OUTCOME 1 Flashcards
External professionals listed
- accountants
*financial advisors
*ict specialists
*legal advisors
*marketing advisors
legal requirements listed
*registering a business name
*registering a website domain
*trade practices legislation
*business tax compliance
*work safe insurance
financial considerations listed
*establishing bank accounts
*establishing financial control systems
*budgeting and auditing
*establishing record keeping strategies
the importance of selecting appropriate suppliers listed
*price
*quality
*reliability
*location
*csr
policies and procedures listed
*the need for policies
*legislation affecting policies
*policies established for business routine
*the need for procedures
technological and global issues listed
*customer databases
*overseas suppliers
*overseas retailers
accountants
a professional who manage, updates, analyses and reports a business’s financial info
financial advisors
a professional who provides expert advice to individuals and businesses in relation to monetary matters.
ict specialists
a professional who develops and maintains the technological systems that are used by businesses to store and retrieve data
legal advisors
a professional who provides expert advice to business regarding their legal responsibilities
marketing advisors
a professional who provides expert advice to business in relation to promoting and selling their products
registering a business name
the title that a business operates under and what customers use to identify the business
registering a website domain
website address that identifies a business’s online site
trade practices legislation
law that governs how a business interacts with customers and competitors
business tax compliance
the extent to which an individual or business meets tax obligations
work safe insurance
compulsory insurance that assists employers to meet their obligation of financially compensating and supporting those who are injured or ill due to work
establishing bank accounts
arrangements made with a bank where a business or individual can deposit and withdraw money
establishing financial control systems
processes and procedures used to direct and monitor a business’s finances
importance of budgeting listed
*avoids financial loss
*helps detect fraud
*avoids financial mismanagement
*avoids low cash flow
importance of auditing listed
*avoid large financial loss
*helps prevent fraud
*avoids financial mismanagement
establishing record keeping strategies
methods used to keep track of the financial transactions of a business over a period of time
importance of price with suppliers
business must consider how much suppliers charge for their resources and delivery
quality importance to do with suppliers
quality of resources provided by suppliers directly impacts quality of outputs
importance of reliability when it comes to suppliers
business should opt for suppliers that can deliver required inputs at the required time
importance of location when it comes to suppliers
important for business to consider where suppliers are located
CSR
the ethical conduct of a business beyond legal obligations, considering social, economic and environmental impacts.
policies
written statements that outline the expected performance and behaviour of employees
legislation affecting policies
*equal opportunity act
*privacy and data protection act
*occupational health and safety act
*competition and consumer act
policies established for business routine
*customer service policy
*internet policy
*social media policy
*dress code
*absence and time off policy
procedures
a series of action that employees must follow in order to abide by business policies
customer databases
a collection of info about existing and potential customers.
overseas suppliers
individuals or businesses that sell raw materials or resources in overseas countries
overseas retailers
individuals or businesses that sell goods and services directly to customers overseas
the role of accountants listed
*create financial reports
*ensure legal compliance
*create budgeted reports
the role of financial advisors listed
*manage business owners personal finances
* recommend possible investment and opportunities.
*analyse and assist management with business expenses
the roles of an ict specialist listed
*set up and maintain a website and customer database
*provides training to employee regarding privacy and security policies
role of legal advisors listed
*provide advice relative to drafting contracts
*ensure compliance with all relevant laws and regulations
role of marketing advisor listed
*develop advertising strategies
*provide branding/design assistance
*develop digital and social media marketing strategies
trade practices legislation obligations listed
*commit to guarantees and warranties
*do not collude
*do not false advertise
tax obligations listed
*goods and services tax (GST)
*income tax
*pay as you go (PAYG)
importance of establishing a bank account listed
*enables a business to separate business and personal spending
*enables a business to properly calculate its bank balance
*enables a business to accurately lodge tax returns
the importance of record keeping strategies listed
*enables a business to accurately keep track of financial transactions
*enables a business to conduct valid audits
*enables a business to form accurate business reports
importance of maintaining cash books listed
*keeps rack of financial transactions
*proves financial transactions that need to be reported for tax returns
*enables a business to conduct valid audits
*enables a business to form accurate business reports
negative impacts of low quality inputs listed
*less satisfied customers
*lowered business reputation
*decreased sales
unreliable suppliers are more likely to: listed
*make errors
*be late with deliveries
*cause delays in production
nearby suppliers listed
*reduce costs in transportation
*minimise carbon emissions
*enhances wellbeing of local community
long distance suppliers listed
*cheaper resources
*increased transport costs
*increased likelihood of late or damaged inputs
CSR suppliers considerations listed
*fair and ethical treatment of employees
*local suppliers
*ethical sourcing of materials
*use environmentally friendly practices
*choosing supplier with high-quality materials
external professionals
highly skilled individuals that businesses hire to provide expertise in a particular area of operation
legal requirements for establishing a business
at the establishment phase of a business its crucial that business owners are both aware oft heir legal requirements and that these are upheld
financial considerations
at the establishment of a business, there are many financial requirements managers must consider
the importance of choosing appropriate suppliers
at their establishment, its important that business owners select appropriate suppliers
policies and procedures
businesses have rules and processes to guide employees on how to behave appropriately in the work place
technological and global issues
at the establishment phase, its important for usinesses to consider how technology can be used to collect info
