Answer To: the company i choosed is tax integrity group accounting firm in...
Abhishek answered on Apr 23 2021
Running Head: MGT501 BUSINESS ENVIRONMENT 1
MGT501 BUSINESS ENVIRONMENT 2
MGT501 BUSINESS ENVIRONMENT
INTERNAL AND EXTERNAL STAKEHOLDER ANALYSIS
The present report is about the company Tax Integrity, which is established with the intention to serve the clients with helpful tax suggestions. The assignment shows the performance of the organisation, based on the four very elaborative analytical tools, which are SWOT analysis, PESTLE analysis, Porter’s five forces analysis and VRIO analysis. Furthermore, the stakeholders, both internal as well as internal, have been identified for the company, along with analysing their influence on the company, and lastly followed by constructing a stakeholder matrix based on that analysis.
Table of Contents
Executive Summary 3
Introduction and Background Information on Tax Integrity 6
Functional Areas 6
SWOT Analysis 8
PESTLE Analysis 9
Political Factors 9
Economic Factors 9
Social Factors 9
Technological Factors 10
Legal Factors 10
Environment Factors 10
Porter’s Five Forces Analysis 10
Threats of Competitive Rivalry: 10
Bargaining Power of Suppliers: 10
Bargaining Power of Buyers: 11
Threats of Substitution: 11
Threats of New Entry: 11
VRIO Analysis 11
Internal and External Stakeholders and Their Roles 12
Internal Stakeholders 12
External Stakeholders 12
Stakeholder Interests and Implications of Conflicting Interests 13
Level of Main Stakeholders’ Influence 13
Comparison between Two Industries 14
Introduction and Background Information on Tax Integrity
Tax Integrity was founded by Mr Chetan Joshi. It was founded based on the three key issues that the founder found with other accounting firms (Tax Integrity, 2020). There three factors are the less than stellar customer service, a lack of real expertise and knowledge in the tax field and the client being viewed as a commodity rather than an individual. The company is almost a decade older and ensures their service of individuals is done with the basis of care, love, knowledge and education.
The company values customer service and professional expertise above all. The company’s mission is to provide the best tax outcomes and ensure that the accountants offer advice that is easy to understand (Tax Integrity, 2020). They are trying to bolster the company and create the firm that will thrive in the future. The company has a new way of working. They help companies to plan their businesses and educate them on how to maintain their finances.
They make sure the client has a good experience from start to finish. The services of the company include Tax Planning, Tax Structures for business, SWOT Analysis for the business, Cash flow projections and Compliance updates, which provide them with an accountant, tax agent as well as a bookkeeper.
The first functional area is taxation services. Taxation is very important in any business and it is an integral part of how they function. The company has to be aware of this process even though it is straightforward. Often many business owners tend to struggle with it. They are unable to understand how their taxes should be planned and submitted. The taxation rules of the country can often be complex (Yoon & Chung, 2018).
Many businesses need proper guidance and help to navigate filing their taxes. The company ensures that the companies only pay what they should and ensure that they are able to assist them as smoothly as possible. The company ensures that this approach is good for people from diverse backgrounds. They offer general taxation consultation and advice, tax structuring advice, leading guidance on GST, CGT, FBT and superannuation, business activity statements and instalment activity statements and expert tax planning services (tom Dieck & Jung, 2017).
The second functional is business software training. They will help the business to use software by providing them the training they need. The software helps to simplify the various tasks and increase productivity of the business. They make the processes highly accurate and have systems of measurement in place. The training is a crucial component of how the software is handled and it could be the difference between the smooth running of the business and not. The training is provided at all levels and to ensure the software is a good match for the company.
The third functional is financial planning services. Every business needs a plan to continue their business. The financial advice is to benefit and help them to plan the high-level investment and the team does an exhaustive research to ensure the plan is well planned (Damanpour, Sanchez‐Henriquez & Chiu, 2018). The firm helps companies to plan ways to increase their capital and have great sources of income in the future. The company makes sure that they are always accessible to the companies at any given time. They also have access to quality professionals who are careful and ensure to take calculated risks.
The fourth functional area is the bookkeeping services. The books are the source of the company and how their financial planning is going. It can be the basis of the budget and the initiatives that will be planned as a means to grow (Hsieh, Vergne & Wang, 2017). The services which are able to set up business account for the organisation, they have ongoing bookkeeping and accounts management, pay tool and bank account reconciliations, invoicing functionality, management of debtors and creditors, bookkeeping to trial balance and balance sheets,...