Assignment: TACC603 – Accounting Information systems You are required to use the following case study and complete the tasks as per the description given below. Case: You and a few of your...

ASSIGNMENT: TACC603
ACCOUNTING INFORMATION SYSTEMS
Executive Summary
This report is based on the start-up idea of a 3D scanning application. The business plan has won first prize in local software competition aided with $ 10,000 money. Founders of the plan use the money to start their operations. They still require more financial help to scale up their business. The report focuses on the key areas where they have to work on to become a successful start-up. The report also put some light on the external parties and investors where they can go for financial aid. The report also contains information regarding the ethical issues and security issues that they must take care of as they grow their business.
Table of Contents
Executive Summary    2
Introduction    4
a. Key Decisions, Business Processes and Information Needed to Become Successful Entrepreneurs    4
Key Decisions    4
Information Needed    5
Business Processes    5
. External Parties to be involved    6
c. External Sources of Funding    7
d. Security, Legal and Ethical Issues Arising from Development and Use of Software Application    9
Conclusion    10
References    11
Introduction
The project is based on the start-up idea of a 3D scanning application. The entrepreneurs have to take some important key decision for the success of the business plan. Some of the areas for key decisions are mentioned in the project that entrepreneurs have to take to become successful entrepreneurs and information needed to become a successful start-up. The project also put some light on the business process that should be used and the external parties that affect the business operations. The project also suggests the most possible options for external funding available to a company such as angel investors, venture capitals, team loans, issues of shares, etc. Moreover, it also states the security issues and legal issues that accompany faces when they develop and market their software application in the market. Laws and regulations passed by the governments of different countries to protect the data and information of the people.
a. Key Decisions, Business Processes and Information Needed to Become Successful Entrepreneurs
Key Decisions
The success of any emerging start-up always depends on the leadership of the founder and co-founders of the start-up. According to Kuratko (2016), some of the very curious decision is taken by the founder’s at the inception stage of the company and even at the growth stage of any company. Some of the key decision should be taken by the founders of the 3D scanning application to become successful are as follows:
Mode of raising capital funds: The first and foremost decision for the company is to identify the sources of capital for the company to start its operations. The Source of capital can be internal or external. The founders have to decide whether they will
ing their share of capital to the company or they have to a
ange the capital through external sources to start the company. It is one of the most important decisions; any company has to take, before they start their production of their product.
Mode of Promotions: As noted by McKenny et al. (2017), Identifying the effective mode of promotion and taking decisions to promote the service the company is going to provide to their target audience is very important. The company should use print and graphic media to promote their product they can use a newspaper advertisement, posters, business cards etc. These tools of promotion can be more effective and less costly to introduce the product first time in the market. The company has to decide whether they want aggressive promotion of their product or normal means of promotion.
Product Pricing Decision: Now the most crucial decision the company has to take is to decide their product price. The decisions should be based on the mode of pricing of the product, how while the company calculates the pricing structure, modes of payment for their customers, the decision should also be taken on deciding the pricing strategy.
Product updates: As noted by Leach (2017), companies have to keep on updating their core product as per the dynamic business environment. Being a software application company they have taken decisions on the up-gradation of their product to maintain there USP in the market. Key decisions should be taken while up-gradation of the product keeping a track on the competitors in the market. Decisions should also be taken on the R&D department to work on the research and development of the product.
Identifying the target market:. The Company has to decide their target audience for the product, which they are selling. They have to identify the needs and wants of their target potential customers and take all the necessary decisions while the development of the product. All the above mention points are the area of the key decision, which the 3D Scanning Application Company has to take to succeed as an emerging start-up.
Information Needed
The information needed to make a successful decision is on the sources of the information.
Information about the business plan: Having a plan and having a realising plan is something different plan with proper data with proper analysis of the plan can lead to success. Research on the plan and the idea is the most important means of success for an entrepreneur.
Information about the target market: Gathering information about the market is also an important source of success for any entrepreneur. Knowing the target audience does serve to benefits the company to design their products or services accordingly.
Information about the competitors: Gathering the information of their competitors such as their product and services they offer to the customer there USP and the business process they operate on.
Business Processes
The business process focuses on the implementation of the business plan or idea. It deals with defining an objective for the business. As commented by Stam (2019), designing the process, in which the...