Financial Application Paper

In: Business and Management

Submitted By mhardy78722
Words 2648
Pages 11
Brief Business Plan for Outer Body Support and Consulting

Name

Financial Management 571 Section 020

After many years of working it Information Technology (IT) I have learned a great deal about customer service and the industry as a whole. In addition, I have acquired skills in research and planning and now the time has come for me to go into business for myself. The business will support or assist small-to-medium size businesses IT system support and consulting. Defining IT support is rather difficult simply because it falls within a range of many task from end user help desk support to system design architecture. In the following article (2009), the author defines an IT support organization as:
To define the support, maintenance, and operations organization required to support (supporting) the information technology defined during the Strategic Systems Planning process. The focus of this task is on the organizational structure…Examine the following areas, and recommend strategies for user support; maintenance; operations; policies; procedures; corporate approach to information technology. (Borysowich, 2009)

Furthermore, I will be considering adding a help desk facility with internal/external support teams. I will also add local and remote support services to our clients as well as hardware and software support for all operating systems. I also hope to add system and software programming within a year or so based on the profitability of the business. Individually, I will assume the role of the owner, but I will partner will several family investors financially. By the same token, I hope to manage, train, and work as a technician in the short term. However, later I plan to move strictly toward a fulltime management role. What are the goals and objectives that we want to achieve? We want to provide real people support with consistent…...

Similar Documents

Financial Applications

...Pri Bus 557 Application of Financial Statement August 30, 2012                       Macys, Inc., together with its subsidiaries, operates stores and Internet Websites in the United States. Its retail stores and Internet Web sites sell a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. The company also operates Bloomingdales Outlet stores that offer a range of apparel and accessories, including ready-to-wear, shoes, fashion accessories, jewelry, handbags, and intimate apparel products. As of January 28, 2012, it operated approximately 840 stores under the names of Macys and Bloomingdales; and 7 Bloomingdales Outlet stores, as well as macys.com and bloomingdales.com. The company was formerly known as Federated Department Stores, Inc. and changed its name to Macys, Inc. in June 2007. Macys, Inc. was founded in 1820 and is based in Cincinnati, Ohio. How Many Analysts Rated the Company? The company was rated by ten (10) analysts from January 2009 to April 2012. Of the ten analysts, Barclays Capital, Soleil, JP Morgan and Deutsche Securities recommended that investors upgrade their investment of Macy’s stock, UBS, FBR Capital and Sterne Agee recommended Initiated while Deutsche Bank, JP Morgan and Soleil recommended a downgrade. The number of analyst rate the company for this Quarter has risen to......

Words: 545 - Pages: 3

Application of Financial Statement

...Abstract In this paper I will be discussing the importance of an income statement and how a person can apply it to their daily life. It is a very useful financial tool to keep them organized and on track. Also, included is how a business manager may benefit from understanding how to proficiently execute an income statement and how it would keep them cost-effective while allowing them to recognize where they might have went wrong. Lastly, I will explain how I plan on using an income statement in my life as well as any management job I am to have in the future. Application of Financial Statement Explain how the use of an income statement may be applied to your everyday life. Income Statements are used by families that may not even know what an Income Statement is. It is essentially an itemized list of income and expenditures to keep ones finances organized and accounted for. It is not much different from balancing a check book. I believe this should come as second nature to every household in order for them to accurately manage their finances and keep track of their expenditures. It can truly keep a family from becoming economically lost and insecure but rather keep them self-sufficient and living within their means. An income statement will keep from extreme and preventable spending and will contribute to a more sensible saving plan. Discuss how a business manager may benefit from an understanding of an income statement. A business manager can understand the......

Words: 550 - Pages: 3

Application of Financial Statements

...Abstract This paper explores the uses of financial statements, specifically the balance sheet and income statement. It explores them from a personal point of view and how the balance sheet is used in an everyday life of an individual using his own assets and liabilities and determining his net worth. As it also discusses how a manager can benefit his company by understanding the concept of a balance sheet and using it to determine how well the company is doing and its ability to pay its debts and continue in the business. This paper also discusses my understanding of the balance sheet and income statement and how they may be applied to my future position of planning to start a small business. Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. The accounting balance sheet is one of the major financial statements used by accountants and business owners. The balance sheet is also referred to as the statement of financial position. The balance sheet presents a company's financial position at the end of a specified date. Some describe the balance sheet as a "snapshot" of the company's financial position at a point in time. For example, the amounts reported on a balance sheet dated December 31, 2011 reflect that instant when all the transactions through December 31 have been recorded. (2012, Averkamp) Because the balance sheet informs the reader of a company's financial position as of one moment in time,......

