Essay about Peak-a-Boo

Submitted By Samiwalker
Words: 896
Pages: 4

Peak-a-Boo
Samantha R Walker
Acc/220
Paul Verlasky
3/10/2013

I have had a long-term goal of opening up my own small business. I am going to name my store, Peak-a-Boo Pleasure Palace. I have decided that the structure of the company will be a sole proprietorship. I will be the owner of the company making me sole proprietor without any business partners. I would love to be a corporation but, I truly believe that it will take time and effort to create a corporation. I will have to start out small and work my way up through the corporate latter in order for my company to become a major corporation. Most businesses start out small and work themselves up into a partnership/corporation. Simply by using, experience, reliability, creditability and quality products, I will be able to then move towards a partnership or corporation.
I will be providing my customer base with quality Adult sex toys and adult novelties. I will have something for everyone. From bachelorette/bachelor parties to private parties to personal use I would like to carry something for all occasions. I would also like to sell magazines and DVD’s. You would be surprised how much revenue can be made by selling this type of product. I have researched and found that there are many different distributors that are credited by the BBB, which would love to do business.
Accounting will play a major role in my particular type of business. I will be setting up a system that will be closely monitoring unit prices. Unit pricing and sales will be the most important step when setting up business to allow for maximum revenue. I will also need to keep a monthly/yearly budget. I must keep track of monthly expenditures and expenses. I will also have to create budget reports to decide future planning. I guess what I am trying to say is, I will have to set up the four responsibility centers in order for my business to be successful. (Cost center, profit center, investment center, and performance evaluation)
Some of the characteristics that I will be looking for in an individual applying for a job would be, outgoing, dedicated, self motivated, and clean. I will be checking into past work history in the specific fields they are applying for and checking into their references. This will allow me to see if their skills are creditable. I am also looking for individuals that work well alone or in a group. I would like the accounting department to openly communicate within the different centers, so I would start by finding someone that can direct a group of accountants, if I am not able or have other business to attend.
Different jobs demand different types of educational skills. I would recommend that a person that makes the decision to open their own business have experience or background in accounting, economics statistics and finance. When I finally decided to make a career change and open up my own business, the first thing I thought was I need the education to run a business. So it makes sense to say that a proper education in these fields would be a huge help when it comes to running and owning a company.
There are four responsible centers that Control activities are the policies and procedures that help ensure management directives are carried out. They help ensure that necessary actions are taken to address risks to achievement of the entity's objectives. Control activities occur throughout the organization, at all levels, and in all functions. They include a range of activities as diverse as approvals, authorizations, verifications,…