Business forms Research Paper Example | Topics and Well Written Essays - 1250 words

Business forms - Research Paper Example In order to perform a succinct selection of the business form, consideration of taxes, legal plus accounting issues will be vital. Sole proprietorship This is a business organization owned by a single person who is responsible for entire operations of the business. Advantages and disadvantages A sole proprietor is responsible for various decisions that affect the business. He is accountable for the business because he conducts all transactions. Any operations such as sales are possible through the authority of the owner. In sole proprietorship, the owner of the business enjoys exemption of taxes such as corporate tax (Goldman & Sigismond, 2011). Those starting a new business enjoy the presence of few trade requirements. Legal costs are considerable, hence, making it easier to run the business. A sole proprietor benefits from the profits acquired because he has not formed a partnership. Sole proprietorship has limitations where the owner is responsible for debts and other roles of the business. In case of losses, the owner suffers alone with no one to share the loss. Sole proprietorship is liable to various risks that associates workers conduct within the business. Financial statements for sole proprietorship The cash flows statement provides a description of money movement within a time frame. It indicates the amount at the commencement and termination of the period. The statement of changes in equity for the owner relates income statement and the balance sheet by indicating the increases or decreases of the capital (Goldman & Sigismond, 2011). A balance sheet depicts finances of the sole proprietor by including assets plus liabilities and capital. The financial performance document displays earnings for a known timeframe and depicts the net income of the owner for the period indicated. Tax, legal plus accounting implications A sole proprietor faces challenges when dealing with accounting issues, for example, it is exhausting to handle records of various operat ions without making errors. It consumes time to scrutinize both purchases and sales in different documents. For sole proprietorship, taxation is similar to other business forms where it occurs in income-tax rates. Improper accounting may lead to tax complexities. Sole proprietorship does not have protection enjoyed by other companies. The owner becomes responsible for various issues that result from operations (Goldman & Sigismond, 2011). Partnership Advantages plus disadvantages This is a form of business ownership in which people come together and form a business based on their interests. It involves two or several people who implement a business idea after careful planning. Persons intending to start a partnership find it suitable because they can raise funds easily (Pride et al., 2011). Partnership can grow tremendously because people can share ideas to enhance its improvement. Partnership attracts various people with intentions of commencing businesses because partners can shar e loses plus profits that arise from business operations. Although it is advantageous, the business form has some limitations such as sharing of profits plus losses. All partners become accountable for the conduct of the entire fraternity. There is a possibility of benefits being limited by taxes or returns. The lifespan for a partnership can be short because members may choose to leave for other endeavors (Pride et al., 2011). Financial documents for partnership Partnership utilizes the common statements such as balance sheets, cash flows, income and owner’s equity statements (Pride et al., 2011). This is similar to sole proprietorshi

Castle bingo Essay Example | Topics and Well Written Essays - 2000 words

Castle bingo - Essay Example CRM integrates marketing, service and supply-chain functions in order to achieve greater efficiency in delivering greater value to discriminating customers. Consequently, CRM improves customer services, facilitates better integration of marketing tools, increases organisation revenues and reduces costs associated with customer services by a significant level (Richards & Jones, 2008). Castle Bingo and Benefits of Customer Relationship Management (CRM) The three primary elements of CRM have been described hereunder. Operational CRM Operational CRM consists of software packages that are used to efficiently arrange inbound and outbound customers interactions. Operational CRM aid in processes related with sales, customer service, marketing and automating communications. Service automation helps an organisation to manage service operations delivered through web, contact centre and face to face. Some of the significant benefits of operational CRM to Castle Bingo may include: Sales Force Aut omation Enterprise marketing Automation Customer Service and Support (Bhatnagar, 2012). Analytical CRM Analytical CRM involves analysing customer vital information in order to effectively meet the marketing and customer service goals and deliver appropriate message to the right customer at right time through appropriate channel. The significant benefit of Analytical CRM to Castle Bingo may involve Customer retention Segmentation and targeting Development of new products according to the customer’s specifications (Bhatnagar, 2012). Collaborative CRM Collaborative CRM comprises the system that facilitates customers to perform various services on their own through variety of interaction channels. It renders people process as well as data together and further facilities in channelling the data along with customer related information for ensuring proactive decision making. It ensures timely sharing of information and results in enhanced customer services. The major benefits of Col laborative CRM to Castle Bingo may involve: Providing effective customer communication across different channels, Increases the efficiency of online services and help in reducing customers service costs associated with offline services and Facilitate in better access to customers data during the time of interaction with customers (Bhatnagar, 2012). The Principles of Big Data and Metrics The data driven decision-making is currently being widely recognized and is viewed to be an increasing enthusiastic aspect related with the notion of ‘Big Data.’ Big Data refers to traditional enterprise data which comprises valuable information regarding the nature of the customers that is ascertained through CRM systems, web store transactions, ERP data as well as general ledger data. Furthermore, it also includes social data such as customers’ feedback streams, micro blogging internet sites like Twitter and social media like Facebook (Dijcks, 2012). The perception of Big Data c an primarily be attributed with four principles that have been discussed below. More Granular Information or Micro Segmentation The principle of micro segmentation can be