Prepared for Plug-in@Blk71 Singapore May 2014 BOOKKEEPING APPRECIATION
Bookkeeping Appreciation. Event at Plug-In@Blk71, May 21
Jan 23, 2015
We conducted a two hour introduction to bookkeeping sponsored by Plug-in@Blk71. The session covered everything you need to do-it-yourself bookkeeping in the first year of operation.
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Prepared for Plug-in@Blk71
Singapore May 2014
BOOKKEEPING
APPRECIATION
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LAUNCH YOUR BIG IDEA
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FUTUREBOOKS SERVICES
Incorporation ,
company secretary,
work passes
Bookkeeping, annual
financials and
company tax
Sale of the
business
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WHO DOES WHAT?
Administrator
Bookkeeper
Accountant
Tax advisor
Auditor
Company secretary
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STAGES IN ACCOUNTING
Administrator organizes
the documents on the
system
Accountant prepares the
management accounts
Corporate secretary holds
the AGM and files reports
Tax advisor makes the
tax computation
Bookkeeper enters
transaction in the
system
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TIMELINE
IncorporationDIY bookkeeping
Management
accounts
Annual financial
accounts
0 6 12 18 MONTHS
Cloudification
AWAKEN
YOUR
INNER CFO
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ENTREPRENEURS ARE CREATIVE
All I want to do is
make product
I love talking
about my idea
I love
customers
I have no
time for it.
It adds no
value.
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AWAKEN THE CFO
Setup a finance
email address
Establish a
budget
The money
belongs to the
company
Monthly review
the Balance
Sheet and Profit
& Loss
statement
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IMPORTANT DATES
Financial Year – 1 January 2014 to 31 December
2014
Management Accounts – Before January 2015
ECI – Before January/March 2015
Estimated Tax Payable – Due March 2015
AGM – Before June 2015
Annual Return Filing – Before July 2015
Tax Filing – Before November 2015
TRANSACTION
DNA
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ANALYSE 3 TYPES OF BUSINESSES
Consulting business
Restaurant business
App store business
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ANALYSE 3 TYPES OF BUSINESSES
Point of sale Payroll &
Self-service
Inventory Invoicing
Memberships Time sheeting Management
accounts
Report to
shareholders
DIY BOOKKEEPING
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AUTOMATION AND ACCOUNTING ADD-ONS
Bank
reconciliation Expenses Payroll Accounts
Receivable
Inventory
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SAVE 30% IN BOOKKEEPING FEES BY DOING FOUR THINGS
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#2 OPEN MAIL WEEKLY
Get comfortable File mail Toss out
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#3 PAY SUPPLIERS MONTHLY
Promote the billing
cycle to stakeholders
Make
bookkeeping day
sacred
Image as a good
paymaster
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#4 CLOUDIFY FINANCES
Put receipts and
contracts all in
one place
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FOUR MORE HANDY BOOKKEEPING TIPS
Invoice from your accounting app
Keep cash transactions to a minimum
Maintain consistent expense documentation
Classify all your PIC Claimable expenditure under
consistent Account Heads
- IT, Training, Intellectual Property
FINANCIAL STATEMENTS
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INCOME STATEMENT
Income Statement also known as Profit & Loss
What the business made/spent.
Read it once a month
Three key metrics on the Income Statement
- Revenue / Sales
- Biggest expenses
- Net Profit
Compare trend of Current vs. Past month
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BALANCE SHEET
Balance Sheet is what the business owns/owes
Read it once a month
Three key metrics on the Balance Sheet
- Accounts Receivable
- Accounts Payable
- Current year earnings/ Retained Earnings
Do you have sufficient working capital?
TIME TO GET A
BOOKKEEPER
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IT IS TIME TO GET A BOOKKEEPER
Honey, shouldn’t
you delegate that?
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