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Accounting Business Plan Template

  • Written by Dave Lavinsky

How to Start an Accounting Business

Table of Contents

Accounting business plan.

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their accounting firms. 

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write an accounting business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is an Accounting Business Plan?

A business plan provides a snapshot of your accounting business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for Your Accounting Firm

If you’re looking to start an accounting firm or grow your existing accounting business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your accounting business to improve your chances of success. Your accounting business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Accounting Firms

With regards to funding, the main sources of funding for an accounting firm are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for accounting firms.

Finish Your Business Plan Today!

How to write a business plan for an accounting firm.

If you want to start an accounting business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your accounting business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of accounting business you are running and the status. For example, are you a startup, do you have an accounting business that you would like to grow, or are you operating an established accounting business you would like to sell? 

Next, provide an overview of each of the subsequent sections of your plan. 

  • Give a brief overv iew of the accounting industry. 
  • Discuss the type of accounting business you are operating. 
  • Detail your direct competitors. Give an overview of your target customers. 
  • Provide a snapshot of your marketing strategy. Identify the key members of your team. 
  • Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of accounting business you are operating.

For example, you might specialize in one of the following types of accounting firms:

  • Full Service Accounting Firm: Offers a wide range of accounting services. 
  • Bookkeeping Firm: Typically serves small business clients by maintaining their company finances. 
  • Tax Firm: Offers tax accounting services for businesses and individuals. 
  • Audit Firm: Offers auditing services for companies, organizations, and individuals. 

In addition to explaining the type of accounting business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

  • When and why did you start the business?
  • What milestones have you achieved to date? Milestones could include the number of clients served, or the amount of revenue earned. 
  • Your legal business structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the accounting industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the accounting industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your accounting business plan:

  • How big is the accounting industry (in dollars)?
  • Is the market declining or increasing?
  • Who are the key competitors in the market?
  • Who are the key suppliers in the market?
  • What trends are affecting the industry?
  • What is the industry’s growth forecast over the next 5 – 10 years?
  • What is the relevant market size? That is, how big is the potential target market for your accounting business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your accounting business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, organizations, government entities, and corporations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of accounting business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are othe r accounting firms. 

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes CPAs, other accounting service providers, or bookkeeping firms. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

  • What types of customers do they serve?
  • What type of accounting business are they?
  • What is their pricing (premium, low, etc.)?
  • What are they good at?
  • What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

  • Will you provide options for multiple customer segments?
  • Will you offer products or services that your competition doesn’t?
  • Will you provide better customer service?
  • Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a accounting business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type o f accounting company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide auditing services, tax accounting, bookkeeping, or risk accounting services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of yo ur plan, yo u are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your accounting company. Document where your company is situated and mention how the site will impact your success. For example, is your accounting business located in a busy retail district, a business district, a standalone office, or purely online? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your accounting marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

  • Advertise in local papers, radio stations and/or magazines
  • Reach out to websites 
  • Distribute flyers
  • Engage in email marketing
  • Advertise on social media platforms
  • Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your accounting business, including answering calls, scheduling meetings with clients, billing and collecting payments, etc. 

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth client, or when you hope to reach $X in revenue. It could also be when you expect to expand your accounting business to a new city.  

Management Team

To demonstrate your accounting business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally, you and/or your team members have direct experience in managing accounting businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing an accounting business or bookkeeping firm.   

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance s heet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you see 5 clients per day, and/or offer discounts for referrals ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your accounting business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. 

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a accounting business:

  • Cost of equipment and office supplies
  • Payroll or salaries paid to staff
  • Business insurance
  • Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a list of your most prominent clients.    Summary Writing a business plan for your accounting business is a worthwhile endeavor. If you follow the accounting business plan example above, by the time you are done, you will truly be an expert. You will understand the accounting industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful accounting business.  

Accounting Business Plan Template FAQs

What is the easiest way to complete my accounting business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your accounting business plan.

How Do You Start an Accounting Business?

Starting an accounting business is easy with these 14 steps:

  • Choose the Name for Your Accounting Business
  • Create Your Accounting Business Plan
  • Choose the Legal Structure for Your Accounting Business
  • Secure Startup Funding for Your Accounting Business (If Needed)
  • Secure a Location for Your Business
  • Register Your Accounting Business with the IRS
  • Open a Business Bank Account
  • Get a Business Credit Card
  • Get the Required Business Licenses and Permits
  • Get Business Insurance for Your Accounting Business
  • Buy or Lease the Right Accounting Business Equipment
  • Develop Your Accounting Business Marketing Materials
  • Purchase and Setup the Software Needed to Run Your Accounting Business
  • Open for Business

Don’t you wish there was a faster, easier way to finish your Accounting business plan?

  OR, Let Us Develop Your Plan For You Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how a Growthink business plan writer can create your business plan for you.   Other Helpful Business Plan Articles & Templates

Business Plan Template & Guide For Small Businesses

Free Accounting and Bookkeeping Sample Business Plan PDF

Accounting Sample Business Plan PDF

Looking for a free, downloadable accounting and bookkeeping sample business plan PDF to help you create a business plan of your own? Bplans has you covered. 

Keep in mind that you don’t need to find a sample business plan that exactly matches your business. Whether you’re launching a larger accounting business in a bustling city or a smaller neighborhood office, the details will be different, but the bones of the plan will be the same. 

Are you writing a business plan for your accounting firm because you’re seeking a loan? Is your primary concern building a clear roadmap for growth? Either way, you’re going to want to edit and customize it so it fits your particular company. 

No two accounting businesses are alike. Your strategy will be different if you’re partnering with other CPAs, rather than working independently, for example. So take the time to create your own financial forecasts and do enough market research so you have a solid plan for success. 

What should you include in an accounting and bookkeeping business plan?

Your accounting business plan doesn’t need to be hundreds of pages—keep it as short and concise as you can. You’ll probably want to include each of these sections: executive summary, company summary and funding needs, products and services, marketing plan, management team, financial plan, and appendix. 

One of the things that makes an accounting business plan different than some other service-based business plans is that you might decide to only work with businesses and not with individuals.  

You may offer different tiers of service to different types of clients. If that’s the case, make sure you include ideas like up-selling small businesses from hourly consultation to quarter contracts.

Download this accounting and bookkeeping sample business plan PDF for free right now, or visit Bplans’ gallery of more than 550 sample business plans if you’re looking for more options.

accounting business plan examples

There are plenty of reasons accounting business owners can benefit from writing a business plan —you’ll need one if you’re seeking a loan or investment. Even if you’re not seeking funding, the process of thinking through every aspect of your business will help you make sure you’re not overlooking anything critical as you grow.

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Accounting Business Plan Template

Written by Dave Lavinsky

Accounting Business Plan

You’ve come to the right place to create your Accounting business plan.

We have helped over 5,000 entrepreneurs and business owners create business accounting plans and many have used them to start or grow their accounting firms.

Below is a template to help you create each section of your Accounting business plan.

Executive Summary

Business overview.

DeSanta & Co is a new accounting firm located in Indianapolis, Indiana. We provide a full suite of accounting services to local businesses, including bookkeeping, accounting, and tax services. Our combined decades of expertise and client-focused service ensures that we will become the #1 accounting firm in the next five years.

DeSanta & Co is run by Michael DeSanta. Michael has decades of accounting experience and has gained a loyal clientbase from providing his services through competing firms. His expertise, reputation, and loyal clientbase will ensure that our firm is successful.

Product Offering

DeSanta & Co will offer its clients a full suite of accounting services. These services include bookkeeping, accounting, tax services, and auditing. The company will employ a large and diverse staff of professional accountants to ensure we can offer as many services as possible.

Customer Focus

DeSanta & Co will serve small and medium-sized businesses located in the Indianapolis, Indiana area. Most of these businesses will have less than 1000 employees and earn a revenue less than $10 million per year. We will also offer limited services to individuals, such as tax prep and help.

Management Team

DeSanta & Co’s most valuable asset is the expertise and experience of its founder, Michael DeSanta. Michael has been a certified public accountant (CPA) for the past 20 years. Throughout his career, he has developed a loyal client base, and many clients have stated that they will switch to DeSanta & Co once the company is established and running. Michael’s combination of skills, accounting knowledge, and loyal following will ensure that DeSanta & Co is a successful firm.

Success Factors

DeSanta & Co will be able to achieve success by offering the following competitive advantages:

  • Michael DeSanta will initially help the clientbase that he has built carefully over the past twenty years.
  • The company will emphasize providing client-focused service so that our clients feel valued.
  • The company will provide our accounting services at an affordable rate.

