Futurebooks and Founder Institute Bookkeeping Appreciation

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We can teach bookkeeping techniques, tips and technology, but if you don't like numbers, you'll never do your books.

It turns out producing a website is much like a producing a set of books. At different stages in the factory, different people add value. In web development you have project managers, designers, UI consultants and developers.

Accounting is no different. We just have a different set of people who are contributing. We have a bookkeeper, accountant, tax advisor, auditor and a company secretary.

Some start-ups make revenue in year-one. However, even if you don't have revenue to count, you can count customers, and you can count you expenditure to make sure you are keeping in budget.

There are answers in the numbers. If you analysis your company's management accounts every month, it can teach you insights about your product and services.

Learn more. Visit http://futurebooks.com.sg/blog/bookkeeping-appreciation-with-the-founder-institute/4109

Published in: Economy & Finance, Business
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Futurebooks and Founder Institute Bookkeeping Appreciation

  1. 1. Prepared for FounderInstitute Singapore,June 2012.BOOKKEEPINGAPPRECIATION
  2. 2. ABOUT US @futureb00ks www.futurebooks.com.sgwww.futurebooks.com.sg
  3. 3. FINANCIAL + JUDICIALRESPONSIBILITIESwww.futurebooks.com.sg
  4. 4. ACCOUNTS ARE ASAUSAGE FACTORYwww.futurebooks.com.sg
  5. 5. ACCOUNTS ARE ASAUSAGE FACTORY Bookkeeper makes management accounts Accountant makes annual financial accounts Tax advisor makes the tax computation Corporate secretary holds the AGM and files reportswww.futurebooks.com.sg
  6. 6. TIMELINE Annual financial accounts Management Incorporation DIY bookkeeping accountsMONTHS 0 6 12 18 www.futurebooks.com.sg
  7. 7. AWAKENYOU INNERCFO
  8. 8. #CAAAAASHwww.futurebooks.com.sg
  9. 9. ENTREPRENEURSARE CREATIVE I love customers I love talking about my idea All I want to do is make productwww.futurebooks.com.sg
  10. 10. AWAKENTHE CFO Establish a budget Setup a finance email address The money belongs to the companywww.futurebooks.com.sg
  11. 11. MEET YOUROPPONENTSwww.futurebooks.com.sg
  12. 12. SETUP A CFOAVATAR PEACEFUL AGGRESSIVEwww.futurebooks.com.sg
  13. 13. IDENTIFY YOURSTAKEHOLDERS Transaction type Stakeholders Risk Accounts receivable Customers Default on (AR) payment Cash payments (Cash) Customers Security Accounts payable (AP) Suppliers Cashflow Payroll Staff + Government Penalties and (IRAS + MOM) staff turnover GST Government (IRAS) Penaltieswww.futurebooks.com.sg
  14. 14. ANALYSE 3 TYPESOF BUSINESSES Consulting business Restaurant business App store businesswww.futurebooks.com.sg
  15. 15. IDENTIFY YOURSTAKEHOLDERS Consulting business (B2B) 220 #Cash, 2 TRANSACTIONS Payroll, 20 GST, 20 AR, Stakeholder: 80 customer AP (fixed), 50 AP (variable), 50www.futurebooks.com.sg
  16. 16. IDENTIFY YOURSTAKEHOLDERS Restaurant business (B2C) 450 Stakeholder: TRANSACTIONS staff + Govt Payroll, 60 #Cash, 90 Stakeholder: GST, AR, 10 Govt. 50 AP (fixed), Stakeholder: 50 suppliers AP (variable), 200www.futurebooks.com.sg
  17. 17. IDENTIFY YOURSTAKEHOLDERS App store business (B2C) GST, 10 Payroll, 100 1500 TRANSACTIONS AP (fixed), 30 Stakeholder: staff AP (variable), 150 AR, 10 #Cash, 1,000www.futurebooks.com.sg
  18. 18. TRANSACTIONCOMPARISON Payroll GST App store Restaurant AP (fixed) ConsultingAP (variable) AR Cash 0 100 200 300 400 500 600www.futurebooks.com.sg
  19. 19. TIME TO GET ABOOKKEEPER
  20. 20. COMPLICATEDOPERATIONS Quarterly GST filing Monthly CPFwww.futurebooks.com.sg
  21. 21. IT IS TIME TO GET ABOOKKEEPER Honey, shouldn’t you delegate that?www.futurebooks.com.sg
  22. 22. VALUE OF TIME Satisfied customers Dissatisfied customers wanted $21 reward wanted $60 reward for for waiting. waiting.http://www.acrwebsite.org/volumes/display.asp?id=11176 www.futurebooks.com.sg
  23. 23. FOCUS ON WHATYOU LOVEwww.futurebooks.com.sg
  24. 24. INCREASE YOURFINANCIAL ACUMEN Revenue over time and sales projection Download http://futurebooks.com.sg /services/bookkeeping- service/bookkeeping- retainerwww.futurebooks.com.sg
  25. 25. INCREASE YOURFINANCIAL ACUMEN Net profit over time and projection Downloadwww.futurebooks.com.sg
  26. 26. INCREASE YOURFINANCIAL ACUMEN Score entrepreneurs performance Downloadwww.futurebooks.com.sg
  27. 27. METRICS Cost per click Daily Active Users (DUA) Cost of acquisitionwww.futurebooks.com.sg
  28. 28. ABOUT US @futureb00ks www.futurebooks.com.sgwww.futurebooks.com.sg
  29. 29. TERMS OF USEwww.futurebooks.com.sg

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