BUSN115 Course Discussions Week 7

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BUSN115 Course Discussions Week 7
The senior partner of an accounting firm is looking for ways to increase the firm’s business…

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BUSN115 Course Discussions Week 7

BUSN115 Course Discussions Week 7

All Students Posts – 5 Pages 

Accounting Firm – 2 Pages

The senior partner of an accounting firm is looking for ways to increase the firm’s business. What other services besides traditional accounting can the firm offer to its clients? What new challenges might this additional work create?

A few other services, asides from traditional services, that the firm could offer to its clients would be to provide other management consulting service, along with evaluate their product performance, analyze profitability by customer and product groups and design and install new computer systems. This would, however, possibly create challenges of having to locate new accountants that have a strong business background in order to be able to specialize in offering these new services. They might also want to make sure someone in the firm is specialize in cost accounting, financial analysis and /or forensic accounting to help them with some of the above mentioned services and other valuable services for their clients…

Financial Control – 3 Pages 

The company you cofounded last year is growing rapidly and has strong prospects for an IPO in the next year or two. The additional capital that an IPO could raise would let you hire the brightest people in the industry and continue to innovate with new product research. There is one potential glitch: You and the rest of the executive team have been so focused on launching the business that you haven’t paid much attention to financial control. You’ve had plenty of funds from venture capitalists and early sales, so working capital hasn’t been a problem, but an experienced CEO in your industry recently told you that you’ll never have a successful IPO unless you clean up the financial side of the house. Your cofounders say they are too busy chasing great opportunities right now and they want to wait until right before the IPO to hire a seasoned financial executive to put things in order. What should you do and why?

Even though money isn’t an issue right not, it has the potential to become the cause of a project’s failure pretty quick! Despite the fact that the other cofounders aren’t concern about the budget, I would definitely started monitoring money on a small scale until the financial executive comes abroad. Moreover, if the cofounders are doing other projects and handling other business matters outside of what you guys have going on together, they can directly blame you if the project budget exceeds the plan. Lastly, I would also start monitoring the budget very closely and provide my cofounders with consistent updates on money spent and money left to spend…