Financial Analytics for Managerial Decisions Happy Paws Pty Ltd - Accounting Assignment Help

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Happy Paws Pty Ltd

It is early September 2021 Business background Dog grooming businesses have grown significantly over the last few years. As many households have become wealthier, they have also become increasingly time-poor and often outsource a range of personal services, including pet grooming and dog walking. Although the pet grooming industry has been significantly impacted over the past 18 months due to the Covid-19 pandemic, the industry is expected to rebound as restrictions ease. Lucy Sans lives in an inner suburb of a large Australian city where many people have considerable disposable income but are time poor. More than fifteen years ago Lucy undertook an undergraduate degree in business, with particular emphasis on marketing, and, on completion of these studies, obtained a graduate position with an airline. She spent fourteen years in the airline industry, taking on a range of positions and eventually was promoted to a senior role. With the pandemic and the downturn in the airline industry, in April 2020 Lucy was offered two options by the airline she worked for. One was to be ‘stood down’ for an unknown duration. With this option, Lucy would have no income from the airline for an unspecified duration of time, but she would be able to return to the company later. The other option was to take a redundancy package. Lucy decided on the latter option and thus left the airline with a considerable sum of money. Lucy is fortunate in that her brother has a franchise for a business selling lighting solutions. With the advent of the pandemic and with so many people working from home, many people have invested in new lamps and lighting for their homes and particularly for home offices, and business has never been better. Back in May 2020, Lucy’s brother asked her to work for him in the short term, and Lucy has been working for him ever since.

This period working with her brother has afforded Lucy some time to think seriously about her future. Lucy grew up in a family where there was always a dog. Whilst all family members were fond of every dog that shared their home, Lucy always had a particularly deep affinity for these pets. In her final two years of secondary school, to earn some money, rather than taking on babysitting or working in a fast-food store like many of her friends, she began to take neighbours’ dogs for walks. This work was surprisingly lucrative for a 16-year-old, and so during her university years, she spent many years working part-time as a dog walker. Because of her love of dogs, she was able to work very well with the dogs she took for walks, and herreputation 3 spread far and wide with dog owners who could not commit to walking their dogs themselves regularly. By October 2020, Lucy had decided that she wanted to go into business for herself and that this business would be centred around dogs. Of course, Lucy has her own dog, and in taking him for walks in her inner suburban neighbourhood, she met many locals walking and exercising their dogs. It is fortunate that in her local area, there are some large parks, and one park in particular has an area where a dog can be let off the leash and allowed to run free. In this area of the park, Lucy has made friends with other dog-loving people, and she has come to understand the business services that these people would welcome in the surrounding area.

Lucy knew she needed to take her time in deciding just how this new business would be set up and what services would be offered. She also knew that she needed to prepare herself for her small business. Thus, from October 2020 to June 2021, she undertook some studies, specifically a certificate in business retailing and a certificate in caring for dogs. As well she investigated computer applications that provide for financial record keeping and generating of financial reports for small businesses. Initial plan for the business By June 2021, Lucy had developed an initial plan for her business. In particular, she determined that her business would have three strands. The first strand would be a dog bathing and grooming service. This service would involve providing a bath for the dog, followed by drying, styling and nail clipping. The second service would be providing dog walkers for people who could not walk their dogs themselves for whatever reason. The third strand would be selling a limited range of dog grooming tools. Progress since June 2021 Since June 2021, Lucy has developed her business plan in considerable detail. In July 2021, Lucy set up Happy Paws Pty Ltd, trading as Happy Paws. Happy Paws has just one shareholder, Lucy Sans. Lucy set up a bank account for Happy Paws with the Provincial Bank of Australia, depositing $20,000 into this account. Of this $20,000, $10,000 is from Lucy’s savings, and $10,000 is a no-interest loan from Lucy’s parents. The agreement with Lucy’s parents is that Happy Paws will pay this loan back over two years with the payment of $2,500 each in March 2022, September 2022, March 2023 and September 2023 Given the nature of the Happy Paws business, Lucy needs suitable premises. This is not a business that can be done from home! Fortunately, Lucy has found a suitable shopfront in a local small strip shopping area. The pandemic has meant that some businesses have folded, and Lucy has been able to arrange a very good price for this rental.

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