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Keuangan dalam BisnisPresented for Sekolah Kewirausahaan IA IFby Muhamad Fajrin Rasyid23 March, 2013
OutlineBusiness DriverFinancial Statement - Snapshot vs. Time periodInvoicingTaxManaging Cash FlowGetting Fund
Business Driver                                        Number of                                        transaction       ...
Business Driver (Cont’d)                                      Number of                                      download     ...
What’s driver for your          business?   Understand the driver for your business will help you better senseyour busines...
For example...How to increase revenue of e-commerce?   Either increase number of transaction, or increase   basket size (o...
What’s after business        driver?            • Get betterBusiness      sense of your              business? Driver     ...
Financial Statement -Snapshot vs. Time period   If we talk about        If we talk about snapshot situation     situation ...
Elements of Balance Sheet  and Income StatementBalance Sheet        Income Statement    Asset                 Revenue   Li...
For example...Secure a 100 million project  revenue isincreased by 100 million (in terms of projectrevenue), asset is inc...
Still example...Pay 25 million for salary  expense is realizedby 25 million (salary cost), asset is decreased by25 millio...
CategorizationPurely based on your business driverE.g. in Suitmedia, revenue is categorized into   Web based project reven...
Invoicing
Some tips on invoicing (1) Many companies have 20-30 workdays policy regarding the payment -- always prepare for additiona...
Some tips on invoicing (2)       Carefully state payment policy in your agreement       (perhaps in legal session will be ...
Tax
First thing first
Four common taxes related       with startup                 PPN         PPh         pasal          21                 PPh...
1                 PPN (VAT)    Amount: 10% of gross value    When: Every month, related with invoice    (regarding project...
1                VAT illustration                               Your    Client                                            ...
1              Surprisingly...    This apply not only to project related    expenses, but to all of your expenses    Suppo...
2         PPh pasal 21 (for            employees)    Amount:       5% if (annual salary - non taxable income) <= IDR 50   ...
3         PPh pasal 23 (for             company)    Amount: 2% of gross value    When: Every time invoice is paid (done by...
3   Change regarding invoice           payment    Cash is increased by IDR 54 Mn    Nothing change in revenue (assuming pr...
4      PPh pasal 25/29 (for           company)    Amount:       25% of profit if revenue is >= IDR 50 Bn       12.5% of pr...
Exercise
Cash flow
Some tips on cash flow       Ideal amount on working capital       equals 3-6 months expense       Budget your expense as ...
Why do we need fund?                   This lowest                deficit is the fund                   we need to        ...
Where to get partner for           funding?Personal (Bootstrapping)3F (Friend, Family, Fool)BankAngel Investor
Yet remember, there is no        angel! Even when they said that they didn’treally care whether they can get their   money...
How to attract funding            partner?Ideas are cheap, unless they areexecutedInvestors need to be convincedthat plans...
Bank loan vs InvestorGet loan from bank if...      Get invested if...• You just need cash, no • You need other things  nee...
How to value the  business?
Also depends on your   business objectiveSomeend     IPOgoals        Sell to other parties        Keep private
First method: PERPrice Earning Ratio (PER) is ratio of pricecompared to earning/profit of the company   e.g. Microsoft PER...
How to use PER to value     our company
However, don’t use only        PERHow is your profit is close to zero or negative? Ifwe use only PER then your company isw...
Second method: Cost Project your                 Trade that for  next 12-18                 minority stake inmonths expens...
Again, no exact calculation Open to any discussion (with NDA if needed) Consider intangible benefits to your business brou...
Example in Bukalapak          case                                BataviaSuitmedia               GREE                     ...
Questions?Can also be addressed to:Muhamad Fajrin RasyidSuitmediaGrha Prawira Lantai 2, Jalan Mampang PrapatanRaya Nomor 1...
Workshop Kewirausahaan IA IF - Finance
Workshop Kewirausahaan IA IF - Finance
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Workshop Kewirausahaan IA IF - Finance

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"Keuangan dalam Bisnis"
Materi Finance by Muhammad Fajrin Rasyid - Suitmedia.
Slide presentasi Workshop Kewirausahaan IA IF.

