Businesses such as Toyota find accounting being a very critical aspect of their business life. Accounting involves recordings of the financial transactions for the business. The importance of accounting is that great that even if a business has one of the best products in the world it could still be faced to fail for simple things such as not enough investment, too high costs to produce the products or even simply over spending on new products. Record Transactions
In a business life keeping the records accurate and up to date is very important in order for a business to run smoothly and produce good levels of profits. The accountant for the business or actual business owner, must keep either a PC document or written copy of all the money going in and out of the business. This should be to the last penny as one wrong number or one forgotten means that the businesses whole records are wrong. If a business fails to do this, it could potentially find itself forgetting to pay bills, forgetting about chasing payments from other businesses or customers and even worse finding themselves in trouble with HM Revenue and Customs. This is something a blot of businesses are worried about due to, if a recorded transaction is wrong the final report will be wrong which could lead to tax payments being wrong. If the tax payments are wrong and HMRC, also known as HM, find out then the business could even find themselves in court and with a fine. Monitoring
Business Plan Market Marketing Analysis
Introduction To evaluate and analyse a "professionally made" marketing plan requires the evaluator, to very critically and closely point out the strengths of the plan, yet also point out parts of the plan that are irrelevant or are in need of improvement (weaknesses). Of course, as this is a professionally written marketing plan, the positive aspects of the plan will vastly out-number the negative ...
A businesses records will normally be updated on a regular basis which normally varies from daily to weekly however there are still some out there that do it once a month depending on the sales the business is producing. For a large business such as Toyota Manufacturing it will normally be done daily as they will have payments going in and out every day. This is to provide a good indication of how the business is doing in terms of sales, receiving payments, paying expenses and so on. The owner or owners would realise a lot quicker if money going out seemed to increase whilst sales were dropping. The owner or shareholders would then create a plan of action in order to decrease the amount going out and produce more sales. By doing this the business can make sure they have the funds needed for day to day expenses too as their will normally always be expenses going out every day. This varies a lot though and is why records should be kept. Management of Toyota Manufacturing
A manager is someone who is in control of most, if not all the planning, monitoring and controlling of the business. The manager is someone that clearly understands the businesses accounts and will be able to make informed decisions in order to plan for the future. From doing this the manger would be able to get a good level of understanding about whether the business is able to start producing the new Yaris and still make profits or break even. However within a business as large as Toyota the manager must consider a number of things such as: Staff.
Materials.
Stock.
Money.
Competitors.
The manager must make sure the money going out on things such as wages, material costs and new stock is covered by the income the business is generating from sales so if the accounting is not done right then the manager will also get the wrong numbers and could potentially put the business at great risk. Measurement of Financial Performance
The Business plan on Marketing Plan Of Toyota
Executive Summary A company of automobiles named Toyota Motor Corporation owned by Australia has a very vast range of cars. There is a part of manufacturing in the industry named as prius car is one of the best hybrid coactions drivers which are best drivers in the environment of today. It also creates a competitive atmosphere between other businesses due to the provision of best fuel system. In ...
If a business did not have up to date financial records then it would be very hard to know if the business was making profits or actually losing money. There are a number of things the manger of Toyota must know such as: Gross profit – The amount of profit that is left after the cost of producing a service or product deducted from the amount of sales revenue. Net profit – The profit made after all the other expenses are taken away from the gross profit. Money owed to the business.
