 2
       1.1      Goals & Objectives ........................................................................................................................... 2
       1.2      Mission .............................................................................................................................................. 2
       1.3      The Market ........................................................................................................................................ 2
       1.4      Keys to Success ................................................................................................................................. 2
       1.5      Risk Analysis..................................................................................................................................... 2
II.    THE FIRM ..................................................................................................................................................... 3
       2.1      History & Background [edit this section to fit the circumstances] ................................................... 3
       2.2      Directors and Officers ....................................................................................................................... 4
       2.3      Consultants & Professional Support .................................................................................................. 4
III.   DESCRIPTION OF PRODUCTS & SERVICES .................................................................................... 4
       3.1      Facilities & Operations ..................................................................................................................... 4
       3.2      Products & Services .......................................................................................................................... 4
       3.3      Future Plans....................................................................................................................................... 4
IV.    MARKET ANALYSIS & MARKETING PLAN ..................................................................................... 4
       4.1      Industry Analysis............................................................................................................................... 5
       4.2      Target Market.................................................................................................................................... 5
       4.3      Future Trends & Strategic Opportunities .......................................................................................... 5
       4.4      Competitors ....................................................................................................................................... 5
       4.5      Competitive Strategy ......................................................................................................................... 6
       4.6      Marketing Strategy ............................................................................................................................ 6
       4.7      Risk Evaluation ................................................................................................................................. 7
V.     MANAGEMENT & ORGANIZATION .................................................................................................. 8
       5.1      Key Personnel ................................................................................................................................... 8
       5.2      Management Structure ...................................................................................................................... 8
VI.    FINANCIAL PLAN ..................................................................................................................................... 8
       6.1      Important Assumptions ..................................................................................................................... 8
       6.2      Break-Even Analysis ......................................................................................................................... 8
       6.3      Projected Profit and Loss .................................................................................................................. 8
       6.4      Projected Cash Flow ....................................................................................................................... 10
       6.5      Projected Balance Sheet .................................................................................................................. 11
       6.6      Business Ratios ............................................................................................................................... 12
APPENDIX “A” [support documents] ................................................................................................................. 14




                                                                                   2
                                          [NAME OF COMPANY]
                                            BUSINESS PLAN

                                         EXECUTIVE SUMMARY
(NOTE: The Executive Summary is the section of the business plan in which you give an overview of the business
and highlight the key points and the purpose of your business plan.)

[NAME OF COMPANY] (the “Firm”) is a [describe, e.g. “a corporation incorporated under the laws of the
State/Province of ___________” “a partnership consisting of ___ partners” etc] which has been offering
personal and business accounting services, tax preparation, business consulting, financial planning,
bookkeeping, and ____________________ services in the _________ area for the past ____ years. The
members of the firm/principals of the Firm have a combined ____ years experience in the field.

[provide some salient information about the members of the firm, e.g. background, specialty, etc]

The Firm’s goal(s) is/are to ____________________. We currently have a client base of ____ small
businesses, ____ mid-sized businesses and ____ larger businesses, as well as _____ clients for whom we
provide personal accounting, tax and business consulting services. We plan to expand our client base by
____% in business accounts and ___% in individual accounts by the end of Year 1 of the plan. Our target
markets include ____________________.

The Firm is currently highly dependent on revenue streams from tax planning and preparation for both
businesses and individuals. These areas currently account for approximately ___% of total revenues. This
presents a long-term threat to the Firm due to increased competition and changes in the market, such as
the accessibility of a wide range of tax and accounting software for the PC, which allow individuals and
small businesses to prepare their own tax returns and do their own accounting and bookkeeping inhouse.
We must therefore diversify our revenue base to realize ongoing growth and stability.

The purpose of this business plan is to _________________________. [if for financing, outline how the
financing will be used]
                                                         -2-


                                    I.       COMPANY OBJECTIVES
(NOTE: This section sets out the corporate objectives, mission statement, current phase of your business, and the
Firm’s goals and objectives for future growth.)

