Tax Monitor, SWOT analysis, business management, service industry, tax services, African business, tax industry, cloud-based accounting, reputation, tax rates
The purpose of this assignment was mainly to identify a business's strengths, weaknesses, opportunities and threats. The problem being investigated is whether the business is running efficiently or not and how the business performs.
Tax Monitor is registered as a services industry, providing accounting services, tax services & payroll services. Tax Monitor facilitates a complicated financial transaction, thus Tax Monitor assists companies either as an individual, a corporate, a trust or a non-profit organisation (NPO).
[...] This means that Tax Monitor is able to keep up with technological advancements. They are also saving the environment, as less paper is used, as all records will be recorded in the cloud & not on paper. This also leaves out room for human error, as everything is based in the cloud, so there are no hard copy written reports. Fifty-eight percent of the world's businesses use cloud accounting, which means Tax Monitor is in the majority group of businesses that are up to date with technology. [...]
[...] Are creditors a massive problem to you? Do you have any shareholders? What are the strengths of your business? What are the weaknesses of your business? What are your biggest weaknesses as an online tax business? What are the opportunities of your business? What are the threats of your business? How would you describe your business? What services do you offer? What is your business's statistics (i.e., number of employees, income per year, number of clients, etc.)? [...]
[...] Weaknesses Cloud accounting Tax monitor uses cloud-based accounting. Cloud accounting is the application of using an accounting system that is accessed through the use of the internet. This can be seen as a weakness as customers can be deferred if they are wanting their tax to be done in hard copy books instead of online. Training employees with technology Trained employees become a requirement as businesses move into working with complicated technology. This becomes a weakness as only specific people can be employed based on their knowledge of technology. [...]
[...] This ensures that the business gains a reputable image & that it maintains this good image; otherwise the corporations mentioned above wouldn't want to be associated with Tax Monitor. Once again, it puts clients' trust in the business to perform well & to do the work that is required of them. Advertising on various social media platforms Another strength would be Tax Monitor being on various social media platforms, such as a personal website on Google, Instagram & Facebook. This expands the target market as the business reaches more people. [...]
[...] For this project, Tax Monitor, which is a tax advising business, was chosen as the business which is being interpreted. An interview was conducted with the owner in order to gather information and insight into both the business's every day and long-term activities. Questions were asked such as "What services do you offer?" and "What is your business's statistics (i.e., number of employees, income per year, number of clients, etc.)?" The rest of the questions can be seen in the annex. [...]
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