Accounting & Bookkeeping Business Plan

Max Greenwood CPA is Chicago’s sole accountant and the Sorcerer&#8217s Accountant. The firm provides small-business clients with tax accounting, management accounting, QuickBooks setup and training. The business plans to expand its services beyond the one-person model and offer bookkeeping services to small businesses. This will require an investment in marketing and staff to grow the business to include this complementary line of business. This business plan organizes strategies and tactics to expand the business and sets growth goals over the next three-years.

The business will offer clients bookkeeping services with the oversight of a CPA at a price they can afford. This includes hiring undergraduate student bookkeepers to manage the business, keeping fixed costs as low possible, and maintaining the expertise of Sorcerer&#8217, its accountant, through its online resources. The result will be more than doubling in sales over three year as 8 part-time accountants are assigned to client businesses as necessary, while salary and dividends to Greenwood go up substantially.

Objectives

The Sorcerer’s Accountant wants to start a new line of services, namely small business bookkeeping. This service will be offered to the same clients that Sorcerer’s Accountant is currently seeking.

The Sorcerer’s Accountant has set these objectives:

• Two part-time bookkeepers are needed to slowly launch the bookkeeping service.
• Bookkeeping service revenue equal to or greater than the total revenues in three years (effectively, doubling revenue).
• To achieve net profit of $60,000 in three years
• To employ 8 part-time bookkeepers in three years

Mission

The Sorcerer’s Accountant seeks to provide a full suite of tax and management accounting services for small businesses in Chicago, Illinois, allowing business owners to not only save money over in-house accounting and ensure their compliance with tax laws, but to make valuable management decisions from their numbers.

Keys for Success

The keys to success for the accounting business include:

• Building trust with clients
• Maintaining current CPA certification. Continuing education in accounting practices.
• Going beyond saving clients money to proposing how they can increase their revenues
• Transparency, reporting, and taxes: legal and ethical practices