1.1      Goals & Objectives

The Firm’s goals and objectives are as follows:

         •        to realize an annual growth rate of ____% and an increase in revenues of
                  $__________________ for each of the next ___ years;
         •        to diversify the revenue sources through an increase in non-tax related activities to a level
                  sufficient to account for ___% or more of total revenues;
         •        to create a more visible profile by establishing mutual referral sources with major banks
                  and lenders, brokerage firms and law firms;
         •        to limit increases in payroll and fixed costs to no more than ____% per year;
         •        [list any other objectives]

1.2      Mission

The Firm’s mission is to continue to meet the financial objectives and the shareholders and provide a
successful and rewarding environment for its employees. The Firm will maintain strong growth as a
provider of high quality professional services to its clients. We will continually strive to be perceived as a
firm that is professional, accurate, timely and trustworthy, and to offer an innovative approach to help
our clients attain their business and personal financial goals.

1.3      The Market

[briefly outline the market and available customer base in the area, the number of firms and sole practitioners already
servicing that market, and the reason(s) why clients will choose your business over the competitors]
The Firm currently has a loyal client base of ____ small businesses, ____ mid-sized businesses and ____
larger businesses, as well as _____ clients for whom we provide personal accounting, tax and business
consulting services. Our corporate / business clients rely on our services for their accounting,
bookkeeping, tax and financial planning needs. We have built solid relationships with our clients, who
realize and appreciate the value of the services we offer.

1.4      Keys to Success

The Firm’s keys to success are:

         •        diversifying our revenue streams;
         •        leveraging the core strengths of the Firm;
         •        providing consistently excellent service to clients, ensuring repeat business and word-of-
                  mouth referrals;
         •        further developing areas of specialization to attract and retain key clients;
         •        educating the professional staff in networking and marketing skills;
         •        [other factors]

1.5      Risk Analysis

The Firm is highly dependent on revenue streams from tax planning and preparation for both businesses
and individuals. These areas currently account for approximately ___% of total revenues. This presents a
long-term threat to the Firm due to increased competition and changes in the market, such as the
                                                       -3-


accessibility of a wide range of tax and accounting software for the PC. We must therefore diversify our
revenue base to realize ongoing growth and stability.

The Firm has identified the following risk factors which could hamper or impair our ability to meet our
objectives under the marketing plan:

        •        problems generating visibility and product positioning;
        •        overly aggressive and debilitating actions by competitors;
        •        changes to tax laws which reduce the number of billable hours available;
        •        [include any other risk factors]

Worst case scenarios would include:

        •        determining that the Firm cannot support itself on an ongoing basis;
        •        having to liquidate equipment or other assets to cover liabilities;
        •        [include any other “worst case” situations]


                                              II.      THE FIRM
(NOTE: Use this section to describe the history, structure, purpose, operations, management, personnel and strategic
alliances of the business. If you are starting up a new company, describe the proposed structure and management
team, and set out the reasons for starting up the business.)

2.1     History & Background [edit this section to fit the circumstances]

The Firm was incorporated on _____________ [date] in the [State/Province] of __________. The head office
of the Firm is located at [address].

To date, the Firm has issued ___________ shares of common stock [provide details on all shares of stock issued
and outstanding]. The following table sets out the current shareholders and the number of shares owned
by each:

      Name of Shareholder                                Address                         No. & Class of Shares




The remainder of the issued and outstanding common shares are retained by the Firm for [future
distribution / allocation under the Firm’s employee stock option plan / etc].

The Firm currently has outstanding shareholder loans in the aggregate sum of $___________________.
The following table sets out the details of the shareholder loans:

      Name of Shareholder                 Amount of Loan              Date of Loan          Balance Outstanding
                                                          -4-


2.2      Directors and Officers

An impressive board of directors and management team has been assembled which will be a valuable
asset to the Firm and instrumental to its development. The following persons are the current directors and
management team of the Firm:

         Name of Person
         background, past industry experience, other companie
								
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