ACCOUNTING ASSIGNMENT Example | Topics and Well Written Essays - 2500 words

ACCOUNTING - Assignment Example The following suggestions are discussed in depth in this report. We are under budget on revenue and over budget on expenses. This means that we are under budget on the profit. We do not have a balance sheet and the accounts on our Profit & Loss report are general accounts at best. There is no record of what types of appointments the customers are requesting instead we know the quantity of them but not the quality of the appointments. We have a retail area that accounts for a small percentage of the revenue. We do not know how long customers are here for their appointments so instead we guess at it. We do not suffer from seasonality therefore we have a steady stream of clients coming in all year round. This opens up a great opportunity for us to track repeat customers as well as new customers. We have the privilege of having great name recognition within the community which helps us to get repeat business. We also do not have any direct competition and this helps us to constantly keep a steady flow of customers coming through the doors. Our main weakness starts with our inability to track our clients and our personnel. We do not know what type of massage our customers want until they are in the room with one of our therapists. This makes it difficult to decide which types of massage to offer and not offer. It also makes it difficult to determine prices for each type of massage. We have the opportunity to cross sell our customers if we were to improve our methods of reporting information. Our retail sales could increase if we were to focus in on our customers’ needs by keeping better records of each one and what they request while they are here. We could also use this information for marketing any new services. We need to have a better grasp on the budget. Our numbers are way off and we need to get a better idea of what our projections should be. Our projections should be based off our prior year along with some growth