Financial Highlights

DeSanta & Co is currently seeking $400,000 to launch. The funding will be dedicated to the office build out, purchase of initial equipment, working capital, marketing costs, and startup overhead expenses. The breakout of the funding is below:

  • Office design/build: $100,000
  • Office equipment, supplies, and materials: $50,000
  • Three months of overhead expenses (payroll, rent, utilities): $150,000
  • Marketing costs: $50,000
  • Working capital: $50,000

The following graph below outlines the pro forma financial projections for DeSanta & Co.

DeSanta & Co Pro Forma Financial Projections

Company Overview

Who is desanta & co.

DeSanta & Co is a new accounting firm located in Indianapolis, Indiana that provides local businesses with a full suite of accounting services. We are a small firm but have considerable experience, so we can offer better quality of services than our competition. We expect that our most popular services will include bookkeeping, accounting, and tax services. Our combined decades of expertise and client-focused service ensures that we will become the #1 accounting firm in the next five years.

  DeSanta & Co is run by Michael DeSanta. Michael has decades of accounting experience and has gained a loyal clientbase from providing his services through competing firms. After working for several accounting firms around town, he surveyed his clientbase to see if they would be willing to switch to his new company once launched. Most of his clients responded positively, which motivated Michael to finally launch his business.

DeSanta & Co History

Upon surveying his clientbase and finding a potential office, Michael DeSanta incorporated DeSanta & Co as an S-Corporation in April 2023.

The business is currently being run out of Michael’s home office, but once the lease on DeSanta & Co’s office location is finalized, all operations will be run from there.

Since incorporation, DeSanta & Co has achieved the following milestones:

  • Found an office space and signed Letter of Intent to lease it
  • Developed the company’s name, logo, and website
  • Hired an interior designer for the decor and furniture layout
  • Determined equipment and fixture requirements
  • Began recruiting key employees

DeSanta & Co Services

DeSanta & Co will provide the following services to its clients:

  • Bookkeeping
  • Tax services
  • Advisory services
  • Investment services
  • Management consulting
  • Valuation and planning

Industry Analysis

The accounting industry is essential to the success of other businesses and industries. Accountants record and track financial transactions, which helps businesses ensure they are making a profit. As such, accounting services are always in demand and the industry often sees great growth.

There are several essential services that accounting firms can provide to businesses and individuals. The most popular services include bookkeeping, tax services, advisory services, and valuation and planning. Though most businesses employ their own accountants, many businesses are switching to hiring accounting firms to save on costs.

The accounting industry is expected to grow over the next several years. According to The Business Research Company, the accounting industry is expected to grow at a CAGR of 4.2% from now until 2027. This growth is due to the increasing demand for accountants worldwide. This increase in demand and industry growth ensures that DeSanta & Co will achieve success.

Customer Analysis

Demographic profile of target market, customer segmentation.

DeSanta & Co will primarily target the following customer profiles:

  • Local small businesses
  • Medium-sized businesses
  • Individuals

Competitive Analysis

Direct and indirect competitors.

DeSanta & Co will face competition from other companies with similar business profiles. A description of each competitor company is below.

Perkins & Smith

Perkins & Smith is a small accounting firm that has intentionally remained small so that they can have stronger relationships with their clients. Since they opened in 1960, Perkins & Smith has been one of the leading accounting firms in the Four State Region. They offer a wide range of services including accounting, bookkeeping, payroll services, tax prep and planning, and advisory services. They have built up a loyal clientele and maintained a strong, positive reputation since their opening decades ago.

Premiere Accounting

Premiere Accounting is a large accounting firm that specializes in helping large businesses with accounting, taxes, and similar services. Since opening in 1995, they have acquired a loyal client base, including several multi-billion dollar companies. They employ over a hundred professionals who all have diverse backgrounds. This helps serve their diverse clientele and ensures they are meeting the specific needs of every business that works with them.

Jackson Brothers Accounting

Jackson Brothers Accounting is a privately held accountant practice that has been popular in the area since 1985. They offer a wide variety of services including, tax planning and preparation, payroll processing, financial planning, and small business accounting. Though they are open to helping nearly all businesses and sectors, they primarily focus on local small businesses and startups.

Competitive Advantage

DeSanta & Co will be able to offer the following advantages over the competition:

  • Client-oriented service : DeSanta & Co will put a focus on customer service and maintaining long-term relationships. We aim to be the best accounting firm in the area by catering to our customer’s needs and developing a strong connection with them.
  • Management : Michael has been extremely successful working in the accounting sector and will be able to use his previous experience to help his clients better than the competition.
  • Relationships : Having lived in the community for 25 years, Michael DeSanta knows many of the local leaders, newspapers and other influences.

Marketing Plan

Brand & value proposition.

DeSanta & Co will offer a unique value proposition to its clientele:

  • Client-focused financial services, where the company’s interests are aligned with the customer
  • Service built on long-term relationships
  • Big-firm expertise in a small-firm environment

Promotions Strategy

The promotions strategy for DeSanta & Co is as follows:

Targeted Cold Calls

DeSanta & Co will initially invest significant time and energy into contacting potential clients via telephone. In order to improve the effectiveness of this phase of the marketing strategy, a highly-focused call list will be used, targeting individuals in areas and occupations that are most likely to need accounting services. As this is a very time-consuming process, it will primarily be used during the startup phase to build an initial client base.

DeSanta & Co understands that the best promotion comes from satisfied customers. The Company will encourage its clients to refer other businesses by providing economic or financial incentives for every new client produced. This strategy will increase in effectiveness after the business has already been established.

Social Media

DeSanta & Co will invest heavily in a social media advertising campaign. The company will create social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographics.

Website/SEO

DeSanta & Co will invest heavily in developing a professional website that displays all of the company’s services. It will also invest heavily in SEO so that the firm’s website will appear at the top of search engine results.

The fees and hourly pricing of DeSanta & Co will be moderate and competitive so clients feel they are receiving great value when utilizing our accounting services.

Operations Plan

The following will be the operations plan for DeSanta & Co. Operation Functions:

  • Michael DeSanta will be the Owner of DeSanta & Co. In addition to providing accounting services, he will also manage the general operations of the business.
  • Michael DeSanta is joined by a full-time administrative assistant, Jessica Baker, who will take charge of the administrative tasks for the company. She will also be available to answer client questions and will be the primary employee in charge of client communications.
  • As the company builds its client base, Michael will hire more accounting professionals to provide the company’s services, attract more clients, and grow our business further.

Milestones:

DeSanta & Co will have the following milestones completed in the next six months.

  • 6/2023 Finalize lease agreement
  • 7/2023 Design and build out DeSanta & Co
  • 8/2023 Hire and train initial staff
  • 9/2023 Kickoff of promotional campaign
  • 10/2023 Launch DeSanta & Co
  • 11/2023 Reach break-even

Though he has never run his own business, Michael DeSanta has worked as an accountant long enough to gain an in-depth knowledge of the operations (e.g., running day-to-day operations) and the business (e.g., staffing, marketing, etc.) sides of the industry. He also already has a starting client base that he served while working for other accounting firms. He will hire several other employees who can help him run the aspects of the business that he is unfamiliar with.

Financial Plan

Key revenue & costs.

DeSanta & Co’s revenues will primarily come from charging clients for the accounting services we provide. We will charge our clients an hourly rate that will vary depending on the services they need.

The notable cost drivers for the company will include labor expenses, overhead, and marketing expenses.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.

  • Number of clients:
  • Year 4: 100
  • Year 5: 125
  • Annual Rent: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, accounting business plan faqs, what is an accounting business plan.

An accounting business plan is a plan to start and/or grow your accounting business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Accounting business plan using our Accounting Business Plan Template here .

What are the Main Types of Accounting Businesses? 

There are a number of different kinds of accounting businesses , some examples include: Full Service Accounting Firm, Bookkeeping Firm, Tax Firm, and Audit Firm.

How Do You Get Funding for Your Accounting Business Plan?

Accounting businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start an Accounting Business?

Starting an accounting business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop An Accounting Business Plan - The first step in starting a business is to create a detailed accounting business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your accounting business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your accounting business is in compliance with local laws.

3. Register Your Accounting Business - Once you have chosen a legal structure, the next step is to register your accounting business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your accounting business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Accounting Equipment & Supplies - In order to start your accounting business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your accounting business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful accounting business:

  • How to Start an Accounting Business

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Accounting Business Plan Template [Updated 2024]

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Accounting Business Plan Template

If you want to start an accounting business or expand your current accounting business, you need a business plan.

The following business plan template gives you the key elements to include in a winning accounting business plan.

You can download our Business Plan Template (including a full, customizable financial model) to your computer here.

Example Business Plan For Accounting Firms

Below are links to each of the key sections of a sample business plan for a successful accounting firm.

I. Executive Summary – The Executive Summary provides an overview of your business opportunity and summarizes the business plan.

II. Company Overview – The company analysis includes information about your business concept, accounting services and legal structure.

III. Industry Analysis – The industry analysis includes market research that supports your business and provides insights into market trends and the accounting industry.

IV. Customer Analysis – The customer analysis provides an overview of your target market.

You can download our business plan template (including a full, customizable financial model) to your computer here.

V. Competitive Analysis – The competitive analysis should identify your direct and indirect competitors and highlight your competitive advantage over other accounting businesses.

VI. Marketing Plan – The marketing plan includes your marketing strategy and search engine optimization plan.

VII. Operations Plan – The Operations Plan includes information on the accounting company’s day to day operations and processes.

VIII. Management Team – The management team section includes a profile of the business owner and accounting firm management, their experience and company responsibilities.

IX. Financial Plan – The financial plan includes all financial statements, including financial projections, a cash flow statement, profit and loss statement and balance sheet.

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Accounting Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

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ProfitableVenture

Accounting Company Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Financial Service Industry » Accounting, Bookkeeping and Tax Preparation

Are you about starting an accounting firm? If YES, here is a complete sample accounting firm business plan template & feasibility report you can use for FREE .

Okay, so we have considered all the requirements for starting an accounting firm. We also took it further by analyzing and drafting a sample accounting firm marketing plan template backed up by actionable guerrilla marketing ideas for accounting firms. So let’s proceed to the business planning section.

Have you ever dreamt of becoming your own boss? Did you by chance study Accountancy and are finding it difficult to get your ideal job? You don’t need to worry because your dream of becoming your own boss and still work as an accountant can be fulfilled with little or no start-up capital.

In case you didn’t know, there are loads of small businesses, mom and pop businesses, amongst a few without the faintest idea of any accounting skills. These businesses struggle with their books and accounting concerns a lot.

Research shows that one of the reasons why many small businesses remain small and sometimes close shop is not because they don’t have clients or capital to run the business but because they fail to keep their books properly. If you are an accountant, then you can leverage on this read to start your own accounting services firm.

You can be rest assured that your services would always be in demand not only by small businesses that can’t afford to hire a full-time accountant but also medium scale and big corporation especially for auditing purpose and other accounting consulting services.

They know that it would save them cost and the good thing is that you can handle up to 20 clients per time depending on how organized and hardworking you are.

Just like most business, the accounting services industry is pretty open for as many people that are interested in the industry as long as you have what it takes to run an accounting services firm.

Even if you don’t have the finance and other requirements for starting a standard accounting services firm, you can come into the industry by starting – out as a small accounting firm servicing mom and pop businesses in your neighborhood.

If you have decided to start an accounting services firm, then you must make sure that you carry out thorough feasibility studies and also market survey.

This will enable you properly locate the business in a community or city with the right demography; a location that can readily accept your products. Business plan is yet another very important business document that you should not take for granted in the bid to launching your own business.

Below is a sample accounting services firm business plan template that will help you successfully launch your own business;

A Sample Accounting Firm Business Plan Template

1. industry overview.

Firms in the Accounting Services industry are certified to audit the accounting records of public and private organizations and to demonstrate compliance to generally accept accounting best practices in the united states and perhaps in the world.

Certified public accountants (CPAs), included in this industry, provide a variety of accounting services, including auditing accounting records, designing accounting systems, preparing financial statements, developing budgets and providing advice on matters related to accounting.

Accounting services firms are known to offer a wide array of services, which includes audit and assurance services, tax preparation and compliance work, consulting assistance, restructuring and other accounting-related services.

Over the last half – a – decade, the Accounting Services industry has recovered from a post – recessionary decline in demand caused by a falling number of businesses in the United States, weak private investment and shrinking corporate budgets amongst others.

Nevertheless, the revenue generated in this industry has been on the rise since 2012, sustained by economic growth, rising equity markets and of course a growing number of new businesses. The Accounting Services industry has loads of small business operators servicing a wide range of clients ranging from start – ups to well established businesses.

The Accounting Services industry is indeed in a mature stage of its growth. The industry is characterized by growth in line with the overall outlook of the economy, consolidation from the largest players in the industry and wholehearted market acceptance of industry products and services.

The accounting services line of business will continue to be in high demand by business establishment in the United States, most especially as the number of businesses and employees increases. Corporate organizations are also expected to continue to outsource their auditing functions so as to focus their attention on their core area of operations.

The Accounting Services industry is indeed a large industry and pretty much active in countries such as United States of America, United Kingdom, France, Italy, Nigeria, South Africa Japan, China, Germany, and Canada et al.

Statistics has it that in the United States of America alone, there are about 92,777 registered and licensed ( big, medium scale and small ) Accounting Services firm scattered all across the United States responsible for employing about 523,330 people and the industry rakes in a whooping sum of $97 billion annually.

The industry is projected to enjoy 4.4 percent annual growth within 2011 and 2016. The establishments with the lion share of the available market in this industry are DTT, EY, KPMG and PWC. These brands are known all over the world.

A recent report released by IBISWORLD shows that the geographic distribution of establishments in the Accounting Services industry is highly correlated with the overall population distribution in the United States. The report further stated that accounting service providers are predominantly small businesses that focus on serving local and regional markets.

Therefore, an increase in the number of individuals that require personal accounting services and businesses that need audit and tax services boosts the need for industry operators.

One thing is certain about starting an accounting services business -if you are able to conduct your market research and feasibility studies, you are more likely not going to struggle to secure clients because there are always mom and pop shops, start – ups and even corporate organization who would want to hire your services.

Lastly, with accounting services business, you can afford to partner with other smaller firms that are into financial related services. You can partner with tax consulting firm, you can partner with auditing firms and you can partner with human resource consulting firms et al.

The bottom line is that if you have a robust network and you are well positioned, you can indeed maximize profits with your accounting services firm.

2. Executive Summary

Rowland Pence& Co® Financial Consulting, LLC is a registered and licensed financial consulting firm with biased in accounting services and will be based in New York City – New York.

The company will handle all aspect of accounting related services; services such as auditing accounting records, designing accounting systems, preparing financial statements, developing budgets, tax preparation and compliance work, consulting assistance, restructuring and providing advice on matters related to accounting.

We are aware that to run an all – round and standard accounting services firm can be demanding which is why we are well trained, certified and equipped to perform excellently well.

Rowland Pence & Co® Financial Consulting, LLC is a client – focused and result driven accounting services firm that provides broad- based services at an affordable fee that won’t in any way put a hole in the pocket of our clients.  We will offer a standard and professional accounting services to all to our individual clients, and corporate clients at local, state, national, and international level.

We will ensure that we work hard to meet and surpass our clients’ expectations whenever they hire our services. At Rowland Pence & Co® Financial Consulting, LLC, our client’s best interest would always come first, and everything we do is guided by our values and professional ethics.

We will ensure that we hire professionals who are well experienced in the financial consulting services industry with bias in accounting, taxation, bookkeeping and payroll administration.

Rowland Pence & Co® Financial Consulting, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Our plan is to position the business to become one of the leading brands in the accounting services industry in the whole of New York City, and also to be amongst the top 20 accounting services firms in the United States of America within the first 10 years of operations.

This might look too tall a dream but we are optimistic that this will surely be realized because we have done our research and feasibility studies and we are enthusiastic and confident that New York City is the right place to launch our accounting services business before sourcing for clients from other cities in the United States of America.

Rowland Pence & Co® Financial Consulting, LLC is founded by Rowland Pence and Stanford Darlington, his business partner for many years. The organization will be managed by both of them since they have adequate working experience to manage such business.

Rowland Pence has well over 10 years of experience working at various capacities within the financial consulting services industry in the United States of America.

He graduated from both University of California – Berkley with a Degree in Accounting, and University of Harvard (MSc.) and he is a chartered account. Stanford Darlington has ample experience in the area of tax consulting and financial auditing.

3. Our Products and Services

Rowland Pence & Co® Financial Consulting, LLC is going to offer varieties of services within the scope of the financial consulting services industry in the United States of America. Our intention of starting our accounting services firm is to work with both smaller organizations (start – ups and mom and pop shops) and also well – established corporate organizations who would want to outsource the accounting concerns.

We are well prepared to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition. Our business offerings are listed below;

  • Providing accounting advice to corporate clients
  • Providing accounting advice to individuals and small businesses
  • Accounts preparation
  • Financial auditing services
  • Financial statement review services
  • Providing other financial assurance services
  • General accounting services
  • Tax planning and consulting services
  • Individual tax preparation and representative services
  • Corporate tax preparation and representative services
  • Providing other financial consulting and advisory related services such as designing accounting systems, preparing financial statements, developing budgets, tax preparation and compliance work, consulting assistance, restructuring and providing advice on matters related to accounting.

4. Our Mission and Vision Statement

  • Our vision is to build an accounting service firm brand that will become the number one choice for both smaller businesses and corporate clients in the whole of New York City – New York. Our vision reflects our values: integrity, service, excellence and teamwork.
  • Our mission is to provide professional, reliable and trusted accounting services that assist start – ups, corporate organization and non-profit organizations in handling their accounting cum financial related concern. We will position the business to become one of the leading brands in the accounting services line of business in the whole of New York City, and also to be amongst the top 20 accounting services firms in the United States of America within the first 10 years of operations.

Our Business Structure

Normally we would have settled for two or three staff members, but as part of our plan to build a standard accounting services firm in New York City – New York, we have perfected plans to get it right from the beginning which is why we are going the extra mile to ensure that we have competent, honest and hardworking employees to occupy all the available positions in our firm.

The picture of the kind of accounting services firm we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in and around New York City – New York.

We will ensure that we only hire people that are qualified, honest, hardworking, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more depending how fast we meet our set target. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

  • Chief Executive Officer

Accounting and Tax Consultants

Admin and HR Manager

Marketing and Sales Executive

  • Customer Care Executive / Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Office:

  • Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Responsible for fixing prices and signing business deals
  • Responsible for providing direction for the business
  • Responsible for signing checks and documents on behalf of the company
  • Evaluates the success of the organization
  • Responsible for providing accounting advice to corporate clients
  • Provides accounting advice to individuals and small businesses
  • Responsible for handling accounts preparation
  • Responsible for handling financial auditing services
  • Responsible for handling financial statement review services
  • Handles other financial assurance services and general accounting services
  • Responsible for handling tax planning and consulting services, individual tax preparation and representative services and corporate tax preparation and representative services
  • Other services
  • Responsible for handling other financial consulting and advisory related services such as designing accounting systems, preparing financial statements, developing budgets, tax preparation and compliance work, consulting assistance, restructuring and providing advice on matters related to accounting.
  • Responsible for overseeing the smooth running of HR and administrative tasks for the organization
  • Designs job descriptions with KPI to drive performance management for clients
  • Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
  • Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
  • Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
  • Defines job positions for recruitment and managing interviewing process
  • Carries out staff induction for new team members
  • Responsible for training, evaluation and assessment of employees
  • Responsible for arranging travel, meetings and appointments
  • Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
  • Oversees the smooth running of the daily office activities.
  • Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
  • Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of relevant projects.
  • Writes winning proposal documents, negotiate fees and rates in line with company policy
  • Responsible for handling business research, marker surveys and feasibility studies for clients
  • Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
  • Develops, executes and evaluates new plans for expanding increase sales
  • Documents all customer contact and information
  • Represents the company in strategic meetings
  • Helps to increase sales and growth for the company
  • Responsible for preparing financial reports, budgets, and financial statements for the organization
  • creates reports from the information concerning the financial transactions recorded by the bookkeeper
  • Prepares the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
  • Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
  • Responsible for financial forecasting and risks analysis.
  • Performs cash management, general ledger accounting, and financial reporting for one or more properties.
  • Responsible for developing and managing financial systems and policies
  • Responsible for administering payrolls
  • Ensures compliance with taxation legislation
  • Handles all financial transactions for the firm
  • Serves as internal auditor for the firm

Client Service Executive / Front Desk Officer

  • Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
  • Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
  • Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
  • Manages administrative duties assigned by the manager in an effective and timely manner
  • Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
  • Receives parcels / documents for the company
  • Distributes mails in the organization
  • Handles any other duties as assigned

6. SWOT Analysis

Rowland Pence & Co® Financial Consulting, LLC engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a well – structured accounting services firm that can favorably compete in the highly competitive financial consulting services industry.

Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Rowland Pence & Co® Financial Consulting, LLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Rowland Pence & Co® Financial Consulting, LLC;

Our core strength lies in the power of our team; our workforce. We have a team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details and to deliver excellent jobs. We are well positioned and we know we will attract loads of clients from the first day we open our door for business.

As a new accounting services firm, it might take some time for our organization to break into the market and gain acceptance especially from corporate clients in the already saturated financial consulting services industry; that is perhaps our major weakness. So also, we may not have the required cash to give our business the kind of publicity we would have loved to.

  • Opportunities:

The opportunities in the financial consulting services industry is massive considering the number of mom and pop businesses, start – ups and of course corporate organizations who can’t afford to do without the services of accounting service providers. As a standard and well – positioned accounting service provider, we are ready to take advantage of any opportunity that comes our way.

Some of the threats that we are likely going to face as an accounting service firm operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing / spending power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.

7. MARKET ANALYSIS

  • Market Trends

The financial consulting services industry is indeed a very large industry and of course it is one industry that works for businesses across different industries. If you are conversant with the trend in the financial consulting services industry, you will agree that loads of mom and pops, businesses, and start – up ventures that do not have the capacity to hire chattered accountants to handle their accounting tax concerns would naturally hire the services of accounting services providers who would usually charge them service charge.

Relatively, it is cheaper and less stressful to hire the services of accounting service providers as against employing a qualified accountant especially when you run a small business.

The truth is that, it is common to find even bigger firms contracting their accounting, tax and auditing concerns to competent financial / auditing firms because it is cost effective to do so. Another notable trend in the financial consulting services industry is that in the last five years, the industry has performed impressively as a large reduction in unemployment boosted the revenue generated in the industry.

So also, the financial consulting services industry has benefited from the advancement of online and computer payroll and accounting services, with new cloud-based offerings providing a new revenue stream for operators, and attracting new customers. Going forward, increasing product penetration and of course an expanding customer base is expected to drive growth in the industry.

8. Our Target Market

The demographic and psychographics composition of those who need the services of accounting services providers cuts across both small businesses and large corporations.

Rowland Pence & Co® Financial Consulting, LLC will initially serve small to medium sized business, from new ventures to well established businesses and individual clients, but that does not in any way stop us from growing to be able to compete with the leading accounting service firms in the United States.

As a standard and licensed accounting service firm, Rowland Pence & Co® Financial Consulting, LLC offers a wide range of financial consulting services hence we are well trained and equipped to services a wide range of clientele base.

Our target market cuts across businesses of different sizes and industries. We are coming into the industry with a business concept that will enable us work with the small businesses and bigger corporations in and around New York City – New York and other cities in the United States of America.

Below is a list of the businesses and organizations that we have specifically design our products and services for;

  • Mom and Pop Businesses
  • Blue Chips Companies
  • Corporate Organizations
  • Religious Organizations (Pilgrimage journeys et al)
  • Political Parties / Politicians
  • Hotels and Restaurants
  • The Government (Public Sector)
  • Schools (High Schools, Colleges and Universities)
  • Sport Organizations
  • Entrepreneurs and Start – Ups

Our competitive advantage

The level of competitions in the financial consulting services industry depends largely on the location of the business and of course the niche of your financial consulting services. If you can successfully create a unique brand identity for your accounting services firm or carve out a unique market, you are likely going to experience less competition.

For instance, if you are one of the few accounting services firms in your locations that also offer tax consulting and bookkeeping and payroll services you are likely going to have a competitive advantage over your competitors.

Although the competition in the accounting services industry is not just within same service providers but also other financial consulting related service providers in the financial consulting services industry. For example, it is now easier for a tax consulting firm to also handle accounting services and bookkeeping and payroll services for its clients.

We are quite aware that to be highly competitive in the financial consulting services industry means that we should be able to deliver consistent quality service, our clients should be able to experience remarkable difference cum improvement and we should be able to meet the expectations of clients.

Rowland Pence & Co® Financial Consulting, LLC might be a new entrant into the financial consulting services industry in the United States of America, but the management staffs and owners of the business are considered gurus. They are people who are core professionals and licensed and highly qualified and chattered accountants in the United States. These are part of what will count as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (start – ups accounting service firms) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

9. SALES AND MARKETING STRATEGY

  • Sources of Income

Rowland Pence & Co® Financial Consulting, LLC is established with the aim of maximizing profits in the financial consulting industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis and sign ‘retainer – ship’ with most of our clients.

Rowland Pence & Co® Financial Consulting, LLC will generate income by offering the following financial consulting services for start – ups, NGOs and for corporate organizations;

10. Sales Forecast

One thing is certain, there would always be mom and pop shops, start – ups, NGOs and corporate organizations who would need the services of professional accounting services firms.

We are well positioned to take on the available market in New York City and other key cities in the United States of America and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond New York City to other cities in Nevada and other states in the U.S.

We have been able to critically examine the financial consulting market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in New York City – New York.

Below are the sales projections for Rowland Pence & Co® Financial Consulting, LLC, it is based on the location of our business and the wide range of financial consulting services that we will be offering;

  • First Fiscal Year-: $250,000
  • Second Fiscal Year-: $450,000
  • Third Fiscal Year-: $950,000

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

  • Marketing Strategy and Sales Strategy

We are mindful of the fact that there are stiffer competitions amongst accounting service firms and other related financial consulting service providers in the United States of America; hence we have been able to hire some of the best business developer to handle our sales and marketing.

Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. We will also ensure that our excellent job deliveries speak for us in the market place; we want to build a standard accounting service firm that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).

Our goal is to grow our accounting consulting firm to become one of the top 20 accounting services firms in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the New York City but also in other cities in the United States of America.

Rowland Pence & Co® Financial Consulting, LLC is set to make use of the following marketing and sales strategies to attract clients;

  • Introduce our business by sending introductory letters alongside our brochure to corporate organizations, schools, Businesses, Non-Profit Organizations and key stake holders in New York City and other cities in New York.
  • Promptness in bidding for financial consulting contracts from the government, religious organizations and other cooperate organizations
  • Advertise our business in relevant financial and business related magazines, newspapers, TV stations, and radio station.
  • List our business on yellow pages’ ads (local directories)
  • Attend relevant international and local finance and business expos, seminars, and business fairs et al
  • Create different packages for different category of clients (start – ups and established corporate organizations) in order to work with their budgets and still deliver quality services to them
  • Leverage on the internet to promote our business
  • Engage direct marketing approach
  • Encourage word of mouth marketing from loyal and satisfied clients
  • Join local chambers of commerce and industry with the aim of networking and marketing our services.

11. Publicity and Advertising Strategy

We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the financial consulting services industry by storm which is why we have made provisions for effective publicity and advertisement of our accounting services firm.

Below are the platforms we intend to leverage on to promote and advertise Rowland Pence & Co® Financial Consulting, LLC;

  • Place adverts on both print (community based newspapers and magazines) and electronic media platforms
  • Sponsor relevant community based events / programs
  • Leverage on the internet and social media platforms like; Instagram, Facebook, Twitter, YouTube, Google + et al to promote our brand
  • Install our Bill Boards on strategic locations all around New York City – New York
  • Engage in road show from time to time to create awareness of our business
  • Distribute our fliers and handbills in target areas
  • Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.

12. Our Pricing Strategy

Hourly billing for financial consulting services is a long – time tradition in the industry.  However, for some types of financial consultancy services, flat fees make more sense because they allow clients to better predict consultancy costs.  As a result of this, Rowland Pence & Co® Financial Consulting, LLC will charge our clients a flat fee for many basic services such as accounting services and business advisory services and tax consulting et al.

At Rowland Pence & Co® Financial Consulting, LLC we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance.  In addition, we will also offer special discounted rates to start – ups, nonprofits, cooperatives, and small social enterprises.

We are aware that there are some clients that would need regular access to financial consultancy and advisory services and assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.

  • Payment Options

The payment policy adopted by Rowland Pence & Co® Financial Consulting, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Rowland Pence & Co® Financial Consulting, LLC will make available to her clients;

  • Payment via bank transfer
  • Payment with cash
  • Payment via credit cards / Point of Sale Machines (POS Machines)
  • Payment via online bank transfer
  • Payment via check
  • Payment via mobile money transfer
  • Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our client make payment for farm produces purchase without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for services rendered.

13. Startup Expenditure (Budget)

Starting an accounting services firm can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment.

Basically, what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount to purchase the required software applications, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.

This is the financial projection and costing for starting Rowland Pence & Co® Financial Consulting, LLC;

  • The total fee for incorporating the business in the United States of America – $750.
  • The budget for basic insurance policy covers, permits and business license – $2,500
  • The Amount needed to acquire a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $40,000.
  • The cost for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $5,000
  • The cost for purchase of the required software applications (CRM software, Accounting and Bookkeeping software and Payroll software et al) – $10,500
  • The Cost of Launching our official Website – $600
  • Budget for paying at least three employees for 3 months plus utility bills – $10,000
  • Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
  • Miscellaneous: $1,000

Going by the report from the market research and feasibility studies conducted, we will need over one hundred and fifty thousand ( 150,000 ) U.S. dollars to successfully set – up a medium scale but standard accounting services firm in the United States of America.

Generating Funds / Startup Capital for Rowland Pence & Co® Financial Consulting, LLC

Rowland Pence & Co® Financial Consulting, LLC is a business that will be owned and managed by Rowland Pence and his business partner Stanford Darlington. They are the sole financial of the firm, but may likely welcome partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.

These are the areas we intend generating our start – up capital;

  • Generate part of the start – up capital from personal savings
  • Source for soft loans from family members and friends
  • Apply for loan from my Bank

N.B: We have been able to generate about $50,000 ( Personal savings $40,000 and soft loan from family members $10,000 ) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Rowland Pence & Co® Financial Consulting, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our financial consulting services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Rowland Pence & Co® Financial Consulting, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

  • Business Name Availability Check: Completed
  • Business Incorporation: Completed
  • Opening of Corporate Bank Accounts various banks in the United States: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID: In Progress
  • Application for business license and permit: Completed
  • Purchase of All form of Insurance for the Business: Completed
  • Conducting Feasibility Studies: Completed
  • Generating part of the start – up capital from the founders: Completed
  • Applications for loan from our Bankers: In Progress
  • Securing a standard office facility in a business district in New York City (Renovation inclusive): Completed
  • Writing of Business Plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Drafting of Contract Documents: In Progress
  • Design of The Company’s Logo: Completed
  • Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
  • Recruitment of employees: In Progress
  • Purchase of the Needed software applications, furniture, office equipment, electronic appliances and facility facelift: In progress
  • Creating Official Website for the Company: In Progress
  • Creating Awareness for the business (Business PR): In Progress
  • Health and Safety and Fire Safety Arrangement: In Progress
  • Establishing business relationship with vendors and key players in the industry: In Progress

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How To Write a Winning Accounting and Bookkeeping Business Plan + Template

Business Plan-MB

Creating a business plan is essential for any business, but it can be especially helpful for accounting and bookkeeping businesses who want to improve their strategy and/or raise funding.

A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.

This article provides an overview of the key elements that every accounting and bookkeeping business owner should include in their business plan.

Download the Ultimate Business Plan Template

What is an Accounting and Bookkeeping Business Plan?

An accounting and bookkeeping business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.

Why Write an Accounting and Bookkeeping Business Plan?

An accounting and bookkeeping business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.

Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Accounting and Bookkeeping Business Plan

The following are the key components of a successful accounting and bookkeeping business plan:

Executive Summary

The executive summary of an accounting and bookkeeping business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

  • Start with a one-line description of your accounting and bookkeeping company
  • Provide a short summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast among others.

Company Description

This section should include a brief history of your company. Include a short description of how your company started, and provide a timeline of milestones your company has achieved.

If you are just starting your accounting and bookkeeping business, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your accounting and bookkeeping firm, mention this.

Industry Analysis

The industry or market analysis is an important component of an accounting and bookkeeping business plan. Conduct thorough market research to determine industry trends and document the size of your market. 

Questions to answer include:

  • What part of the accounting and bookkeeping industry are you targeting?
  • How big is the market?
  • What trends are happening in the industry right now (and if applicable, how do these trends support the success of your company)?

You should also include sources for the information you provide, such as published research reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

For example, the customers of an accounting and bookkeeping business may include small-to-medium sized businesses and individuals.

You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or accounting and bookkeeping services with the right marketing.

Competitive Analysis

The competitive analysis helps you determine how your product or service will be different from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.

For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive differentiation and/or advantage; that is, in what ways are you different from and ideally better than your competitors.

Marketing Plan

This part of the business plan is where you determine and document your marketing plan. . Your plan should be clearly laid out, including the following 4 Ps.

  • Product/Service : Detail your product/service offerings here. Document their features and benefits.
  • Price : Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
  • Place : Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
  • Promotion : How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, launch a direct mail campaign. Or, you may promote your accounting and bookkeeping business via word of mouth.

Operations Plan

This part of your accounting and bookkeeping business plan should include the following information:

  • How will you deliver your product/service to customers? For example, will you do it in person or over the phone only?
  • What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for an accounting and bookkeeping business include reaching $X in sales. Other examples include signing on a certain number of new clients or increasing your client retention rate by a certain amount.

Management Team

List your team members here including their names and titles, as well as their expertise and experience relevant to your specific accounting and bookkeeping industry. Include brief biography sketches for each team member.

Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.

Financial Plan

Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix). 

This includes the following three financial statements:

Income Statement

Your income statement should include:

  • Revenue : how much revenue you generate.
  • Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
  • Net Income (or loss) : Once expenses and revenue are totaled and deducted from each other, this is the net income or loss.

Sample Income Statement for a Startup Accounting and Bookkeeping Company

Balance sheet.

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

  • Assets : All of the things you own (including cash).
  • Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
  • Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Accounting and Bookkeeping Company

Cash flow statement.

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:

  • Cash Flow From Operations
  • Cash Flow From Investments
  • Cash Flow From Financing

Below is a sample of a projected cash flow statement for a startup accounting and bookkeeping business.

Sample Cash Flow Statement for a Startup Accounting and Bookkeeping Company

You will also want to include an appendix section which will include:

  • Your complete financial projections
  • A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
  • Any other documentation which supports what you included in the body of your business plan.

Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your accounting and bookkeeping company. It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it.

A well-written accounting and bookkeeping business plan is a critical document for any new business. If you seek funding or investors, it can help you obtain each successfully.  

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Bookkeeping Business Plan Sample

MAR.28, 2019

Bookkeeping Business Plan Sample

Do you want to start accounting and bookkeeping business plan?

A bookkeeping business requires you to manage your expenses and income, prepare tax returns for clients and process payrolls. You should learn how to approach clients and create a bookkeeping business plan template to get your business up and running. One thing you should not overlook is looking for an ideal banking partner. You should write a business plan before starting your business.

When a business plan is needed to acquire funding, the value it provides is all about the overall process. You need considering every aspect, like services and products, you are going to sell, the way you will market your offerings, and your competition. Here are some of the major items you should include in your business plan –

Executive Summary

When writing a bookkeeping services business plan template, the executive summary is a very important part. You need writing the overall review of your company business. You need describing your services to your clients. It will need investment in staff and marketing for the overall growth of your business to include the complementary range of your business. This segment of the business plan helps you in starting your own bookkeeping business . You need to do an in-depth and detailed analysis of your business strengths and weaknesses and ensure it has great odds of success.

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  • What services do you offer?

This way, your company can definitely provide bookkeeping services to your clients along with management accounting, tax accounting, as well as QuickBooks installation and services. You can also further expand to offer bookkeeping services for small businesses. You may want to offer quality and reliable services like Accounts Payable/Receivable, General Ledger, Billing & Collections, Payroll Management, Tax Preparation and Filling State, Federal and Local Forms.

  • Who buys your product?

As a licensed and standard bookkeeping firm, you can offer a huge range of consulting solutions to a huge range of clients’ base. Your target market may be ranging from different industries and sizes. This way, you may want to target NGOs, Mom and Pop stores, Blue Chip companies, Hotels and Restaurants, Religious Organizations, Sports Organizations, Schools and others.

  • How he implement business management?

Proper planning needs well-trained staff and efficient management team enough to run your business. You need describing the efficiency of your business partners and staff.

  • What target of this business?

Here, you need describing your measurable goals. You should have a well-defined target and measurable elements to ensure the success of your business.

accounting business plan examples

Company Summary

Financial services are quite a large industry and bookkeeping is one of the active segments of the businesses, which includes recording financial transactions in business. It is a kind of financial accounting process. The payroll and bookkeeping services industry has plenty of small business operators which serve many clients from start-ups to well-established ones.

Bookkeeping industry is a mature stage of growth. If you are wondering how to start a bookkeeping service business plan , it is very helpful to know how to outsource your human resource functions like payroll etc. to focus your attention on core business operations. The bookkeeping is a large and active industry especially in developed countries like USA, Canada, UK, France, Italy, Japan, China, etc. There are around 285,212 licensed and registered bookkeeping companies in the US alone.

  • Who is owner of this company?

You need telling the ownership of your company, like a sole proprietorship, partnership, etc.

  • Why you have started Bookkeeping business plan?

Bookkeepers usually keep transactions like sales, purchases, payments, and receipts by the organization or person. Your purpose to start this business may be related to one of these things.

  • How you have to start the Bookkeeping business plan?

For doing this, you can partner with smaller companies also engaged in financial services, such as auditing firms, tax consulting firms, and others.

Here is the data in table containing the costs-

Services for customers

When creating an accounting business plan template , you need to describe what services you have on offer. Establishing the clientele of the accounting business takes time. It takes words of mouth, referrals, and recommendations for new clients to select your services. You may look at the advertisements or Yellow Pages to figure out the services your business can offer. Then you can add further information and pricing.

You should be prepared well to make profits from your industry. As a general overview of how to start a business plan template for home bookkeeping , you may offer the following services.

  • Tax services like Tax Planning, Tax Preparation, addressing tax issues (IRS issues, payroll problems, bankruptcy, audit representation etc.)
  • Cost Accountant/Management services like Cost and Margin analysis, Audits, Credit Card Processing setup, and Financial Projection
  • QuickBooks training, QuickBooks setup, etc.

Along with these, your accountants may add these bookkeeping solutions –

  • Sales tax processing
  • Payroll processing
  • Accounts receivable (invoicing, entry, collection, deposits etc.)
  • Accounts payable (bill payments, entry)
  • Bank Reconciliations
  • Financial statement preparation
  • Inventory Management

To add further value to your offerings, your accountant or bookkeeping manager may audit and supervise the work of bookkeepers, answer their queries, and provide quality service. They will also review QuickBooks reports and files to ensure they follow the formats properly and are prepared well.

Marketing Analysis of Accounting and Bookkeeping Business Plan

The market for small accounting business consists of almost every small business in the US. As businesses grow larger than a sole proprietorship, they usually need an expert solution with tax preparation and additional bookkeeping and accounting solutions. Even most of the non-employer proprietorships need accounting services at least once. When most small businesses have CEOs or bookkeepers for full time, some even outsource these services. When making home based bookkeeping business plan template, you need to consider the following questions –

  • Who is the targeted audience of accounting and bookkeeping business?

Promotion activities in your business also vary according to your target market. When it comes to choosing an accountant, there is a great importance of referrals and words of mouth among all market segments. There are certain efforts you need to take to stimulate business when starting your own bookkeeping business plan home . You need creating a cost-effective business campaign, based on publicity, direct marketing, advertising, and customer reward program.

  • What business target should company achieve?

Your business target clarifies what you want to achieve in your specific goals. You need to have a well-defined target with measurable elements to make an effective goal. There are different types of goals, and your plan should have a variety of goals. There are two different categories of goals for many businesses – marketing and financial targets. You need to tailor your objectives to cover the overall bookkeeping business.

  • How much will be the average price of the product?

Here, you need to describe how much you are going to charge for your services. You should consider fee structure for your business clients according to their unique needs. On average, you may charge $55 on an hourly basis for businesses for accounting services. There is a base fee range of $50 to $125 for personal/housing tax preparation. There are also charges for filing in the schedules and forms involved. The personal consulting is also priced at an hourly rate of $25.

Referrals are the effective and most important parts of your business. Therefore, you need to be more aggressive in attracting new clients in the first few years, which will pass on the words and your business, can start experiencing natural growth. Useful and constructive planning needs a broad and detailed understanding of changes, which take place in the market where your company has competition, or want to compete.

Bookkeeping Business Plan Template

SALES FORECAST

You also have to consider the ever-changing and thriving financial markets when starting your own bookkeeping business home . You need considering detailed technical skills in different disciplines like financial analysis, tax, sales, managing growth, and marketing, which are the important components to assess the risks and opportunities in a company.

  • Who are your competitors?

When writing a business plan tamplate for bookkeeping business , you need to explain how you are going to stand out in competition. You may want to have detailed technical skills in different disciplines like financial analysis, tax, sales, managing growth, and marketing. These are the important components to assess the risks and opportunities for the company. Your management should develop disciplined planning and methodology to anticipate your economic needs and other important information.

  • What is your sales strategy?

It is a strategy for business plan to sell your services to your existing clients, especially before your marketing efforts pay off with upcoming inquiries. You need to inform about the services to all the clients by phone. You may approach the clients through regular sales calls.

  • What about your sales forecast?

When writing a business plan template for a bookkeeping business , describe the average cost of a project like tax services ($750), QuickBooks services ($300), and cost accounting ($1000). Bookkeeping services are charged on an hourly basis, i.e. $30 per hour.

Personnel Plan

When creating a business plan for accounting services , you might want to have a bookkeeping manager who will keep track of the work of bookkeepers. He will be in MS or MBA accounting program with years of bookkeeping and professional work experience, especially at the beginning of their graduate school program so they can work through two years of the program and be considered for a move to a full-time position in the third year.

The manager will also move from part-time to a full-time position in a few years to come. In the personnel plan, you need to explain about the staff you are going to hire and the team you have already.

  • What staff would be needed for accounting and bookkeeping company?

In this part of the bookkeeping business plan template, explain what staff you would need for your company. You have to explain the key business members of your business. You need to explain whether you would hire full time or part-time staff. Will you need additional support staff to further expand your business? You need to explain key members of your business.

  • What will be the average salary of your staff?

You will also have to explain the salary of your staff on average, along with office and other expenses during the first year. You can describe this part in detailed form.

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Financial Plan

This section of your bookkeeping company business plan consists of growth with positive cash flows with operations. It is unimportant to add owner investment or outside investment for business plan . The new line of business is not capital based and it will improve the fixed costs of business. Additional revenues from sales should cover it quickly. At least five clients use service without any problem, as they are all set to use bookkeeper or outsource their bookkeeping. Here are some of the assumptions of financial plan –

Important Assumptions

You need to describe your assumptions on the growth of your business over the next 2 to 3 years. You need to explain the working hours of your bookkeepers before reaching the capacity.

Break-even Analysis

It should be based on fixed costs behind running the business with old lines of your business. It is a significant rise from the breakeven point. You can describe your payroll, capacity, marketing activity, expenses of new bookkeeper, insurance, cost of sales etc.

Bookkeeping Business Plan

Projected Profit and Loss

Here, you need to explain the proposed income and expenses of your business as well as the overall profit and loss. Also, explain how you are going to balance them.

cpa business plan template

Projected Cash Flow

You will need to explain the overall cost requirement in the first year and how you will balance out and get back to the positive cash flow in the next few years to come.

Bookkeeping Business Plan Sample

Projected Balance Sheet

If your new business succeeds as you expect, the net worth can improve in your business. Explain the debt of the business as well as external financing.

Business Ratios

You will need to explain the overall ratio of your assets with net worth. Explain how gross margins can be higher than averages.

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Automated Accounting Business Plan

Start your own automated accounting business plan

Business Cashflow Solutions, Inc.

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

Business Cashflow Solutions, Inc. offers small- and medium-sized businesses services that reduce invoicing expenses, speed receipt of monies, and allow authorization and recovery of paper drafts.

Automated accounting business plan, executive summary chart image

1.1 Objectives

  • Total receivables of $38,000 in Year 1.
  • Monthly receivables of $3,000 by the sixth month of operation.
  • Minimum of 10% increase in receivables per month.
  • Receivables of $10,000 per month by the eighteenth month of operation.

1.2 Mission

Business Cashflow Solutions, Inc., offers small- and medium-sized businesses access to services that increase available operating funds by automating accounts receivable for more timely payment, and allowing merchants to accept paper checks with confidence.

As a service company, we pledge to our customers:

  • Exceptional value for all services rendered.
  • Timely response to questions and concerns.
  • Total honesty and integrity.

1.3 Keys to Success

  • Direct, person-to-person marketing.
  • Participation in professional business organizations.
  • Frequent follow-up and reselling the value of our services.

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Company summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">.

Business Cashflow Solutions, Inc. is a new company that provides “instant cash flow for small- and medium-sized businesses” and reduces expenses associated with invoicing with the following services:

  • Pre-Authorized Checking: Insures that monthly payments are received on time and therefore reduces invoicing costs.
  • Electronic Payments: Offers timely funds settlements and a built-in recovery for NSF items, thereby keeping invoicing costs reduced.
  • Electronic Check Conversion: Converts paper check into an electronic item at point-of-sale, saving time and money while reducing the risks of NSF checks.
  • Electronic Check Recovery: NSF checks are submitted electronically via the ACH network, allowing fast and convenient collection of funds.
  • Telephone Checks: Allows merchants to accept checks by telephone or fax.

2.1 Company Ownership

Business Cashflow Solutions is a Virginia corporation, subchapter S, based in Chesterfield County.

2.2 Start-up Summary

Our start-up costs come to $33,634. Start-up assets required include $5,885 in short-term assets (office furniture, office equipment, specialized printer, etc.) and $5,500 in initial cash to handle the first 6 months of expenses. The details are included in the following chart and table.

After planned owner investment of $10,000, you will find that we have $23,364 left to finance. The purpose of this plan is to secure financing for that amount.

Later in this plan, when you view the Balance Sheet, Cash Flow, and the Profit and Loss, you will notice that we have included debt and interest expenses based on an assumed $23,364 loan, financed at 9.5% for a 3-year term.

Automated accounting business plan, company summary chart image

2.3 Company Locations and Facilities

The office will be located in the residence of XYXY. There is a 200 square foot office area which will house the computer systems and laser printers that are utilized in providing our services.

Business Cashflow Solutions, Inc. offers small- and medium-sized businesses services that reduce invoicing expenses, speed receipt of monies, allow for more payment options, and allow acceptance of paper checks.

3.1 Service Description

  • Pre-authorized Checking: This service automatically drafts a customer’s monthly payments. This service is useful to businesses that provide monthly services, such as pest control companies, health clubs, child care facilities, apartment complexes, etc. Business owners save on expenses associated with billing and avoid delays in receivables, and their customers save time because their paper drafts are automatically generated and delivered to the merchant.
  • Electronic Payments: This service allows business owners to process electronic payments through the Automated Clearing House (ACH) system. This benefits the customer with timely funds settlement, built-in recovery of NSF items, no cost for NSF items, and reliable cash flow. It also saves money versus mailing invoices, and allows for check acceptance via telephone.
  • Electronic Check Conversion: This service converts a traditional paper check into an electronic item at point-of-sale and processes through the ACH. This saves time and money while reducing the risks of NSF checks. Checks are electronically deposited to the business owner’s account, and check verification is available at no additional cost.
  • Electronic Check Recovery: This service enters NSF items into a database and re-submits them electronically via the ACH network. The business owner receives 100% face value of the check paid the week following collection and release of the funds. There is no cost to the business owner for this service.
  • Telephone Checks: This service allows business owners to accept checks over the telephone. This allows credit card convenience to checking account customers, and saves the business owner versus accepting credit cards. Funds are deposited into the business owner’s account within 24 hours.
  • Professional Billing Services: This service can save the business owner money, time, and the aggravation of trying to “do-it- yourself.” This service also gives an improved professional image and better control over slow payments. Promotional mailing pieces can be produced and enclosed with your bill.
  • e-commerce: This service features ZZZZ, which allows online merchants to easily accept and process electronic check payments directly from their website. We can help plan, design, and implement a reliable, secure, and affordable e-commerce solution for the business owner.

3.2 Competitive Comparison

In the greater Richmond area there are approximately 6 licensees of ZZZZ. These range from inactive owners to established companies, with most being home-based. We believe that superior marketing and customer service will give us an edge on these competitors.

Nationwide, ZZZZ currently has approximately #### licensees. Of these, approximately 16 maintain a comprehensive website to market their services nationwide. Our website will be of the highest quality, and certainly competitive.

In addition, there are several large companies which offer similar services. TeleCheck® and Equifax® are two examples. Mostly, these companies offer check guarantee services, and are not as economical a solution for check acceptance to the small- and medium-sized businesses.

3.3 Sales Literature

Professional brochures are designed by and available from ZZZZ. As a licensee of ZZZZ, a complete set of copyrighted marketing materials and business forms are provided.

Examples of the sales literature are included with this business plan.

**Sales literature examples are not available with this sample plan.

3.4 Fulfillment

The key fulfillment and delivery will be provided by the principals of the business. The real core value is the combination of hard work, attention to detail, and strong sense of service.

3.5 Technology

Business Cashflow Solutions, Inc. will maintain several key systems including:

  • Secure computer for maintenance of all customer files and fulfillment of services.
  • Secondary computer with complete email facilities on the Internet and all necessary website development and publishing software for maintenance of our website which will allow customer prospecting, customer support, and contact.
  • High-speed laser printer for creation of pre-authorized checks and marketing and sales literature.

3.6 Future Services

As a licensee of ZZZZ, Business Cashflow Solutions, Inc., will be able to offer all expanded services offered by ZZZZ. In the 5 years that ZZZZ has been in business, they have increased their services from only Pre-Authorized Checking to the current seven services described in section 3.1.

Market Analysis Summary how to do a market analysis for your business plan.">

Business Cashflow Solutions, Inc. will be focusing on service companies that have regular, ongoing billings. In addition, we will be marketing our complete line of check acceptance products to all retail establishments.

For the purpose of this analysis, we have only included the Richmond-Petersburg MSA potential market. We believe this shows the huge potential market for these services in a quite conservative way, and allows for our success utilizing only this market. However, we will not be limiting our marketing efforts to the Richmond-Petersburg area. Other areas of direct marketing will be all areas of the state of Virginia. In addition, our Internet marketing allows potential customers from any area of the United States.

4.1 Market Segmentation

  • Service: the biggest concentration of business will be service companies, such as pest control, alarm monitoring, lawn care, child care facilities, etc., that can utilize our pre-authorized checking and electronic payments services. All service companies represent potential customers for one or more of our services.

Automated accounting business plan, market analysis summary chart image

4.2 Target Market Segment Strategy

Our target market is comprised of service and retail businesses because of the nature of the services we provide.

We need to focus our marketing efforts at a local level, allowing growth in other areas to be a source of additional revenues that we will not be dependent on for success.

4.2.1 Market Trends

Trends are in our favor. According to an article in Business Week’ s June 22, 1998 issue, “there was a 100% increase in the number of checks cut since 1992 due to small-biz growth.”

The service and retail industries have experienced strong growth historically; and consumer spending and confidence are at all-time highs, and are continuing to grow.

The trend to outsource services is established for businesses, and will see increases as finding employees to staff positions continues to become more difficult.

4.2.2 Market Growth

Limiting ourselves to the Richmond-Petersburg MSA, we see more than 400 retail and service businesses per year, according to information gathered from the Greater Richmond Partnership and the U.S. Census Bureau. These numbers allow for new customer acquisition sufficient to sustain Business Cashflow Solution, Inc.’s ongoing operating objectives.

4.2.3 Market Needs

Since our target is the small- and medium-sized business, one of the underlying needs is for increased cash flow. The key points of our services is that they allow for the expedition of receivables, while saving the business money in invoicing expenses.

4.3 Service Business Analysis

The licensee base of ZZZZ consists of over #### nationwide. While a licensee is not assigned a territory and is free to operate his business anywhere, ZZZZ is committed to establishing only a select number of payment processing centers in any geographic area, to reach their goal of 2.5% of the market.

4.3.1 Business Participants

At the highest level are the few well-established names in point-of-sale check authorization. Most of these offer similar but different services, revolving around a high fee to guarantee checks against return.

4.3.2 Competition and Buying Patterns

In many respects, competition is non-existent for our services. Small- and medium-sized businesses generally cannot utilize pre-authorized checks and electronic payments on their own. These options are mostly reserved for large organizations such as insurance companies and banks.

Pricing for these services is well below what most businesses spend to invoice customers, and these services have met with wide approval throughout the United States.

The most important element of general competition is what it takes to retain customers, as these services are highly price competitive. It is worth making great efforts to maintain personal relationships with our customer base so that we are able to make concessions where necessary to retain customers.

Strategy and Implementation Summary

Business Cashflow Solutions, Inc. will focus its marketing and sales on the Richmond-Petersburg area. In addition, we will make sales calls throughout Virginia, and maintain a website for nationwide sales prospecting.

The target customers are retail stores and service industries.

5.1 Strategy Pyramid

Our marketing will revolve around direct targeted mailings, Internet marketing to retail and service businesses, and speaking opportunities at the local level.

  • Direct mailing: We will retain the services of a local company that specializes in direct mail promotions. Mailings will be targeted to business types and geographic areas.
  • Internet marketing: A comprehensive website will feature services, pricing, and contact information. We will contract the services of The Omni Group, who specializes in driving targeted traffic to Internet storefronts, to promote our site.
  • Speaking opportunities: We will seek out and solicit opportunities to speak at industry association meetings, business seminars, etc.

5.2 Sales Strategy

Our pricing will follow the models set out by ZZZZ. Some services are a set rate which pay a commission to our company (such is the case with Electronic Check Recovery, for example). Example pricing is included as an attachment to this business plan.

**Attachments not available for this sample plan.

5.3 Promotion Strategy

We will be contracting with a local agency to provide direct mailings. Promotional items will be left at sales calls to keep our name in front of the prospect. We will also focus on speaking opportunities at local organizations.

5.4 Value Proposition

The sales in our business will revolve around the direct efforts of XYXY. Initially, XYXY will be spending 20 hours per week cold-calling businesses to develop customer relationships.

Additional sales efforts will be directed to leads generated by our website and direct mailings. It is important that we respond promptly to these leads, as these customers will be ready to make a buying decision.

5.4.1 Sales Forecast

The following chart and table give a run-down on forecasted sales. We expect a minimum growth of 10% per month for the first 18 months, leveling off at $10,000 per month during the third year.

In our business, the services we provide also have recurring monthly fees included. The sales forecast incorporates in these recurring fee into the new sales for the total sales volume. In the following table, we refer to all sales as one group.

Automated accounting business plan, strategy and implementation summary chart image

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

We are a small company, owned and operated by XYXY, as a subchapter S corporation.

XYXY- President

XYXY will be the salesperson. He will also be responsible for marketing and promotion of services. He will develop and maintain the company website. He will be responsible for desktop publishing for the company. He will lecture at speaking engagements. He will assist in bookkeeping and clerical functions.

XXXX- Secretary-Treasurer

XXXX will maintain all the company records and be in direct contact with the accountant. She will be responsible for data entry of all customer files. She will assist in desktop publishing of marketing materials.

The management team consists entirely of the founders themselves.

6.1 Personnel Plan

Our plan is for the owners to hold unsalaried positions until January 2001. At that point, they will each receive a salary of $28,000 per year, increasing to $40,800 per year in 2002. These figures are reflected in the following table as well as in the Profit and Loss table.

6.2 Management Team

XYXY will be directly responsible for administration and sales. XXXX will be responsible for clerical and bookkeeping.

As soon as a positive cash flow of $3,000 per month is achieved, 2 commissioned salespeople will be hired as independent contractors. Our plan is to recruit these 2 salespeople in major metropolitan areas outside of Virginia.

6.3 Management Team Gaps

The owner has been working in an environment in which decisions about marketing and advertising sources were made by upper management. ZZZZ will be our source for marketing materials, brochures, and advertising materials. They offer a comprehensive support system for their licensees in all aspects of day-to-day business, and we will rely heavily on this support system.

Another task that is not an area of expertise is accounting and tax issues. XYXY’s CPA will be contracted to oversee our bookkeeping and cash management.

Financial Plan investor-ready personnel plan .">

Business Cashflow Solutions, Inc. is seeking a $23,634 financial package, based on assumptions of a loan financed at 9.5% interest for a 3-year term. The following projections reflect this loan amount.

7.1 Important Assumptions

General assumptions for this plan are on the following table.

7.2 Break-even Analysis

Our Break-even Analysis is shown below.

Automated accounting business plan, financial plan chart image

7.3 Key Financial Indicators

The following benchmark chart indicates our key financial indicators for the first three years. We foresee major growth in sales, with only the normal inflation rates affecting our day to day operating expenses. There is a significant increase in operating costs for the Fiscal Years 2001 and 2002, attributed to the start of payroll for the principals.

Automated accounting business plan, financial plan chart image

7.4 Projected Profit and Loss

The financial plan depends on carefully researched operating expenses. Actual cost was used in calculating these expenses.

It is important to note that the Projected Profit and loss does not reflect any cost of sales. These costs are included in our actual operating expenses. The main reason this is so is that many of the services we provide have virtually no direct cost, as they are paid to our company as commissions.

Automated accounting business plan, financial plan chart image

7.5 Projected Cash Flow

The following table shows cash flow for the first three years, and the chart illustrates monthly cash flow in the first year. Monthly cash flow projections are included in the appendix.

Automated accounting business plan, financial plan chart image

7.6 Projected Balance Sheet

The balance sheet in the following table shows a healthy increase in total capital and net worth. The monthly estimates are included in the appendix.

7.7 Business Ratios

The following table shows the projected businesses ratios. We expect to maintain healthy ratios for profitability, risk, and return. These ratios have been determined by the 7389 industry, as found in the Standard Industry Code (SIC) Index.

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