Words: 1158 - Pages: 5

Application Paper

...Zach Shook Professor Donaldson PSY 210 13 October 2013 Application Paper The movie, One Flew Over the Cuckoo’s Nest, was centered around a man named Randle McMurphy who was admitted to the Oregon State Hospital against his will. He quickly made it obvious that he would not comply with the rules and made an enemy named Nurse Ratched. His deviance inevitably led to the sealing of his own fate when his actions became more pronounced and more severe. Throughout his stay, he was denied many of his rights as a mental patient and was subjected to wrongful treatment from the staff of the institution. According to the text, abnormality can be defined by comparing the behavior of the person in question to a set of criteria. This set of criteria consists of: Unusualness, Social Deviance, Faulty Perceptions or Interpretations of Reality, Significant Personal Distress, Maladaptive or Self-Defeating Behavior, and Dangerousness (Nevid et al. 5-7). These criteria are only useful in deciding whether or not someone is exhibiting abnormal behavior if the behavior is appropriate for that specific situation. For example, if someone is depressed after the loss of a loved one, then that would be appropriate for the situation and would not be considered abnormal. Similarly, if someone is depressed for no apparent reason, then it would be within the realm of possibility that the person is exhibiting abnormal behavior (Nevid et al. 5). Unusualness is a relatively simplistic term used......

Words: 2404 - Pages: 10

Application of a Financial Statement

...Application of Financial Statement Peter Johnson Strayer University ACC 557 Abstract This paper talks about how a balance sheet is an important financial statement. The balance sheet can be applied to every day life. The balance sheet can be used to help somebody see they ways that they have made financial decisions in their lives. The balance sheet also helps businesses function. A business manger uses the balance sheet to make important decisions. These decisions help the business run functionally. With out a balance sheet the business manager’s decisions become harder. Companies need to understand what the financial documents are telling them. Application of Financial Statement Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. A balance sheet is a financial statement that summarizes a company’s assets, liabilities and shareholder’s equity at a specific point in time. These three balance sheet segments give investors an idea as to what the company owns and owes, as well ad the amount invested by the shareholders. A balance sheet can be applied to everyday life by allowing a person to get a quick handle on the financial strength and capabilities of their life. If a person keeps a balance sheet they are able see what steps they need to take in their personal lives. The balance sheet will allow the person see if they are overspending on credit compared to paying cash......

Words: 1019 - Pages: 5

Application and Information Paper

...InFoRmAtIoN aNd SoFtWaRe aPpLiCaTiOnS Danielle Lange BIS/219 Ross Sines 07/11/2011 Today there are many software applications and information systems that are available to the organizational departments within a company. This paper will give an overview of what software applications and information systems for the accounting, human resources, and marketing departments. It will describe their use and how they relate to the departments mentioned. Software and applications are developed and specialized for each department to help the organization as much as possible. Accounting department has to have an information system that measures, processes, and communicates financial information. They need this so they can keep track of the money the organization makes, spends, and has in the bank. In the human resources department their primary job is to recruit, train, and retain the employees of the organization. Then the marketing department’s job is to research the competitors, research the products, promotion, pricing, and selling of the product. All the departments in an organization play important roles that keep the organization running efficient. The software for the accounting department has functions that manage accounts receivable and payable, ledger, inventory, billing, purchasing, and sales. The software called Intuit Quickbooks, which helping the accounting department do the things they need to do. Human resources have software that keeps track of......

Words: 322 - Pages: 2

Application Paper

...Application Paper Completed by XXXXX In Partial Requirement for the Completion of HCX XXX California State University XXXX XXXX Dr. XXXXX 1. The Situation/Challenge: Organizational leadership challenges occur at various levels within health care settings. The model and behavior of a leader is detrimental to the overall team effort and that of one’s ability as a manager to effectively motivate, inspire, and empower staff. Employee motivation and empowerment is a critical asset to one’s dedication and commitment to an organization and it is necessary that leaders act upon critical factors of contemporary leadership theories and approaches to enhance the working experience in conjunction to management of health care personnel. a. Who, What, Where, When Why: Within UCLA health system’s ambulatory specialties, there are various leaders and appointed managers who work with different teams of diverse personnel who are under a lot of stress as a result of high work load and departmental demand. Working in health care is a stressor in its own. There are various responsibilities and duties placed upon staff and the possibility of job dissatisfaction and burnout are very high. Unfortunately, not always is the best leadership approach enforced when addressing departmental concerns or issues with staff. It is important that health care managers consider and enforce the most effective leadership approach based on situational occurrences and factors such as one’s...

