Final Project Presentation

Research the fundamental processes that occur within the production cycle. Analyze how the processes will support the production cycle and financial reporting activities of your company.

If you are using a comprehensive enterprise resource planning (ERP) package, such as Systemanalyse und Programmentwicklung (SAP), specify and describe which modules will be used that are related to the production cycle and financial reporting.

Assume that you are making a presentation to a bank to secure funding for your new company. Consolidate the information you have gathered in the last five weeks into a Microsoft PowerPoint presentation and include a simple profit projection spreadsheet for at least the first five years of your business.

In your presentation, also include the following:

• Estimates of the startup costs for the AIS?s you will be using
• Pricing and cost information for the products or services you are going to sell
• Overhead and labor cost projections
• Sales projections
• Calculation of the net operating income for each year

Collate the final project assignments of Weeks 1?5 in a portfolio and name your file SU_ACC3010_W5_A3_LastName_FirstInitial.doc.

BUSINESS PLAN FOR A CITY CLUB AND RESTAURANT Business Plan for a City Club and Restaurant ACC3010 January 18, 2016 Shelita Meekins South University 1 BUSINESS PLAN FOR A CITY CLUB AND RESTAURANT 2 Business Plan for a City Club and Restaurant I plan on opening a non-member-owned country club and restaurant in Sussex, Virginia as a sole proprietorship or partnership. It will be a laid back, casual atmosphere open to the public. Having a family-oriented atmosphere, greeted by friendly staff. It will be open Monday through Sunday from 11:00 am to 03:00 am. We will serve a variety of appetizers, salads, burgers, and other creative sandwiches and dinners to suite all tastes. There are 18 televisions and 2 big screens so people can enjoy watching sports. We have happy hour, group reservations, and 3 private dining rooms that will accommodate up to 100 guests for private events and banquets. We are committed to providing excellent quality service from the moment you enter our doors. There are other locations in Virginia such as Richmond, Hampton, Newport News, Williamsburg, Gloucester, Suffolk, Norfolk, Virginia Beach, Portsmouth, and Chesapeake. We will target customers of all ages but the main targeted group are those from the ages of 21 and above. The company's ownership structure is as follows: Owner, General Manger, Advisory Board, and any other member committees. The general manger is in charge of the club and responsible in overseeing the front office manager, controller, executive chief, clubhouse manager, executive housekeeper, and chief engineer. The front office manager oversees their staff, controller oversees bookkeepers, executive chief oversee kitchen staff, clubhouse manager oversees catering manager, beverage manager, banquet manager, and dining room manager, executive housekeeper oversees housekeepers, and chief engineer oversees maintenance staff. The company's objectives are have a diverse menu and offer a higher-than-usual level of customer service. I would do this by planning a menu that have basic recipes and a host of sides to draw different types of foods. I will also train my staff to be effective and efficient when BUSINESS PLAN FOR A CITY CLUB AND RESTAURANT 3 serving customers. Having a reward system will give employees incentive to being pleasant. The goals are to open on time and to increase financial growth each quarter. To accomplish this I must stay on top on the builders, contractors, and financial staff, as well advertise opening. The business strategy are to build more customers so revenue can increase by having experienced staff that know food, wine, liquor, and any other areas, and making all our customers happy with the food, service, and entertainment offered. A business process is \"a set of related, coordinated, and structured activities and tasks, performed by a person, a computer, or a machine that help accomplish a specific goal\" (Romney & Steinbart, 2014, p 4). The business processes include acquiring inventory, equipment, capital and building, advertising and marketing, hiring and training of employees, collecting payments from customers, paying employees, taxes, and vendors. There are five types of cycles: revenue, expenditure, production or conversion, human resources/payroll, and financing. The information processes includes data that are relevant, reliable, complete, timely, understandable, verifiable, and accessible. The accounting processes outlines how financial information flows through the company and which individuals are responsible for the information. This process includes identifying and recording transactions. Transactions are identified in the begin of the accounting cycle and once classified it is then recorded in the general ledger. The data process cycle consist of four operations: data input, data storage, data processing, and information output. In order for me to make effective decisions I need to answer questions about the business. Having an accounting information system (AIS) in place will help gather and process information received. The company's website will be simple but classy, and well designed. The site will tell people about us, how to contact us, careers, and what we offer e.g. our menus, prices, reviews and