Initial startup in Accounting Firm Business: Estimate the amount of money it will take upfront to launch this business. Will the $50,000 be sufficient? Do you need to raise additional cash, and if so, how? Include a short breakdown of the startup costs by category. How will your group manage without any revenue during this time?

Ongoing Revenue - How much revenue from sales do you expect in year 1 and beyond? How slowly or quickly will your revenue grow?

Ongoing expenses - What expenses will you incur in the first year your business is open?

Accounting Partnership Firm. According to Fernando (2021). keeping track of a company's financial activities is known as Accounting Summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities are part of the accounting process. Financial statements are a concise overview of daily transactions that explain a firm's operations, cconomic standing, and cash flows. To case this process for our clients, our firm will offer the service of maintaining and keeping records of a firm's daily transactions. In short, we will help our customers in maintaining and recording their daily transactions and accounts. It will be a lot of paperwork to keep and maintain a record of our clients' daily transactions. Therefore, we have decided to build an app to record clients transactions separately. Also, we can create different financial statements at the click of a button. We will install our app on the client's desktop. However, it is paramount to maintain the secrecy of the client's data. So, the app will be password protected. Only clients will have the authority to unlock the app using their password and username In the beginning, we will operate our business from our homes. Because to maintain the safety of our clients' records, we will work from our client's office. So, there will be a need for an office. Also, to sell our services, we need a marketing and sales manager, who will explain the services provided by our company to our potential customers. In our group for this position, we had the right person working in sales and marketing for the past 20years. His name is Gang Wang. To entice customers into hiring us, Gang can show the reference letter of the previous employer of and who are going to as an accountant; moreaver, he can offer a free trial period of 15 days. During this time, clients can see bow efficiently and effectively we complete our tasks. We will assist our clients in saving time and money by allowing them to focus on the growth of their business while we produce and maintain their financial records Our group has decided to open a partnership fimm. The registration and name searching of a business will cost around $180 (Ontario, 2021). In a partnership firm, there will be a need for agreement between partners to maintain rules and regulations in the firm. A lawyer will charge around S2000 to $5000 to create the agreement. Our partnership firm will be an unlimited liability firm. The partnership firm is very suitable for us because, as mentioned in chapter 6 of Fundamentals of the Business: Canadian Edition, setting up a partnership is relatively easy and inexpensive. Also, professionals from different fields can form an organization. In our team, we have people from different backgrounds. As mentioned carlier, Gang is from marketing and sales. used to work as an accountant back in the Philippines. was a junior accountant in India until August 2021; moreover, he has experience in desktop app development, So, we do not have to pay the software developer for our firms' app. Also, as mentioned in chapter-6, financing the business will be easy as more people as partners to invest. Not all the group members will be a partner in the firm; however, they will contribute to the daily working of the firm, will work as a subordinate of Gang in the sales and marketing team. As mentioned in chapter 6 of the book Fundamentals of Business- Canadian Edition, it is inevitable to have disputes among partners. So, to protect the firm and resolve disputes among partners, we will have professionals prepare the agreement. In the agreement, there will be mention of the ratio to distribute profit and loss among partners also the amount every partner has to invest in the business. There will be mention of the job profile of every individual and their job title in the agreement. There will be a restriction clause on the selling of shares in the partnership agreement. Rules on how to resolve conflicts and among partners will be mentioned in the agreement. We can save the remaining amount after deducting charges for the lawyer and registration fee of $50,000 for starting the business and using it for future expansion and growth