Words: 2242 - Pages: 9

Application of Financial Statement

...Assignment #1 – Application of Financial Statement Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. According to Weygandt, Kimmel, and Kieso (2010), “an income statement presents the revenues and expenses and resulting net income or net loss of a company for a specific period of time” (p. 21). Using an income statement in one’s personal everyday life allows you to document and track monthly or annual income and expenditures for personal budgets. Income statements can be used to gauge your incoming funds and match them to the amount of funds that you’ve limited yourself to use for a determined amount of time. There are many beneficial incentives to using personal income statements. Using income statements is a great way to monitor both monthly and annual expenses. Just as income statements contain the list of expenses for a business (e.g. salaries expense, rent expense, and utilities); income statements can also be used on a personal basis to list one’s car payments, rent/mortgage, groceries, auto fuel and even entertainment. Monitoring monthly expenses, as well as income, income statements permits oversight of one’s financial health. You are able to see where you are spending in excess and where you can cut back on unnecessary expenditures. A well-structured and managed monthly or annual income statement will allow one to budget better and save more for those unexpected......

Words: 811 - Pages: 4

Application Paper

...May 30, 2015 HSM 320 Professor Lori Janello Application Paper Professional Liability Medical malpractice has been an issue of concern in the provision of health care for thousands of years (Young, C. C., & Williams, D. R. 2011). There may be a perception that doctors are held responsible for the majority of medical malpractice lawsuits, the reality is that nurses are often finding themselves defending the care they provide to patients. “Negligence, which is often an unintentional action, occurs when a person either performs or fails to perform an action that a reasonable professional person would or would not have performed in a similar situation.” (Fremgen, 2012). Since I work in a hospital and have the privilege of working closely with nurses on daily bases, I decided to discuss ways nurses can be held liable for negligence. Nursing malpractice occurs when a nurse fails to skillfully perform her/his medical duties and that failure brings harm to a patient. There are different ways that a nurse can harm a patient, from failing to inform a doctor when something is really wrong with a patient to administering the wrong medication. Like malpractice involving physicians, nursing malpractice happens when a nurse does not fulfill his/her duties in a way that a skilled colleague in another location would do in the similar situation, and that negligence injures the patient. In nurses malpractice cases, often the key issue is who is liable for the nurse’s......

Words: 1214 - Pages: 5

Application Paper

...Application Paper Instructions For this assignment, you must compose a 3-page double-spaced paper that addresses how the principles that you have learned throughout this course can be applied to your understanding of what it means to be a Christian. You will submit your paper by 11:59 p.m. (ET) on Monday of Module/Week 7. NOTE: You must choose a topic from the list of approved topics (see the “Application Paper Topics” document). As you respond to the prompt, reflect on the concepts that you have learned throughout the course, and apply them to your specific topic. Be sure to integrate the information that you learned through the textbook readings, the assigned article readings, the lecture videos, and any other related content that you may have encountered during the course. Your paper must also: 1. Describe the course concepts that are related to your topic, demonstrating your reflection and analysis. Do not simply summarize what was presented in the course. 2. Demonstrate real ownership of the ideas that you present by providing unique insight as evidence of your careful consideration of the topic. 3. Provide a logical link between the description of the concepts from the course and the conclusions or implications that you draw in your reflection. In other words, your conclusion should be logically derived from the application of the course concepts to the description of your topic. 4. Demonstrate learning initiative by exploring conclusions and......

Words: 376 - Pages: 2

Application of Financial Statement

...Assignment 1: Application of Financial Statement Students will prepare a ten (10) page response to the following: * Select either the balance sheet , income statement,or statement of cash flow and explain how the use of it may be applied to your everyday life. * Using the same concept selected above, discuss how a business manager may benefit from an understanding of this statement. * Discuss how your understanding of the balance sheet and income statement may be applied to your current or future position. The format of the report is to be as follows: * Typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format. * Type the question followed by your answer to the question. * In addition to the ten (10) pages required, a title page is to be included. The title page is to contain the title of the assignment, your name, the instructor’s name, the course title, and the date.Note: You will be graded on the quality of your answers, the logic/organization of the report, your language skills, and your writing skills. | The assignment will be graded using the following rubric: Outcomes Assessed | * Prepare and analyze financial statements including the balance sheet, income statement, and statement of cash flow. * Use technology and information resources to research issues in financial accounting management. | Grading Rubric for Written Assignment: Application of Financial Statement | Criteria | 0Unacceptable |......