happenings. The menu would consist of different items for brunch, dinner, sides, desserts, BUSINESS PLAN FOR A CITY CLUB AND RESTAURANT 4 and drinks to include wine and liquor. Prices will range from $9 and up. The events will consist of corporate and convention events, weddings, charity, rehearsal parties, and different type of clubs e.g. car or biker. There will also be a monthly newsletter to get new customers interested in coming to the establishment. People will be able to also send emails to make it faster, easier and convenient to set-up reservations. The accounting software I would use is Point of Sale (POS) system. The POS keeps track of credit card and cash sales, and all receipts are filed and recorded. BUSINESS PLAN FOR A CITY CLUB AND RESTAURANT 5 References Romney, M. B., Steinbart, P. J. (01/2014). Accounting Information Systems, 13th Edition. [VitalSource Bookshelf Online]. Retrieved from https://digitalbookshelf.southuniversity.edu/#/books/9781269736541/ DESIGN DOCUMENTATION AND DATABASES Design Documentation and Databases ACC3010 January 20, 2016 Shelita Meekins South University 1 DESIGN DOCUMENTATION AND DATABASES 2 Design Documentation and Databases The information technology component I will use in the city club and restaurant is the Point of Sale (POS). The POS equipment is a computer-based order-entry used to capture orders, record data and display or print tickets. All employees e.g. restaurant servers, bartenders and cashiers can use this system which makes ordering food and beverages easier. This system not only acts as a cash register but also a computer. It has multiple stations that include a credit card terminal, display screens, receipt printer, hostess and server stations. With the added convenience this system gives it saves on time when the restaurant is at its busiest. The system is able to perform many functions such as calculating cash owed for every order placed, labor and payroll data, records the payment method, information on repeat customers and daily check averages for each employee, keeps track of the amount of cash in the register, menu items and employees clock in and out times, creates reports (hourly/daily). Data Flow Diagram (DFD) is \"a graphical description of the flow of data within an organization, including data sources/destinations, data flows, transformation processes, and data storage\" (Romney & Steinbart, 2014, p 50). An example of a DFD for the food ordering system is showed below which can be used by the company. It shows the process of ordering food to include who interacts with who but it does not show any data stored. In this example, the external entities consist of the supplier, kitchen, manager, and customer. The connectors show how information is exchange between each other. The entrance of the data flow model starts with the customer. DESIGN DOCUMENTATION AND DATABASES 3 The next DFD shows a level 1 break down of the food ordering system that includes three processes, four entities and two data stores. The customer places the order, then the order food process receives the order, which is then forward to the kitchen where the order data is stored. The stored data is updated in inventory details in inventory data store. The bill is delivered to the customer also in this process. The manager receive the reports through generate report process where the inventory details and orders was inputted from the inventory and order data store. The manager can initiate inventory process by providing the inventory order which forwards the inventory order to the supplier who then stores the updated inventory details in the inventory data store. DESIGN DOCUMENTATION AND DATABASES 4 In conclusion, the DFD provides a visual representation of the flow of information e.g. data within a system. It tells you who provided the information, who the information was delivered to, the information needed to complete the process, store and accessed. DESIGN DOCUMENTATION AND DATABASES 5 References Romney, M. B., Steinbart, P. J. (01/2014). Accounting Information Systems, 13th Edition. [VitalSource Bookshelf Online]. Retrieved from https://digitalbookshelf.southuniversity.edu/#/books/9781269736541/ REVENUE AND EXPENDITURE CYCLES Revenue and Expenditure Cycles ACC3010 February 3, 2016 Shelita Meekins South University 1 REVENUE AND EXPENDITURE CYCLES 2 Revenue and Expenditure Cycles Revenue cycle includes all those systems that record the sale of goods and services by a company (in this case being Country Club and Restaurant). The details of a product sold for a price, or of professional services rendered for a fee, are set out in a document called a sales invoice. On the other hand, expenditure cycles refers to a cycle that follows a purchase from the decision to buy it all through to the final payment. I am now going to discuss the processes entailed in the revenue and expenditure cycle and try to decipher critically how they each support revenue-generating activities and expenditure cycles of the Country Club and Restaurant. First off is there are the budgeting and sales projection programs. It is an open secret that planning for the future is an essential cog to the survival of any different, this one being no different. This is a very important part of any company that has ambitions to have a grip of its finances. This is due to the fact that budgeting and sales forecasts should be as close as possible to the estimates projected and