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Transcript of "Workshop Kewirausahaan IA IF - Finance"

  1. 1. Keuangan dalam BisnisPresented for Sekolah Kewirausahaan IA IFby Muhamad Fajrin Rasyid23 March, 2013
  2. 2. OutlineBusiness DriverFinancial Statement - Snapshot vs. Time periodInvoicingTaxManaging Cash FlowGetting Fund
  3. 3. Business Driver Number of transaction Revenue Basket size Profit Marketing cost Cost SalaryExample: Basic business driver for e-commerce
  4. 4. Business Driver (Cont’d) Number of download Revenue Application price Profit Fixed cost (Rent fee etc.) Cost Variable cost (Salary)Example: Basic business driver formobile application developer
  5. 5. What’s driver for your business? Understand the driver for your business will help you better senseyour business financial condition and how to improve it
  6. 6. For example...How to increase revenue of e-commerce? Either increase number of transaction, or increase basket size (or both!)If we go deeper, how to increase number oftransaction in your website? Either increase number of website visitors, or increase conversion rate, i.e. % of people buying compare to all visitors (or both!)And so on
  7. 7. What’s after business driver? • Get betterBusiness sense of your business? Driver Cool! • Now, can you Business explain current (as in today) situation condition of your business?
  8. 8. Financial Statement -Snapshot vs. Time period If we talk about If we talk about snapshot situation situation during time(e.g. as in 1 January period (e.g. during2013), we talk about 2012), we talk about Balance Sheet Income Statement
  9. 9. Elements of Balance Sheet and Income StatementBalance Sheet Income Statement Asset Revenue Liability Expense Equity Any financial event will belong to any two of these buckets (can be in the same buckets)
  10. 10. For example...Secure a 100 million project  revenue isincreased by 100 million (in terms of projectrevenue), asset is increased by 100 million (interms of account receivable)First invoice of the project (30%) paid  asset isincreased by 30 million (bank account), asset isdecreased by 30 million (account receivable)Borrow 50 million from bank  asset isincreased by 50 million (bank account), liability isincreased by 50 million (account payable)
  11. 11. Still example...Pay 25 million for salary  expense is realizedby 25 million (salary cost), asset is decreased by25 million (bank account)Buy new desk for 2 million  asset is increasedby 2 million (fixtures), asset is decreased by 2million (bank account)New shareholder decided to put additionalcapital 50 million  asset is increased by 50million (bank account), capital is increased by 50millionAnd so on
  12. 12. CategorizationPurely based on your business driverE.g. in Suitmedia, revenue is categorized into Web based project revenue Mobile app based project revenue Mobile app based product revenue Social media based project revenue Fee based revenue Other revenue
  13. 13. Invoicing
  14. 14. Some tips on invoicing (1) Many companies have 20-30 workdays policy regarding the payment -- always prepare for additional 20-30 workdays This works for many mobile related products as well (i.e. Apple App Store, Google Play Store, BlackBerry World, Amazon Appstore) Some companies require additional documents (e.g. purchase order, report, etc.) -- make sure to complete these Always ask confirmation before we send the invoice, otherwise if it is not accepted yet it will cause problems in the future
  15. 15. Some tips on invoicing (2) Carefully state payment policy in your agreement (perhaps in legal session will be addressed more), e.g.: For project type For retainer type• Invoice 1 (30%) is sent directly • Invoice to sent monthly at the first when the agreement is signed by week of each month, along with both parties activity report for the previous• Invoice 2 (50%) is sent after the month project phase xxx is completed, proven by project report• Invoice 3 (20%) is sent after the project is completed, proven by UAT and project completion report
  16. 16. Tax
  17. 17. First thing first
  18. 18. Four common taxes related with startup PPN PPh pasal 21 PPh pasal 23 PPh pasal 25/29
  19. 19. 1 PPN (VAT) Amount: 10% of gross value When: Every month, related with invoice (regarding project or others) issued in that month Hence, don’t issue invoice when client is not ready, as we will need to pay VAT even if we haven’t received the payment only by last party VAT is burdened in value chain
  20. 20. 1 VAT illustration Your Client Vendor company Some scope is Project value outsourced for IDR 50 Mn IDR 20 Mn In this case, you send invoice of IDR 55 Mn (IDR 50 Mn + 5 Mn for VAT) to client Vendor will send invoice of IDR 22 Mn (IDR 20 Mn + 2 Mn for VAT) to you Thus, VAT that you have to pay is 5 Mn - 2 Mn = 3 Mn
  21. 21. 1 Surprisingly... This apply not only to project related expenses, but to all of your expenses Suppose that in that particular month, you buy IDR 22 Mn laptop... if you use your company name, you can actually deduct your VAT (in this case, IDR 2 Mn)! Therefore, using the example, VAT that you have to pay in that month is IDR 3 Mn - IDR 2 Mn = IDR 1 Mn