Words: 804 - Pages: 4

Applications of Financial Statements

...Introduction Balance sheet is a report on financials that summarize company’s assets, what the company owns, the liabilities of the company, what the company owes. Most Company’s still use balance sheet in the daily running of organization because it enables managers in knowing whether balance sheet balances out on both sides. This makes sense since the company must pay all things it uses such as the assets by borrowing money (liabilities) or getting the money from the shareholders that are the shareholders’ equity. Application of balance sheet to my daily life Balance sheet can help me to grasp the financial health in a given business organization and it also provides me with a snapshots for my potential investors and lenders (Hawkins & Turner, 2010). Whether the business is in debts or it considers the assets, a balance sheet can still help me to keep the tracks my current situations as well as how I can plan well for what will happen in coming years. Keeping of accurate balance sheet requires maintaining the outgoing records, for example, the assets plus liabilities at once using some strategies of balancing the checkbook, and also keeping my tracks on statements of the credit cards, as well as bank accounts (Spurga, 2004). Benefits of a business manager in understanding balance sheet Balance sheet in organizations helps the managers to know what is in the business (assets) also to know what is not in the business (liabilities). The balance sheet, on the other hand,......

Words: 675 - Pages: 3

Application of Financial Statement

...Application of Financial Statement – Balance Sheet Sharrone Caldwell Financial Accounting Strayer University – Online Campus Professor Lori Perez February 22, 2012 Abstract This paper focuses on the importance of a balance sheet and how it can be applied to everyday life. Managers can also benefit from the understanding of the balance sheet when making importance decision about the operations of a business. Additionally, financial statements such as the balance sheet and income statement both will serve as significant components in the operation of my own future talent agency business. Introduction The financial statement is essentially the ending result of the accounting process, which gives a summary of the financial position and performance of an organization in an organized way. A financial statement provides a summary of the operations of the business. Furthermore, financial statements provide information on where a company’s money originated from, how it is used, and where it is currently. Financial statements are also used in formulating companies’ annual reports. Corporate managers/management communicate financial information to its, owners, and various external concerned parties (stockholders/investors, employees, government, IRS, etc.). With that in mind, there are two primary types of financial statements: balance sheets, and income statements......

Words: 1033 - Pages: 5

Application of Financial Statements

...Application of Financial Statement Angela Lance Professor Kim Dillman Financial Accounting-ACC557 Assignment # 1 Due Date: February 26, 2012 Application of Financial Statement Today’s working environment displays different cultures throughout an organization. Companies need to be aware of their financial obligations and responsibilities. The opening of a business has many different perspectives that need to be addressed. Once you open a business you want to stay in business and a way you can do this is by maintaining your financial records and not overspending your earnings. Companies have to be aware and accurate of maintaining their records in accordance with Generally Accepted Accounting Principles (GAAP) and or Financial Accounting Standards Board (FASB). Financial accounting provides economics and financial information for investors, creditors, and other external users.1 Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. Businesses record their performance in standard formats called financial statements. The most common is the Balance Sheet, the Income Statement, and the Cash Flow Statement. The balance sheet contains information at a moment in time about resources (assets) that are owned or controlled by the firm. Assets have probable future economic value usually through use or sale, are controlled by the firm and are related to a prior......

Words: 970 - Pages: 4

Application of Financial Statement Application of Financial Statement

...APPLICATION OF FINANCIAL STATEMENT A balance sheet will give me the opportunity to take a closer look at my personal assets and liabilities like a snap shot; evaluate whether I should loan money to family and friends and view my net worth while I still living and when I die. When I prepare a balance sheet listing my assets, I will list the following: ~ Cash I have on hand ~ How many different bank accounts I currently have opened ~ How much to I owe to debtors ~ How many retirement accounts and with whom ~My investments (ex. Rental properties, stocks and bonds) ~Net worth of my life insurances policy(s) ~How many vehicles I own and their net worth My liabilities would include the following: ~Loans that I have from financial institutions ~Any unpaid taxes (IRS) ~Number of credit cards that have balances or currently opened to use. A balance sheet will assist me in my everyday financial planning by actually seeing what I actually have and what I owe to others. Before taking this class, I never sat down to create a balance sheet for myself, but I did create one in excel. After preparing this sheet, I was really surprised of what assets I owe that would go to my family in the case of my death, and the biggest eye opener; what I owe in debit. Reviewing my debit income opened my eyes to know that in the next five years, I want to be DEBIT FREE! I would like for my cash on hand and in my bank accounts to increase, and the only way this will......

Words: 802 - Pages: 4