a company cannot afford to not be in tiptop condition in this respect. At the beginning of every financial year, a company should know where money will come from and how they are going to spend it. A budget and sales forecast therefore helps the Country Club and Restaurant to determine whether they will have enough income to fund their operations, expand the business and most importantly generate income. Here are some important tools to aid in the efficiency of this process: Revenue Projection Model. This is used by the restaurant to forecast expected revenues under different conditions. The budget should therefore reflect the anticipated dollar value of sales and services. REVENUE AND EXPENDITURE CYCLES 3 Sales Forecasting Guide. This enables a business with several cash streams like the one above to categories them. Next they will know all their individual levels of profitability and maybe chop of those parts that are making losses. Sales forecasting Model. It's a model the business will use to predict future sales based on past sales and therefore make necessary adjustments. Sales Plan Template. This is a sales plan template used to implement the sales forecast model and has all the necessary info for effective implementation that will eventually raise revenues. Expense budget. This is a spreadsheet used to track expenses throughout a calendar year. Next is the sales recording and tracking systems. This systems have been very effective lately due to the change in tact by business owners who have automated sales and customer interactions. Sales Force Automation essentially involves tracking and recording every stage in the sales process for each prospective client, from initial contact to final deposition. In this way, the business gets to predict what the customer may be in for and provide exactly that. In this way therefore, revenues for the restaurant will increase. Our next stop involves the Services needed for our company Web site, such as Web design and hosting services. This is a necessary expense for the business because if it is going to be done, why not do it right. The company should therefore invest in top notch website designers because if it is a success, it is going to help the business grow online, which is where most people in this century spend their free time. If it markets the business properly then the sales and revenues will automatically increase. Marketing software or services. This is very important to the success of a business, in our case being the restaurant business. The marketing software or services should therefore be setup, guided and be run by an impeccable team. That team should entail the following qualities: be a REVENUE AND EXPENDITURE CYCLES 4 world-class team, become an inbound master, as well as regular training for everyone. This in the end will increase revenues two fold though the initial outlay to set it up is significant. Supply chain management. This is the management of the flow of goods and services. In this case, it involves the restaurant the movement of raw materials, work-in-progress inventory, and finished goods from their point of origin to their point of consumption. The oversight of these materials and information and finances as they move from the supplier all the way to the consumer is very vital and should go without a glitch. This will in turn translate to cost saving and better productivity hence increase in revenues. Investment and cash management. Cash management and investment involves the collection, management and short-term investment of cash. This ensures the business is solvent and retains financial stability. This should in the long-term reduce days in accounts receivable, increase collection rates, select appropriate short-term investment, and increase the days' cash on hand to improve the company's overall financial stability. Vendor evaluations and records. Vendor evaluation and records is an underrated yet important part of running the restaurant successfully. Vendors for the restaurant should therefore be evaluated so as to find those with the same goals and ambitions as the restaurant. This will go a long way in increasing revenues. Software needed for customer support is very important part of the process. This is because with help desk applications and soft wares, the business doesn't have to invest in support center all around the world where they feel they have customers. Instead, it gets a state-of-the-art global help desk that runs in the cloud 24/7. This is very beneficial to the business; apart from saving money in terms of investments, it also generates loads of cash because the customer interaction is round the clock. REVENUE AND EXPENDITURE CYCLES 5 Sales via websites. In some cases, the business may decide to sell its products or services through the company Web site. In such a scenario, some e-commerce soft wares and services will be needed. It can either go with hosted or self-hosted platforms. For stability purposes, the company should go with a hosted version because one gets a dedicated support and chances of it going down due to hosting are slim. I will therefore shy away from comprehensive enterprise resource planning (ERP) package. Reference REVENUE AND EXPENDITURE CYCLES 6 Romney, M. B., Steinbart, P. J. (01/2014). Accounting Information Systems, 13th Edition. [VitalSource Bookshelf Online]. Retrieved from https://digitalbookshelf.southuniversity.edu/#/books/9781269736541/