This is a class assignment that needs to be done APA style. I can send reading materials. I am using a sole proprietorship structure for my consulting business. The instructions are below: Describe how you would set up a financial management system for your consulting firm. • Would you use cash or accrual methods of accounting? • What are the key features of an effective profit and loss report? • Would you use bookkeeping software? If so, provide an example of software that will meet your needs. • What is the value of a balance sheet? • How will you approach the design of your fee structure/contract format? • What else did you learn about managing the book that could be useful to you in the future?
Readings • Pakroo, J.D. (2012) The Small Business Start Up Kit. NOLO 7th edition ISBN 978-4133-1684-1. Chapter 11 Bookkeeping, Accounting and Financial Management
Xue, M., & Field, J. M. (2008). Service coproduction with information stickiness and incomplete contracts: Implications for consulting services design.Production & Operations Management, 17(3), 357-372.
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