SmartlinkFinancial Solutions Limited
Customerrelation is the key concern for many businesses in the world. Manybusiness organizations have invested heavily inimproving customer satisfaction, as one of the key strategies toimprove their sales, gain market share and also, expanding to greaterheights. However, this has remained to be the major area of concernat Smartlink Financial Solutions over the past three years. Both thepotential and current customers have expressed dissatisfaction withthe services provided by the company, making some customers to shyaway from purchasing the services of the company and instead look forother service providers where their satisfaction can be catered for.This tendency has affected the performance of the companysignificantly, and this can be exhibited by the fluctuations in thelevel of profits received by it in the past three years (U.S. Bureauof Labor Statistics).
Mostof the businesses today depend on the services of certified publicaccountants for advice regarding taxation and financial efficiency. Asubstantial number of these experts is limited in scope since theyhave a wide exposure to accounts rather than taxation law andfinancial management principles. In this perspective, it can beargued that the services provided to the customer aresubstantially low resulting inpoor business performance and a wasteof financial resources. Brigham & Ehrhardt (2013) ascertain thatmaking an informedfinancial decision is critical to the success of any business. Inthis light, the available taxation consultancy and financialmanagement services in the market are significantly low andtherefore, investing in this field is economically feasible.
Thebusiness will specialize mainly on offering tax consultancy servicesand financial reporting, and bookkeeping.The decision to focus on these disciplines is informed by the factthat filingreturns aremandatory for every business in the United States as well as othercountries globally. In this perspective, the business will enter amarket with a huge potential customer base that will be prone to growas more small and medium enterprises continue to emerge day by day.Moreover, most of the people setting up ventures have littleknowledge on taxation as a consequence of the lackof relevant background education. In regard to financial management,most of the upcoming business are financed by banks and otherkindof sponsors who offer loans at an interest (Schaper, Volery, Weber, &Gibson, 2014). Therefore, such firms are in direneed of financial managers to advise them on how to repay the loansand also ensure that the ventures are in position to fostersustainable growth
Thisproject aims at improving the utility of customers, by incorporatingmodern aspects of product promotion, such as the use internet,information communication technology and development of applications.With the development of Smartlink Application, customers will be ableto access a wide variety of services offered by the company. Suchservices include rates charged on the provisionof business and tax consultancy, financial reporting standards,bookkeeping,financial management standards, customer care and any human resource.
Theparties involved include the management of the organization, theapplication designer,and the analyst. The management shall be responsible for providingfinances for the implementation of the application. Moreover, theyare responsible for checking whether the application meets therequirements of the organization. The application designer will be incharge of formulating the application needs, that is, they areresponsible for sketching the application to ensure that all thefeatures required by the management are incorporated in the formationof the application. They make the application.
Theapplication analyst is responsible for inspecting the application ineach and every level of application development. They should ensurethat the application meets the required standards of organization andeach item in the application works effectively as required by themanagement. Any limitations realized in the course of developmentshould be rectified accordingly.
Thisapplication is expected to take at least six months. This is toensure that the application is thoroughly tested and any bugs thatmay arise be removed at early stages so that the experts will be ableto use it with minimal or no errors at all. The first three monthswill be dedicatedtopurchasing all the necessary infrastructure and installing it inplace while the remaining period will entail testing theeffectiveness of the system.
Theentire project is cost intensive with a substantialamount of money being dedicated to the acquisition of the necessaryinfrastructure and hiring of various professionals. Accounting andfinance software that the business intends to use are relativelyexpensive to purchase, install and maintain. Brigham & Ehrhardt(2013) affirm that financial systems are critical and need carefulprogramming proceduresin the aim of minimizing the chances of formation of bugs, whichconstantly delay performance and may at times introduce a myriad oferrors.
