Royalty Accounting Services’ SWOT Analysis

982 Words2 Pages
bulb-icon

Recommended: swot analysis of the banking industry

SITUATION ANALYSIS
Royalty Accounting Services is exceedingly reliant on profits from tax planning and preparation for businesses and individuals. I will need to expand the profits base to realize constant growth and steadiness in a shifting business.
SWOT Analysis
The subsequent SWOT analysis discourses the strengths and weakness within Royalty Accounting Services and the opportunities and threats that exist in the environment. This breakdown highpoints zones to be leveraged and points out where we must progress and develop within the business and within our industry and marketplace.
Strengths
• A group of extremely talented CPAs that have proven exceptional reputations within our marketplace
• Exceedingly qualified and skilled employees with a surge in total billable periods.
• Extraordinary customer retention, offering constant recommendations to the business.
• Proficiency in particular vertical markets of dental, medical/health and lodging businesses.
• A high-tech computer system, using the modern software that remains to improve our efficiency and increase our capacity.
• Four CPAs who bring in a projected 75% of the new customer work.

Weaknesses
• Extremely dependent on tax preparation work from business customers and individuals, consequently, a deficiency of divergence in our income sources.
• Incapable to produce adequate billable hours when the season is over, founded on the existing capacity of our organizations and employees.
• Struggle in retaining bellicose non-partner CPAs, as they move to smaller businesses that will make them associates quicker.
• Being professed as a non-advanced, "too traditional" business and maybe disregarded as a feasible choice for new customers.
• Some people within the trained employees...

... middle of paper ...

... facilities in lieu of the services we promote and offer. This customer category may contemplate these preparers on the base of "self-preparation avoidance" rather than looking for practical/ expertise guidance and advice.
Software - Growing competition from individual software, mainly Intuit's "Turbo Tax" and H&R Block Financials' "Tax Cut."
Customer Analysis
A gathering of our most important customers have practiced significant achievement and development. Meeting these customers' necessities will bring us along to offer additional facilities and offer a chance for us to advantageously increase and magnify the facilities we provide. As we gain knowledge and inaugurate our reputation in these regions, we market those to other customers and utilize them as a point of interest to appeal new customers. Pension planning facilities are one example of this occurrence.

Show More
Related

  • Ruths Chrisris: SWOT Analysis Of Ruth's Chris

    974 Words  | 2 Pages

    When different kinds of menu for lunch and dinner are included, there is an opportunity for attraction of more clients in the new outlet

    Read More

  • Conflict Resolution In The Workplace

    2489 Words  | 5 Pages

    ·     Inconsistent performance levels, i.e., fluctuation of monthly sales levels or decrease in pace/speed of work output.

    Read More

  • A Flat Tax System

    1206 Words  | 3 Pages

    It can discourage business investment and expansion, as additional profit is taxed at higher rates

    Read More

  • The PEST Analysis for PC market in U.K.

    1958 Words  | 4 Pages

         Our firm could offer an after sales service. This would encourage consumers to come back to us. E.g. AOL offered a service where, if consumers had any problems they could just ring them up and they would sort it out with no additional costs. We could also offer a service where if consumers don’t know how to use a computer or an Internet package, we would offer them our training programme. We would only offer this if they buy from us.

    Read More

  • Tax Reform

    1050 Words  | 3 Pages

    Taxes in the United States include payroll taxes, property taxes, sales taxes, and a multitude of others. These taxes may be imposed on individuals, business entities, estates, trusts, or other forms of organizations. In general, there is a lot of inquiry on the current tax system. With endless loopholes, a regressed economy, and corruption there has been widespread anger on the current structure of taxation. Consequently, the wealthy have managed to become even richer despite the economic crisis. Furthermore, many taxpayers in the upper class have found loopholes to avoid substantial taxation or otherwise known as tax evasion. (Stewart 2013) Tax evasion has only grown over the years and with the national debt has become a major issue. What is more, is the intense complexity of the entire taxation process. Addressing all the issues and problems regarding the taxation structure is a meticulous and arduous process. With this in mind, politicians from both parties have tried to address individual issues within the taxation paradigm. Being that the United States has the highest corporate tax in the globe, politicians have tried to change policy regarding taxation on businesses. (Sullivan 2013) How...

