Bookkeeping Appreciation. Event at Plug-In@Blk71, May 21
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Bookkeeping Appreciation. Event at Plug-In@Blk71, May 21

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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.

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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Bookkeeping Appreciation. Event at Plug-In@Blk71, May 21 Bookkeeping Appreciation. Event at Plug-In@Blk71, May 21 Presentation Transcript

  • Prepared for Plug-in@Blk71 Singapore May 2014 BOOKKEEPING APPRECIATION
  • www.futurebooks.com.sg LAUNCH YOUR BIG IDEA
  • www.futurebooks.com.sg FUTUREBOOKS SERVICES Incorporation , company secretary, work passes Bookkeeping, annual financials and company tax Sale of the business
  • www.futurebooks.com.sg
  • www.futurebooks.com.sg WHO DOES WHAT? Administrator Bookkeeper Accountant Tax advisor Auditor Company secretary
  • www.futurebooks.com.sg 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
  • www.futurebooks.com.sg TIMELINE Incorporation DIY bookkeeping Management accounts Annual financial accounts 0 6 12 18MONTHS Cloudification
  • AWAKEN YOUR INNER CFO
  • www.futurebooks.com.sg #CAAA AASH
  • www.futurebooks.com.sg 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.
  • www.futurebooks.com.sg 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
  • www.futurebooks.com.sg IMPORTANT DATES
  • www.futurebooks.com.sg 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
  • www.futurebooks.com.sg ANALYSE 3 TYPES OF BUSINESSES Consulting business Restaurant business App store business
  • www.futurebooks.com.sg ANALYSE 3 TYPES OF BUSINESSES Point of sale Payroll & Self-service Inventory Invoicing Memberships Time sheeting Management accounts Report to shareholders
  • DIY BOOKKEEPING
  • www.futurebooks.com.sg MANAGEMENT ACCOUNTS
  • www.futurebooks.com.sg AUTOMATION AND ACCOUNTING ADD-ONS Bank reconciliation Expenses Payroll Accounts Receivable Inventory
  • www.futurebooks.com.sg SAVE 30% IN BOOKKEEPING FEES BY DOING FOUR THINGS
  • www.futurebooks.com.sg #1 OPEN A CORPORATE BANK ACCOUNT
  • www.futurebooks.com.sg #2 OPEN MAIL WEEKLY Get comfortable File mail Toss out
  • www.futurebooks.com.sg #3 PAY SUPPLIERS MONTHLY Promote the billing cycle to stakeholders Make bookkeeping day sacred Image as a good paymaster
  • www.futurebooks.com.sg #4 CLOUDIFY FINANCES Put receipts and contracts all in one place
  • www.futurebooks.com.sg 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
  • www.futurebooks.com.sg 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
  • www.futurebooks.com.sg 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
  • www.futurebooks.com.sg COMPLICATED OPERATIONS Payroll Investor GST
  • www.futurebooks.com.sg IT IS TIME TO GET A BOOKKEEPER Honey, shouldn’t you delegate that?
  • www.futurebooks.com.sg FOCUS ON WHAT YOU LOVE
  • www.futurebooks.com.sg LET’S TALK INQUIRY@ FUTUREBOOKS. COM
  • www.futurebooks.com.sg TERMS OF USE Restrictions on Use of Contents 1. Except as otherwise provided, the Contents of this Document shall not be reproduced, republished, uploaded, posted, transmitted or otherwise distributed in any way, without the prior permission of FUTUREBOOKS SINGAPORE PTE LTD. To use any parts of the Contents of this Document, the user must seek permission in writing, stating the c Contents for use; intent of use; manner of use; time frame of use and identity of the user. FUTUREBOOKS SINGAPORE PTE LTD reserves the right to refuse permission without declaring reason(s); and/or if information submitted by user is deemed insufficient. 2. You may view, download and print the Contents if: (a) the Contents are used for non-commercial or personal use only and will not be copied or posted on any network computer or broadcast in any media, and (b) no alterations, additions or modifications of the Contents are made in any way (c) due acknowledgement is given to “FUTUREBOOKS SINGAPORE PTE LTD” and citing the sources for the relevant data extracted. 3. Modification of any of the Contents or use of the Contents for any other purpose will be a violation of FUTUREBOOKS SINGAPORE PTE LTD ‘s copyright and other intellectual property rights. Graphics and images on this Document are protected by copyright and may not be reproduced or appropriated in any manner without written permission of FUTUREBOOKS SINGAPORE PTE LTD. 4. Any request to otherwise reproduce the Contents from this Web Site for publication or commercial use should be addressed to: info@futurebooks.com.sg. Disclaimer of Warranties and Liability 5. The Contents of this Document are provided on an “as is” basis without warranties of any kind. To the fullest extent permitted by law, FUTUREBOOKS SINGAPORE PTE LTD does not warrant and hereby disclaims any warranty: (a) as to the accuracy, correctness, reliability, timeliness, non-infringement, title, merchantability or fitness for any particular purpose of the Contents of this Document; (b) that the Contents available through this Document or any functions associated therewith will be uninterrupted or error-free, or that defects will be corrected or that this Document and the server is and will be free of all viruses and/or other harmful elements. 6. FUTUREBOOKS SINGAPORE PTE LTD shall also not be liable for any damage or loss of any kind caused as a result (direct or indirect) of the use of the Document, including but not limited to any damage or loss suffered as a result of reliance on the Contents contained in or available from the Document.