Theintended money management programs will be offering services in thefields of budgeting, planning, investing, taxation, investing, andbanking to the potential customers. Tax preparation software willoffer online filing services, deductions services, and will alsopermit the transfer of financial data from one program to the other.The decision to purchase these programs is informed by the fact thatthey will contribute significantly towards enhanced error freeperformance and thus, helpingthe business to retain its clients. Saunders & Lewis (2014)ascertain that cash management software organizes the day to dayorganization’s financial life in a manner that makes it easier forthe management to make decisions based on evidence from factsdelivered from the data. The selection of the software for thebusiness will factor factors such as the ease of use of the system,frequency of maintenance required, and the level of efficiency.According to Schaper, Volery, Weber, & Gibson (2014), there isa myriad of money management systems present in the market and acustomer should ensure that the selected product is locally designedand the set up will work effectively towards attainingthe goal of the organization.
Thebusiness will settle on four major programs namely Icash,AceMoney, Moneydance and Home Bookkeeping. In regard to cashpreparation services, the venture will consider Tax engine, Turbotax,TaxEngine, and CompleteTax programs. The budget for the purchase offund management system is set at 5000$ while those of taxation areexpected to cost $ 6000. The total amount of purchasing the softwarewill thus be 11000$. In addition to the programs, six computers willbe purchased at an approximate cost of 2400$. The business will haveto acquire two offices, which will be strategically positioned inorder to ensure easier access tothe customers. Schaper, Volery, Weber, & Gibson (2014) affirmthat location is among the factors that affect the success of aventure significantly. The cost of renting the two rooms isapproximated to be six hundred thousand dollars per year. All theoffice furniture required will be purchased at a price of threethousand dollars.
Humancapital will be required to operate the software, offer receptionservices, provide maintenance services to the system. For effectiveoperation of the system,two individuals with a wide exposure in financial management andtaxation will be hired. According to the US Laborof Statistics, individuals with degrees and offering specializedservices earn a salary of at least two thousand dollars. In thisregard, the total wage bill for the for financial management expertswill be four thousand dollars since the venture is considering tohire at least two of them. Owing to the limited size of the proposedbusiness only one computer science expert will be required for thesetupprocedures as well as maintenance. The services of the computerwizard will be retained in all the phases of project implementationat a cost of 1500$ per month. Office cleaners and those offeringreception services will earn a combined salary of 1600$. The ultimatehuman resource capital will thus be 7100$ dollars.
Financialmanagement is among the highly performing sectors alongsidemanufacturing and transportation in the United States of America. Inthis regard, investing in this sector is more likely to earn asignificantamount of profit in comparison to other ventures. Evidently, there isa huge market gap created by the increased firms in need of financialmanagement services and the slowly growing rate of entrepreneursinterested in this sector. The proposed venture is thus, inaccordance with the market needs and consistent with the increasingneed for companies to carry out financial auditing. With the advancesin technology and increased in number of people with access to theInternet globally, setting up a computer-aidedfinancial management business will not only resolve the challengesencountered by firms in attempt to ensure financial efficiency butwill also aid the management of these ventures to make informeddecisions that will ensure sustainability in the long run. The entireproject is cost intensive, with an approximate human resource andinfrastructure budget of 7100$ and 19400$ respectively. Purchasingand installation of the system are the most expensive processes ofthe venture implementation process. The proposed project will beimplemented in six months after which it is expected to break evenafter one year of operation.
Theproposed business is cost intensive and various measures can beadopted to minimize the amount of money required to set up theventure. First, the number of proposed taxation and financialmanagement software can be reduced to four from eight. Despite thefact that each program has a unique task for which it was designed,most of the software are universal and can execute a myriad of tasks.Reducing the number of required programs will reduce the cost of theproject by approximately 30 percent. During the first one year ofoperation, the systems will still be new and thus, their chances offailing will be minimal. In this regard, the aforementioned servicesof the computer wizard can be terminated upon completion of theinstallation services. As a result, the operational costs of thebusiness will be minimized as a consequence of reduced wage bill.
Brigham,E. F., & Ehrhardt, M. C. (2013). Financial management: Theory& practice.New York: Cengage Learning.
Schaper,M. T., Volery, T., Weber, P. C., & Gibson, B. (2014).Entrepreneurship and small business. United Kingdom: PearsonEducation Limited.
Saunders,M. N., & Lewis, P. (2014). Doingresearch in business and management: Anessential guide to planning your project.New Delphi:PearsonHigher Ed.
U.S.Bureau of Labor Statistics.Bls.gov.Retrieved 21 March 2017, from https://www.bls.gov/