Small Business Report: Legal, Accounting for Honey Bucket Start-up

This report examines the legal and accounting considerations for a new honey bucket business. It addresses the importance of employment law, including minimum wage, discrimination, and workplace safety. The report also covers accounting principles, emphasizing the role of financial statements, assets, liabilities, and revenue recognition. It discusses how accounting helps track income and expenditures, ensuring statutory compliance and aiding investor decisions. The report further explores strategies for promoting the honey bucket business, such as word-of-mouth marketing, participation in markets, and online promotion through social media and e-commerce platforms, providing insights into how to achieve profitability and growth. The report also includes a list of references from where the content is taken.

SMALL BUSINESS
REPORT

Table of Contents
INTRODUCTION...............................................................................................................3
TASK 2...............................................................................................................................3
Legal and accounting aspects of start-up......................................................................3
Accounting....................................................................................................................4
REFERENCES..................................................................................................................6

TASK 2
Legal and accounting aspects of start-up
Company is launching new product that is honey bucket where honey is being
extracted from honey bee family. Product is being created in Bulgaria and will be
exported to England. For making the start-up successful company has to follow various
legal, laws, rules and regulations. It includes the following:
Importance of employment law: Employment law is basically collection of laws,
rules and regulations that facilitates relationship between employer and employee. It
speaks about when employer can hire employees and when they can start to begin their
work. In order to launch new product which is honey bucket, organization needs to
implement employment law in their new start-up (Guerin and Barreiro, 2016). It is very
important as the law covers that workers must be paid for every task that is being
performed by them. This law is essential as it provides employees protection with
wrong-doing that can be conducted by employers. Without proper policies and
procedures employees can be vulnerable to various risks that is being involved in
starting up a new company. This law is essential in any company whether they are
small, medium or large to provide protection to workers.
Employment right given to employees: Company who is going to launch new
product which is honey bucket, they will provide various rights to workers working with
them. Firm will involve in following employment law in which the key laws that will be
included will be minimum wage, discrimination, workplace safety and health laws. New
start-up will ensure that all workers working with them are being treated equally which is
given in law. No discrimination is being done to them on basis of gender or age. Firm
will also ensure that employees working with them have safe and secure working
conditions.
As company is dealing extracting of honey they must ensure that bees do not do
more harm to any individual working with them. They must also be involved in protecting
them hazardous working condition (McCarthy, 2018). If these aspects are being
followed by new-start up, then only they would be able to grow and establish their
business in England. Employment law also consists of hiring and dismissal part,
company must be involved in working according to law for hiring and recruitment. Like

for example no employee can be thrown out of organization without serving them proper
notice or reason. If it happened, then firm can be charged with penalty.
Ensuring employees are treated equally: Company can make sure that
employees are being treated equally, they are being paid equally for the same
responsibility perform by them. They can also make sure that by that no discrimination
took place on the basis of gender. Women must also be paid equally like men if they are
performing the same job. This aspect will make sure that are workers are being treated
equally (Bose and Biswas, 2018). If company is involving in following these laws, then
only them would be able to create employee loyalty which is essential for their growth
and profitability aspects.
Accounting
Accounting plays an important role in developing the business in significant
way in order to have proper level of tracking the extended income and expenditures of
company in more appropriate way. Accounting helps the company to have the better
level of knowledge with regard to appropriates information about statuary compliance
which provides better investors along government having quantitative financial
information which is being used to make appropriates consumer decision-making
insignificant way (Smith, 2019). This is considered to be the process in accordance of
systematic maintenance of records regarding financial information of honey bucket
which helps to have appropriates compiling in financial statement of company. The
financial position gives information regarding the profits and loss along with assets and
liabilities in order to increase level of efficiency in overall management. Without
accounting company will be considered to be direction less same as ship moving in
ocean without radar. The company is tends to have systematic attainment of financial
statement so that interested parties can make realizable decision-making.
Assets are the company everything which can be classified into either cash or
property which is owned by company. On the other hand liabilities are the things which
is owed by business. The company have developmental of significant ledger in order to
have tracking of all asset and liabilities transaction in more significant way. In the
successful running of honey business is considered to be useful in large operations the
significant level of assets are beekeeping suit ans honey extractor along with pickup

truck. On the other hand liabilities for business will be small business loans, outstanding
payroll along with account deliverable which are the funds which is owed by vendors
(Kieso, Weygandt and Warfield, 2019. ). The firm have the outstanding taxes which is
been treated as liabilities in significant order. With more level of significant the revenue
for honey bucket will be assessments, investment incomes, sales and more of charity
and donation for development of business. On other hand expenditures are such as the
administrative expenses, capital expenditures along with program expenses such as
advertising, public relational and emerging opportunities for development of business in
significant level.
Honey bucket is the business which needs a lot of attention and care in order to
have proper level of developing over interest which is making business more level of
flourish. There s availability of various ideas to make the business more level of
succeed in order to attain better level of profits in competitiveness market (Weygandt,
Kimmel and Kieso, 2019). The business can have to success through promotion with
word of mouth which make the business of honey rolling into market. The next step can
be more contacting to market, festival and fair which will creates awareness about
honey bucket along with various level of uses and quality of product. The next better
step is to develop the consignment opportunities among the small business owner
which are creating the chain of stores. The business can be promoted online with the
help of social websites such Social media websites, eBay, and Craniologist are all
viable ways to sell to people outside of your immediate area. Many of these online
avenues are free or low-cost.

REFERENCES
Books and Journals
McCarthy, A., 2018. Changes needed to employment laws. Australian Nursing and
Midwifery Journal. 25(11).pp.28-28.
Guerin, L. and Barreiro, S., 2016. Essential Guide to Federal Employment Laws. Nolo.
Bose, I. and Biswas, S.B., 2018. International Employment Laws, Standards,
Recommendations & HRM. Indian Journal of Industrial Relations. 53(3).
Kieso, D.E., Weygandt, J.J. and Warfield, T.D., 2019. Intermediate accounting. John
Wiley & Sons.
Smith, M., 2019. Research methods in accounting. SAGE Publications Limited.
Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2019. Financial accounting. Wiley.

1