Day Spa Business Plan

Topics: Balance sheet, Generally Accepted Accounting Principles, Liability Pages: 5 (1067 words) Published: September 19, 2011
Total Transformations Day Spa Business Plan
Brenda Anderson
University of Phoenix - Axia

Total Transformations Day Spa Business Plan
Description of My Business

My plan for Total Transformations Day Spa concentrates on the needs of the client’s appearance and an overall feeling of well being. I will provide professional staff who offers an array of services that grants the clients assistance in hair care, tanning, and nail care as well as the total comfort in spa care. Here we focus on the entire family population that has a desire to look and feel better. We have an ample supply of top-of-the-line products for each department that our clients will be encouraged to purchase for enrichment of their services provided here at Total Transformations Day Spa. Accounting

From the start up of our business I will hire an Accountant for specified departments to work with the budget and financial reports. The accountant will work with software that follows the Generally Accepted Accounting Procedures, (GAAP). This includes integrated accounting modules that are set up for a complete system for managing bank accounts, finances, and payroll.

He/she will be experienced and understand everything that goes into Responsibility and Managerial Accounting. He/she will maintain the requirements from the IRS as well as complete necessary daily, weekly, and monthly reports.

Maintaining detailed records for service revenue will be essential in supporting a respectable establishment like Total Transformations Day Spa. With the required reports obtained from the software suitable for our type of business, the department managers of segregated duties will describe, sum up, and enter all detailed information needed for the accountant to provide the report acceptable for management to make those essential decisions for business growth.

Analysis of Cost
My initial costs for Total Transformations Day Spa will be; building, equipment, contractors, movers, and product. Once we opened we will also incurred costs for therapist employees, maintenance, advertising, insurance, an accountant and lawyer expenses, along with general and administrative costs.

Internal Controls
Because of the utmost importance and with being a service provider, I will follow the internal control principles that pertain to Total Transformation Day Spa. Within these principles are; Establishment of Responsibility (When only one person is given a task, this is where you will find control to be most effective), Segregation of Duties (to provide reliable evaluation of another employees work with the work of only one employee and with no duplication effort), Documentation Procedures (here you have the companies documents that are already pre-numbered and accounted for), and Physical, Mechanical, and Electronic Controls (it is so important to be able to safeguard a company’s assets, enhance its accuracies and the dependability of their accounting records) of which you will find it this internal control department. These are all very important principles that will be enforced and managed throughout the duration of Total Transformations Day Spa.

Managing Employees
• I will have an accounting department that will provide the payroll services, insurance, and retirement options needed for the contractors and employees that will be paid with salary. • For potential employees, I believe we need to provide an ample benefits package. I trust that if we are generous and respectful with our offer we will avoid employee turnover for a more stable and professional environment. • The plan for salary employees will include; full medical coverage (only for employee), paid vacations, and a monthly company contribution of to a Simple IRA plan. • For our contractors (Cosmetologist, Barbers, and Nail Technicians) who will be providing a service at Total Transformation Day Spa will be offered full medical benefits at a competitive cost, paid vacations...

References: Balance Sheet
For the Month Ended October 31, 2004
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