Financial Accounting Ashu

8/2/2019 Financial Accounting Ashu

1/35

FINANCIAL ACCOUNTING


2/35

Group Members:

Deepika Kapoor 71

Suraj Mirchandani 95

Abhishek Mishra 96

Chitral Mistry 97

Devashish Nabhi 100

Rucha Pilgaonkar 113


3/35


4/35

Scope for young entrepreneurs inIndia:

Entrepreneurship Development Institute ofIndia (EDI)

Maharashtra Economic Development

Council (MEDC) District Industries Centre (DIC)

National Small Industries Corporation

(NSIC) Small Industries Development Bank of

India (SIDBI)


5/35

What is a Business Plan?

It is a summary of how a business owner,manager, or entrepreneur intends to

organize an entrepreneurial endeavor andimplement activities necessary andsufficient for the venture to succeed.


6/35


7/35

Our Business plan

We have thought of starting a cateringbusiness in which we will be deliveringhot,hygienic and fresh food in hospital

(patients, staff and attendants) and incorporate offices.


8/35

USP OF OUR PLAN

Timely delivery of the food. Fresh and Hygienic.

Nominal rates which can be afforded by

middle class and upper middle classpeople.

We will have a panel of dieticians who will

guide us in providing the service. The dietician will be in direct contact with

the hospitals when the food is to be

provided in the hospitals.


9/35

Target Customers

Patients admitted in the hospital.

Staff of the Hospitals.

Attendants of patients. Corporates.


10/35

Business Domain

Hospital Domain:- Management responsible forproviding the food hospitals.

Corporate Domain:- Management responsible

for providing the food to corporates. Packaging Domain:- Management responsible

for packaging of foods.

Hygiene Domain:- Management responsible forhygiene and quality.

Delivery Domain:- Management responsible fordelivering the food.


11/35

Challenges

Name and Location.Who customers will be.

Content of menu and drinks list.

Staffing costs.

Purchase costs.Rental costs.

Projected Income.

Challenges:


12/35

Cost Associated With Our Business

Starting up a catering business is easier than itsounds. These are the things you will need tothink about when starting up your business

Business premises Equipment needed

Marketing tools (eg. business cards, menus,

telephone, website, computer) Accountancy Costs

Basic Food Supplies


13/35

Operating Costs:-

Utility Costs (water, electricity, gas)

Insurance coverage Business Rates

Salaries

Rent Taxes


14/35

Hospital Domain

a. Fixed meal similar to the industrial meal witheither two or one vegetable preparationdepending upon the pricing. Normally we

provide this meal at a marginal profit inhospitals. However, if the parent organizationdesires and is ready to subsidise the meal, thenthat arrangement can also be worked out.


15/35

b. Relatives' meal (for hospitals):-

In this category industrial & executive meal canbe provided.

c.Staff meal (for hospitals) :For staff & relatives same menu can be workedout with a price variance. The snacks &breakfast served to staff has a marginal element

of profit whereas that of the relatives is priced atthe market price. However, for staff the pricing isless owing to minimum profit margins.


16/35

Salient features of ourHospital catering Domain

Hygienic & aseptic condition Food preparation & menu for patients strictly

supervised by dietician

Doctors' advise strictly followed Portion control is judiciously done dependingupon the condition of the patient

Diet is therapeutic & balanced according to therequirements of the patients

Timings are maintained for food service For staff & relatives regular food is prepared

separately


17/35

Corporate Domain

We have a central kitchen in Mumbai from where we cancater to places upto 15 kms. The central kitchen islocated in Dadar area.

Salient Features Of Corporate Domain:-

1. Change of menu every three months

2. Hygienic operations

3. Economically packaged

4. Quantity of food is judiciously decided according to thenature of the work of the employees

5. Level of spices and oil in food is monitored closely toavoid effecting the health of the employees without

dissatisfying the palate


18/35


19/35


20/35

Strengths:

Location: Centrally located-Dadar

Procurement

Transparency of operations

Price of our product


21/35


22/35

Weakness:

Financial Control: Risk if miscalculated business plan,equipment, (new equipment, breakdowns, replacements)increased costs (food, staff, utility bills)

Technical issues: Initial lack of expertise in foodspecifications, Loss of expertise of menus development,Training of legal requirements for a food preparationarea, safety/hygiene etc

Communication: Keeping up to date with new food

standards, takes more time/commitment from a staffmember.


23/35


24/35

Opportunities:

Freedom to develop service, implement change.

Diversity: freedom to plan, negotiate choice, prices and quality withsuppliers, to source local produce and address food miles (local

garden market) more opportunities to link and inform curriculum.

Extended Services: freedom to promote extended services and inturn expand our business

Participation: implementing effective policies: e.g. efficient and

good quality food to the consumers, on time delivery

Marketing: freedom to diversify and promote usage of kitchen andaccess to kitchen facilities


25/35


26/35

Threats:

Finance: Fluctuating costs of rawmaterials.

Staff: Absence, loss of staff and

commitment. Competitors: External competitors posing

a threat to our business.

Capacity: Increased numbers wantingcorporate meals.


27/35


28/35

Legalities involved:

Registration of partnership firm u/s 58 and59 of the Indian Partnership Act, 1932.

Submission of Partnership deed andjudicial affidavit to the registrar ofpartnership.

Partnership deed includes the following:


29/35

Contd..

Name of the partners Nature of business Duration of partnership Name of the firm Capital involved

Partners profit and loss ratio Books of account Powers of partners Retirement and expulsion of partner

Death of a partner Dissolution of a firm Settlement of disputes


30/35

Gumasta License under Section 7 Leave and license agreement

No objection certificate (NOC) from the chairman of thecommercial premises

Approval from Health department of BMC from concernward

Approval from FDA Maharashtra

Bank Account on the name of a firm

Acquiring of PAN and TAN number from Income taxauthorities

Registration with provident fund authorities needs to bemade with respect to the employees.


31/35

Marketing strategies:


32/35

Our distribution Strategy:

We have tied up with theiconic Mumbai dabbawalas

to deliver your 'GoldenTiffin' to your office on-timeeveryday.

Charges for the deliverywill be Rs.200 /- per monthover and above the cost ofyour meal choice.
http://www.goldentiffins.com/mumbai-tiffin-delivery-service.html


33/35

Zero % fuel Zero % investmentZero % modern technology Zero % Disputes99.9999% performance 100 % Customer Satisfaction


34/35


35/35

Financial aspects involved:

Financial Accounting Ashu

Documents

Transcript of Financial Accounting Ashu