The business I have created is called My Cash Express



My Cash Express

Keturah Gantt

Axia College

The business I have created is called My Cash Express. This is a business that provides check cashing, bill pay, and short term loan services. This business will be classified as a Limited Liability Company (LLC). The limited liability company is a distinct business entity that combines the corporate advantage of limited liability protection with “pass-through” taxation, the method of taxation afforded to both general partnerships and S corporations. I chose this simply because of the nature of the business. Companies that are considered LLC allow the owner to be free of all responsibility relating to debt. If the business was to fail the owner would not be held personally responsible for any loss. Although I would be required to send annual reports to the government on my business, this is perfect because with this being a fairly brand new business there is room for failure and my personal finances should be protected.

My business would simply cash checks, pay bills and lend short term loans. These services would mostly be used in urban neighborhoods, so that is where my locations will be. This will be a perfect place for individuals without bank accounts that need to cash checks. It also implements convenience because customers can save time and pay major utility bills as well as select others. The short term loans are given on the individual’s gross pay and as an added plus the loans have low interest rates, which will be great for individuals who need money in between paychecks. As the owner I will mainly be responsible for understanding auditing procedures, how the business should be run, and hiring managers that will execute the rules and expectations I have in place.

Internally, My Cash Express will be operationally sound. Starting with the management, everyone will be properly trained on how to operate and maintain each aspect of the business. Accounting training is required for all management employees and it is mandatory that policy and procedures of accounting are known and followed. A managers training, of course, is more in depth.

A manager’s responsibility is to employ individuals that will in some way contribute to the success of the team. The employees chosen to work in my business must have previous cash handling experience, must have a high school diploma and preferably some college study. Potential employees should also have some idea of the credits and debits system. I am not asking for in depth accounting skills because there will be ample training once hired. Each employee should also be customer service oriented and willing to work as a part of a team. Customer service will be a big deal in my company. Customer service training is given to ensure that each employee is doing it the way the company requires because it is what, I believe, will keep the customer coming back.

To start My Cash Express business accounting will play a big role because the nature of the business consists of mainly dealings with cash. There will be two managers in each branch; a head manager and an assistant manager who, at times, will share responsibilities. Both managers are put into place to help one another because this job can be overwhelming for one person. The accounting aspect of the business will be kept accurate by employees; the managers will be held accountable by upper management if there are discrepancies during the audit. I feel like there is no need for a single accounting department because the employees can do it with a close watch from managers. All the money bought into the business will be recorded and accounted for, just to ensure accuracy during audits. Each employee directly dealing with customers will have a cash drawer. At the end of every business day the drawer will be balanced and the outcome will be recorded and retained for future reference.

Weekly, a manager will bag excess money and deposit into the account for the business, the amount will be determined using balance sheets and internal cash amounts. To avoid confusion and keep audits and records controlled, only one employee, more than likely one of the managers, will be able to approve loans. Managers are required to reach certain loan goals that are given by the corporate office, this is why they will determine what loans are accepted or not. Managers will conduct surprise audits to ensure that each employee is being truthful and honest with their money and balance sheets. Annually there will be outside auditors bought in to audit each branch, making sure that all branch employees are following the rules set in place and conducting money transactions honestly.

Managers will be responsible for reviewing logs and balance sheets to create reports that reflect current profits and provide estimates of profits for weeks and months to come. There will be an action plan created each month depicting how business will be acquired which will then be compared to profit numbers to see if the acquisition time was well spent. Managers will also be responsible for reporting each employee’s performance. Employees will view the sheets and be coached on how to improve in the lacking areas. Last but not least there will be supplies ordered every month and must first get approval from myself, the owner, before submitting it. Managers, as you can see, will have a lot of responsibilities but as the owner mine are greater. Managers are my eyes and ears for the business in my absence. These policies and procedures are set into place so that I can accurately keep track of my progress. With the reports created every month I can compare and review them and use them as a basis to make good decisions within the business. All of these accounting controls set into place there will be no question that My Cash Express will be prosperous and, most importantly, organized.

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