Part 1: The Importance of Accounting for SIGNature Ltd.

Scenario:

Sharma and Ryan were both 21 when they attended the Acorn programme run by Engaging Enterprise. They were keen to learn and have since decided to act upon the advice given during the 12 weeks and to set up in business together. They have decided on a new business called SIGNature Ltd. The business will manufacture plastic road signs for builders, tourist attractions and local councils.

You have been hired as a consultant to provide Sharma and Ryan with a business report containing the information they need to understand how to manage the business’s financial resources, their financial reporting requirements and how to analyze their financial data. This will be an ongoing process across the first year of SIGNature Ltd.’s business life. This assessment will be ongoing and require you to finish various sections of content and then apply the given information below to the assessment criteria for the BTEC course. Keep all of your work neatly in business report format in ONE Google Doc as this will be your final submission. 

 

Part 1: The Importance of Accounting for SIGNature Ltd.

There are a number of different reasons for the importance of accounting and how it will help an organization. These include: ● Recording financial transactions ● Monitoring financial activity ● Controlling financial resources ● Measuring financial performance ● Business management On your report document for SIGNature Ltd. prepare a section entitled “The importance of Accounting for SIGNature Ltd.” which describes some of these reasons.