    Read More

  • Enterprise Resources Planning (ERP) Implementation

    1634 Words  | 4 Pages

    Stair, R.M., Reynolds, G.W., Gelinas, J.U. Jr., Sutton, S.G., Hunton, J.E., Albright, S.C., Winston, W.L. & Zappe, C. (2007) Accounting Information Systems and Financial Modelling, Thomson, South Melbourne, Victoria, Australia.

    Read More

  • Multimedia Marketing Services Business Plan

    1860 Words  | 4 Pages

    The members have been generating client bases in their own related businesses since 1999, previously, the members enjoyed mild success in their own businesses, and have been limited only by capital and available time.

    Read More

  • Essay On Challenges Of Accounting

    1025 Words  | 3 Pages

    Increased competitions and high expectations of the companies have put high pressure on the accountants. Making the most accurate decisions and helping the companies maximize their financial performances have become almost basics of the accountants’ duties. Many business owners question why they need to seek the services of an accountant when they can do many things themselves with the help of the technological tools. Today, an accountant must provide more than what technology can do for the company. They have to set business plans, goals and provide guide to achieve them with less cost and most profit. They have to advise business on their investments and project the most profitable decisions for the company. Beside the investments, accountants expected to consult the firms on their consolidations with other firms. Making decisions and researches on reducing costs, and sharing resource while providing variety of offerings puts lots of stress on the

    Read More

  • Statement of Purpose for a Ph.D in Accounting

    2033 Words  | 5 Pages

    I am interested in conducting research and teaching in managerial accounting, auditing and assurance services and accounting information systems. In particular, I am interested in exploring the role of accounting information systems in decision making, internal control, and auditing. In order to gain an appreciation of these and related issues, it is essential for me to have a strong grounding accounting, accounting information systems, information technology, managerial accounting, as well as gain a general economic and management perspective.

    Read More

  • PricewaterhouseCoopers SWOT Analysis

    1046 Words  | 3 Pages

    SWOT analysis is a necessary tool for business that allows corporations to analyze where their strengths, weaknesses, opportunities and threats lie. The SWOT tool contains paramount information about the industry and helps the executives of the business make decisions that are necessary for the business’s survival and success.

    Read More

  • Accounting Regulatory Bodies Paper

    721 Words  | 2 Pages

    The success of a company is very dependent upon its financial accounting. In accounting there are numerous Regulatory bodies that govern the accounting world. These companies are extremely important to a company because they set the standards when it comes to the language and decision making of a company. These regulatory bodies can be structured as agencies, associations, commissions, and boards. Without companies like the Security and Exchange Commission (SEC), The Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), Internal Accounting Standards Board (IASB), Internal Revenue Service (IRS), and other regulatory bodies a company could not make well informed decisions. In this paper the author will look at only four of them.

    Read More

  • Accounting Education: The Future Of The Accounting Future

    1883 Words  | 4 Pages

    Change is inevitable. Yogi Berra once said “The future ain’t what it used to be.” It is clear that the future of the accounting profession ain’t what it used to be (Gormon and Hargadon 1). The changes occurring are happening fast, they are dynamic and they are completely and undeniably real. Since the world around the accountant is changing, the accountant has no option but to change as well. The field of accounting has always been one to know change and to know adjustment, but within the recent past and certainly within the next few decades, the changes that are occurring and will occur absolutely are the most dramatic and exponential yet. Obvious changes lie in the expanding scope of services performed by accountants, the increased use of

    Read More

  • The Purpose of Accounting

    632 Words  | 2 Pages

    Main view of this report is to explain how the accounting plays a major role in banking, finance and other sectors of business. To decide this, the following questions are explained as follows:

    Read More

  • Computerised Accounting System

    1303 Words  | 3 Pages

    Today, there is a range of computerised systems in the market that business can use to keep track of their finances; few of the most recognised for their performance are Sage, Microsoft Dynamics, Oracle, QuickBooks, SA...

    Read More

  • The Impact of Computers On Our Lives

    2684 Words  | 6 Pages

    computer. The electronic computer has been around for over a half-century, but its ancestors have been around for 2000 years. However, only in the last 40 years has it changed the American society. From the first wooden abacus to the latest high-speed microprocessor, the computer has changed nearly every aspect of people’s lives for the

    Read More

More about Royalty Accounting Services’ SWOT Analysis

Open Document