Executive Summary
Initially, Affordable Financial Service, LLC is a home based business to keep overhead costs low while in the startup phase. We are an accounting firm offering traditional accounting services and business consulting, as well as tax preparations and investment strategies. While building our reputation is important, my main focus is client satisfaction. Affordable Financial Service, LLC serves the accounting and financial needs of businesses and individuals to enable them to realize their financial goals and have peace of mind.
The Affordable Financial Service, LLC is a small, successful, one-person accounting, planning, financial and tax preparation service owned and run by Barbara Carter. The firm offers tax accounting, management
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Respect – Respect for your privacy and passion for providing the highest-level quality service to our clients.
Independence: The autonomy to pursue the best answer for all constituents, free from undue influence or pressure.
To give back to the community in which I live and work.
Establishing an accounting business clientele will take time, as the research revealed word of mouth, recommendations, and referrals as the primary way in which accounting services are selected by new clients. People who are new to the area or who have few established connections may look to the phone book or friends for advice.
Positive forces include the generally prosperous economy that is currently in place, full employment, rising wages, and low inflation, leading more people and businesses to be willing and able to hire an accountant to keep financial records and prepare taxes. The strong stock market means people are making more money, primarily in the form of capital gains, which may require more complicated recordkeeping and tax preparation. (Accounting Service, 2014)
IV. Situation Analysis
SWOT analysis
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Market Focus
The US market for accounting, auditing and bookkeeping grew from $10.4 billion in 1998 to $84.4 billion in 1999. The total market value increased to seventy percent as information technology increased in complexity. In response to growing market competition, the leading accounting firms have moved into high margin consultant services.
Marketing and Service Objectives
Our marketing strategies are based on meeting the needs of existing and future clients. We will do this through leveraging internal and external business strengths and understanding the competitive environment. All marketing strategies work toward supporting our mission statement and realizing our stated goals.
• Production techniques and costs
• Customer service
• Set Pricing based on income
• To increase annual growth rate by 5% greater than the previous year
Table 4 Client base Chart The base of individual accounts serves as consistent revenue for the firm. Approximately 60% of these accounts all make less than $20,000 a year. The 15% of those that are greater than $20,000, along with the 10% of businesses will carry the brunt of costs for operations. This is why it is extremely important that I minimize overhead and additional costs so I am able to pass the savings to the