ACC 202 Investor Report
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Paws and Claws Goodies
1
Investor Report for Paws and Claws Goodies
Devin Durham
Southern New Hampshire University
Report for Paws and Claws Goodies
Introduction Here at Paws and Claws Goodies we strive to be your one stop shop for all your pet needs. We have a wide range of products for selection at unbeatable prices so why shop elsewhere? Our objective is to ensure that our customers receive premium quality products at unbeatable prices while getting top notch customer service from our friendly staff that know how
to spoil your fur babies.
Paws and Claws Goodies was founded in 2022 to bring premium products and services to
families who want nothing but the best for their fur babies. Paws and Claws Goodies can bring pet owners products that are affordable, high quality, and comfortable for all kinds of pets. The vision of this company is to become the world leader in pet supplies. Over the next decade the company plans to expand from coast to coast and within 15 years, there are plans in place to go global. The online shopping experience will help the company start gaining international attention prior to arrival of a brick and mortar.in the area. Purpose
In order to remain successful, Paws and Claws Goodies needs to make sure our investors continue to back us by knowing that their investments are being put to good use. This report will show numerous types of financial statements that gives some insight on our budgeting and income. With this report we want to show the current success in financials and show that we are on the right path for a bright future.
I plan on communicating the metrics over the last 30 days to our investors. These metrics show that Paws and Claws Goodies are holding our promises to our customers by being able to keep high quality products at a low cost while keeping our promise to investors to return profits. Methods and Approach
Report for Paws and Claws Goodies
From the beginning, we here at Paws and Claws Goodies have pondered which costing method would work best for our business. This is an important segment of the financial process that if done incorrectly will end in a company filing bankruptcy and going out of business if not done. The cost system is how a business’s expenses are tracked so that we can come up with the budgets needed to ensure that the bills are paid. Job order cost process was determined to be fit for Paws and Claws Goodies because it simplifies the complex manufacturing process and allows for tracking of the cost that go into an item from manufactured to sold. In order to know our true expenses month to month, year to year, we would need to break
them down to variable costs and fixed costs. Depending on supply and demand, the variable costs are those that change whereas fixed costs stay the same no matter the situation. The job order cost system provides the cost of each individual product produced such as direct labor and direct materials whereas process costing methods “A type of cost accounting system that provides product costs for each manufacturing department or process; a type of cost system that records product costs for each manufacturing department or process within a manufacturing facility” (Warren & Tayler, 2020). The job ordering cost system falls in with our mission and vision because it allows us to simplify our costs and keep costs as low as possible which allows us to keep our prices low for the customers.
According to American Institute of Certified Public Accountants there are six professional principles that all CPAs must follow daily, and they are: Integrity, Responsibilities, Public Interest, Objective and Independence, Scope of Nature of Services, and Due Care. By upholding these principles, we are ensuring that we are being non-biased in our financial statements and are preparing them with honor and are transparent with all monies involved in our
business.
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