Guillermo Accounting Project Essay

975 words - 4 pages

Guillermo furniture is not unlike a typical small business that is faced with having to make drastic changes to the way business is conducted. Guillermo furniture will need to determine a long term business strategy in order to keep the doors open. This paper will discuss how Guillermo Furniture could use budgets and performance reports in the decision making process. Furthermore, this paper will go over how ethics might influence accounting decisions at Guillermo Furniture. Finally, this paper will discuss how accounting principles and information is most relevant for Guillermo furniture to consider when making decisions.Having a budget is a good idea because this allows a company to capture financial performance over the last year of business. What is a budget and how can it help Guillermo furniture? The definition of a budget is "a quantitative expression of a plan of action" (Horngren, Sundem, Stratton, Burgstahler, & Schatzberg, 2008, P296). Guillermo has many reasons for using a budget and the former manager of a Phoenix Ritz-Carlton, Ralph Vick, said "Budgets are crucial to the ultimate financial success of our hotels." This is why a budget would be a good place to start for Guillermo furniture. A Budget would serve as road map towards achieving the financial goals at the furniture store (Horngren et al., p. 296)In order for Guillermo to see what his store is doing based on any frequency, he would need to compare the actual results from sales with previously budgeted figures, and evaluate performance based on the differences (Horngren et al., p. 296). Key functions of a budget include planning, performance evaluation, and communication. Budgets can deliver detailed financial overview for planning company operations, which is important for Guillermo's furniture store. An additional advantage for having a budget is the ability to highlight potential problems and opportunities early, to be able to avoid problems or capitalize on the opportunities. Guillermo would also benefit by implementing budgets for performance evaluation throughout the company. Allowing the store to use budgets to measure expected or desired performance and compare that against actual performance will provide data to allow for a good decision making process. Finally, Guillermo would be able to us a budget to provide important two-way communication that can convey strategies and expectations downward in the company from the upper-levels of the organization and communicate capabilities and opportunities upward from the lower levels of the company (Horngren et al., p. 296).Since ethical behavior has different meanings to people, businesses can fall victim to unethical behavior easily if such behaviors are not clearly defined as unethical in the business policy and procedures plan. Companies that have operated in an unethical manner have ended up the example of what not to do in business. One extreme action is to "cook the books," or report false profit numbers, which is...

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