business acumen for accountants

• Business


  An organization that sells goods or services in an attempt to make a profit
• Nonprofit organization


  Aims to better their community by using their profit to donate and fund programs in their community
• Reasons people start businesses

  • Create job opportunities
  • Maximize the owner's wealth
  • Want to be independent
  • Create employment
  • Serve the community
• Value creation


  Creating goods that you think will be valuable to customers, and what a customer considers to be of use and value them
• Things needed to start a business

  • Capital
  • Equipment
  • Registering your business
  • Business name
  • Employees
  • Skills and knowledge
  • Target market
  • Marketing plan
• Commerce


  The buying of goods to sell them
• Components of commerce


  • Trade
  • Aid to trade
• Trade


  Buying goods in big amounts, or buying them in wholesale stores and retailing stores, then selling them in small amounts
• Aid to trade


  Trade assistance, it helps with the process of trading it could be transporting or insurance
• Certain regulations do not apply to some industries because of their size, for example, the number of employees they must have, which could differ from the size of the business
• Legal forms of business

  • Closed cooperation
  • Sole trader
  • Private company
  • Public company
• Closed cooperation


  Held by a limited number of shareholders
• Sole trader


  A person who owns and operates their own business as an individual
• Private company


  Formed by a small number of shareholders who come together for a social cause or profit
• Public company


  One whose shares are sold or issued to the public and which must have at least two directors
• Private sector


  Organizations that are formally registered, these businesses are privately owned and their profit is shared amongst them
• Public sector


  State-owned enterprise where the government