  22. 22. 2 PPh pasal 21 (for employees) Amount: 5% if (annual salary - non taxable income) <= IDR 50 Mn 15% if (annual salary - non taxable income) between IDR 50 Mn and IDR 250 Mn 25% if (annual salary - non taxable income) between IDR 250 Mn and IDR 500 Mn 30% if (annual salary - non taxable income) > 500 Mn Example: Employee with IDR 6 Mn salary per month, how much tax regarding this (assuming non taxable income IDR 15 Mn, and no THR & bonus)? Taxable income = 6 Mn x 12 - 15 Mn = 57 Mn. Thus, their tax is (5% * 50 Mn + 15 % * 7 Mn) = IDR 3.55 Mn
  23. 23. 3 PPh pasal 23 (for company) Amount: 2% of gross value When: Every time invoice is paid (done by the client) Hence, the correct one regarding invoice payment is, if the project value is IDR 50 Mn, we send the invoice of IDR 55 Mn, but what we will get is IDR 54 Mn How will this appear in financial statement? Cash is increased by IDR 54 Mn Nothing change in revenue (assuming project is realized beforehand) Account receivables is decreased IDR 50 Mn (assuming project is realized beforehand) Tax payable is increased by IDR 5 Mn (for VAT) Tax is realized by IDR 1 Mn (for PPh pasal 23)
  24. 24. 3 Change regarding invoice payment Cash is increased by IDR 54 Mn Nothing change in revenue (assuming project is realized beforehand) Account receivables is decreased by IDR 50 Mn (assuming project is realized beforehand) For VAT, tax payable is increased by IDR 5 Mn OR tax receivables is decreased by IDR 5 Mn For PPh pasal 23, tax expense is realized by IDR 1 Mn For PPh pasal 23, tax payable is decreased by IDR 1 Mn
  25. 25. 4 PPh pasal 25/29 (for company) Amount: 25% of profit if revenue is >= IDR 50 Bn 12.5% of profit if revenue is <= IDR 4.8 Bn Weighted average for in between Example: A company having revenue of IDR 6 Bn and profit of IDR 1 Bn. How much taxes they have to pay? [12.5% x (4.8 Bn / 6 Bn) x 1 Bn] + [25% x ((6 Bn - 4.8 Bn) / 6 Bn) x 1 Bn] = 100 Mn + 50 Mn = 150 Mn When: Every month and every year (for the remaining) Note: Profit equals revenue minus any expense
  26. 26. Exercise
  27. 27. Cash flow
  28. 28. Some tips on cash flow Ideal amount on working capital equals 3-6 months expense Budget your expense as close as possible to reality, then project cash-in to cover that expense Working backward (e.g. if I need to get IDR 50 Mn on June, then I need to send invoice on April, then I need to finish this project by March) What if expense is still bigger? Then you need to cut your expense... or get funding!
  29. 29. Why do we need fund? This lowest deficit is the fund we need to operate the business
  30. 30. Where to get partner for funding?Personal (Bootstrapping)3F (Friend, Family, Fool)BankAngel Investor
  31. 31. Yet remember, there is no angel! Even when they said that they didn’treally care whether they can get their money back or not, you have to always keep in mind that you have obligation to return it
  32. 32. How to attract funding partner?Ideas are cheap, unless they areexecutedInvestors need to be convincedthat plans can actually work Who are your customers? Will customers really use your product/service? What is the risk? How are you going to tackle that? Why we need to invest in you instead of your competitors?
  33. 33. Bank loan vs InvestorGet loan from bank if... Get invested if...• You just need cash, no • You need other things need for anything else which investor can• Your projected revenue provide (e.g. expertise, (and hence, profit) is network, access to more certain market)• Unlike for you to share • Your projected ownership revenue is less certain • Investor is committed
  34. 34. How to value the business?
  35. 35. Also depends on your business objectiveSomeend IPOgoals Sell to other parties Keep private
  36. 36. First method: PERPrice Earning Ratio (PER) is ratio of pricecompared to earning/profit of the company e.g. Microsoft PER is around 15, so if its profit is USD 15 Bn, to acquire Microsoft we need USD 225 Bn Facebook PER is 1700 Higher PER means the company is perceived tohave higher profit in the future
  37. 37. How to use PER to value our company
  38. 38. However, don’t use only PERHow is your profit is close to zero or negative? Ifwe use only PER then your company isworthlessPER usually works if the company is quite stablealready and look for growths
  39. 39. Second method: Cost Project your Trade that for next 12-18 minority stake inmonths expense your company You shouldn’t accept fund if it is just for less than 6 months expense
  40. 40. Again, no exact calculation Open to any discussion (with NDA if needed) Consider intangible benefits to your business brought by investors Also consider your business objectives (e.g. if you want to go IPO, best not to give big stakes to each funding as many funding will be required)
  41. 41. Example in Bukalapak case BataviaSuitmedia GREE Incubator Bukalapak
  42. 42. Questions?Can also be addressed to:Muhamad Fajrin RasyidSuitmediaGrha Prawira Lantai 2, Jalan Mampang PrapatanRaya Nomor 18 Jakarta 12790fajrin@suitmedia.com
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