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Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
Start a company singapore Intermediate
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Start a company singapore Intermediate

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The presentation introduces the basic bookkeeping principles. These include: …

The presentation introduces the basic bookkeeping principles. These include:

roles and responsibilities;
awakening your inner CFO;
understanding the transaction DNA;
tracking expenses and revenues;
when outsourcing bookkeeping makes sense;

See more here: http://futurebooks.asia/blog/bookkeeping-appreciation-hosted-by-jfdi-asia/6817

Published in: Business, Economy & