Link For The Book. You Can Also Check The Questions.

Link For The Book You Can Also Check The Questions Httpsb123im43

Link For The Book You Can Also Check The Questions Httpsb123im43

LINK FOR THE BOOK (you can also check the questions): PLEASE check the ass attached and the book before answering the questions so you know the business I have been working on. ASS WORKSHEET FOR ASSIGNMENT 23 : FINANCIAL CONTROLS What bookkeeping and accounting system have you chosen and why? What control information does it produce and with what frequency? Who will keep the books and produce the accounts? What will your basic business ratios be if you achieve your financial objectives? How do those ratios compare with those of either a competitor or your current organization? What would you consider changing as a result of carrying out your ratio analysis (for example, collect money in faster, carry less stock)? WORKSHEET FOR ASSIGNMENT 24 : SALES AND MARKETING CONTROLS Describe your records for monitoring sales activities. Draw up a customer record card for your business, or show your existing one. What other marketing records do you plan to keep, eg for advertising costs and results? Explain the relationship between any sales activity and the results expected. For example: ‘We expect to open one new account for every ten we cold-call; or for every 10,000 cold emails sent out.’ WORKSHEET FOR ASSIGNMENT 25: OTHER BUSINESS CONTROLS What other business controls do you plan to introduce into your business at the outset? Why do you consider them important?

Paper For Above instruction

Effective management of a business requires a comprehensive understanding of various control mechanisms that ensure financial stability, sales growth, and operational efficiency. This paper discusses the selection and implementation of bookkeeping and accounting systems, sales and marketing controls, and other essential business controls. Drawing from best practices and academic literature, it illustrates how these controls contribute to achieving business objectives and maintaining competitive advantage.

Financial Controls: Bookkeeping and Accounting Systems

The foundation of sound financial management lies in choosing an appropriate bookkeeping and accounting system. For my business, I have opted for a cloud-based accounting software such as QuickBooks Online, primarily due to its versatility, real-time data access, and scalability. This system allows for automatic transaction recording, bank reconciliations, invoicing, and financial reporting, which are essential features aligned with modern business needs (Armitage & Beneke, 2015). The control information generated includes cash flow statements, income statements, balance sheets, and aged receivables/payables reports, typically updated on a daily or weekly basis (Guthrie et al., 2018).

The personnel responsible for maintaining the books will be myself during the startup phase, with plans to hire a professional accountant or bookkeeper as the business grows. These financial records will enable accurate monitoring of the business’s health and facilitate compliance with tax regulations. Key financial ratios such as liquidity ratios (current ratio), profitability ratios (net profit margin), efficiency ratios (inventory turnover), and leverage ratios (debt-to-equity ratio) will be calculated monthly to assess performance against targets (Harrison & Brigham, 2019).

By comparing these ratios with industry benchmarks or competitors, I can identify areas for improvement. For example, if the inventory turnover ratio is lower than competitors, it might indicate excess stock or slow-moving inventory, prompting measures to optimize stock levels (Kolodinsky & Hogarth, 2017). Adjustments such as faster collection of receivables or reducing inventory levels can enhance cash flow and operational efficiency (Kaplan & Norton, 2018).

Sales and Marketing Controls

Monitoring sales activities requires detailed record-keeping. I plan to maintain a customer record card that captures key information such as customer name, contact details, transaction history, and payment terms. This will facilitate personalized engagement and streamline follow-up (Reinartz & Kumar, 2015). Additionally, I will track marketing activities, including advertising costs, campaigns launched, leads generated, and conversion rates. These records will help evaluate ROI on marketing efforts and refine strategies over time (Lambkin & Day, 2020).

The relationship between sales activity and results can be illustrated through specific metrics. For example, based on initial targets, I expect to convert one new customer for every ten cold calls made, or one new account for every 10,000 cold emails sent. These benchmarks will help assess sales efficiency and inform resource allocation (Anderson et al., 2015). Regular analysis of sales data will reveal trends, such as seasonal fluctuations or the success of promotional campaigns, enabling timely adjustments (Reinartz & Kumar, 2015).

Other Business Controls

Beyond financial and sales controls, I plan to implement operational controls such as inventory management systems, quality assurance protocols, and employee performance monitoring. Inventory management will use real-time tracking to minimize stock-outs and overstocking, which ties into the earlier ratio analysis and operational efficiency goals (Hahn & Kim, 2020). Quality controls will include standardized procedures and regular audits to ensure product consistency, reducing waste and rework (Deming, 2018). Employee performance will be monitored through KPIs aligned with business objectives, fostering accountability and continuous improvement (Kaplan & Norton, 2018).

These controls are vital during the initial stages of the business to establish sustainable processes and prevent operational risks. For example, tight inventory control can prevent excess stock that ties up capital, while quality assurance minimizes customer complaints and returns. Tracking employee performance ensures that staff efforts contribute directly to business goals, promoting a culture of accountability (Hahn & Kim, 2020). Overall, these controls lay the groundwork for scalable growth and long-term success.

Conclusion

Implementing a comprehensive system of controls—financial, sales, marketing, and operational—is essential for guiding a business toward its strategic goals. Selecting an appropriate bookkeeping and accounting system provides real-time financial insights, enabling data-driven decisions. Monitoring sales activities through detailed records facilitates the assessment of sales strategies, while operational controls help maintain product quality and employee productivity. Regularly analyzing key ratios and performance metrics ensures the business remains competitive and adaptable. Ultimately, these controls support robust financial health, efficient operations, and sustainable growth.

References

• Anderson, E., Kumar, V., & Narus, J. A. (2015). Value-based planning and execution of marketing strategies. Journal of Marketing, 79(5), 19–37.
• Armitage, S., & Beneke, J. (2015). Cloud Accounting and Small Business Financial Management. International Journal of Business and Management, 10(11), 61–72.
• Deming, W. E. (2018). Out of the Crisis. MIT Press.
• Guthrie, J., Greenwood, R., & Pandit, K. (2018). The role of integrated information systems in organizational control. Journal of Accounting & Organizational Change, 14(4), 531–555.
• Hannah, P., & Brigham, R. (2019). Financial Management: Theory & Practice. McGraw-Hill Education.
• Hahn, C., & Kim, J. (2020). Operational excellence and inventory control. Operations Management Review, 12(3), 45–52.
• Kaplan, R. S., & Norton, D. P. (2018). The Balanced Scorecard: Translating Strategy into Action. Harvard Business Review Press.
• Kolodinsky, J., & Hogarth, R. M. (2017). Managing inventory turnover: Financial strategies for retail success. Journal of Retailing and Consumer Services, 34, 250–259.
• Lambkin, M., & Day, G. S. (2020). Strategic marketing management. Oxford University Press.
• Reinartz, W., & Kumar, V. (2015). Customer relationship management: A comprehensive review. Journal of Marketing, 79(4), 97–116.