Answer for HCA 620 What accounting data is required for you to write your CLC Business Plan? Re: Topic 5 DQ 1
Answer for HCA 620 What accounting data is required for you to write your CLC Business Plan?
Re: Topic 5 DQ 1
The financial plan of a business plan is probably the most important component of the document. The information contained in the document will either make the business plan effective or otherwise as it contains information that can influence lenders and other stakeholders (Boyd, 2018). Indeed, the financial data of a business plan is used to justify the whole proposal through the financial forecasts and statements. This data is employed by banks and investors to determine if the proposal is viable for them to be involved.
The financial data for the present CLC project on Ambulatory Service Center will entail data contained in the Chart of Accounts, General Ledger, and Accounting System. However, not all the components of the above will be used in the CLC business plan. Given the nature of the business, investors and banks will be interested in the viability of the project. To this end, financial data on the sales forecast will be paramount. Further, data on the projected income statements will also be important. Information regarding the projected operating revenues, operating expenses, non-operating revenues and gains as well as non-operating expenses and losses (Entrepreneur Media, 2015). All the above information will belong to the facility’s chart of accounts. Moreover, the above chart of accounts information may also be presented in a format called the general ledger. To this end, the liabilities and assets of the hospital in addition to the above information will be captured and they are all pertinent to the present business plan. Moreover, the personnel statements is equally important to the present business plan as it may point to the profitability of the venture.
Moreover, when creating the financial section of a business plan, not all the components of the Chart of Accounts, General Ledger, and Accounting System are significant. In order for a reader to clearly understand the financial concerns of the business, the information mentioned above needs to be integrated in a proforma balance sheet, which will summarize the information (Entrepreneur Media, 2015). The projected information in the balance sheet will then be summarized with highlight containing important information gleaned from the financial statements.
References
Boyd, K. (2018). Accounting all-in-one for dummies. Hoboken, NJ: John Wiley & Sons.
Entrepreneur Media. (2015). Write your business plan: Get your plan in place and your business off the ground. Irvine, CA.
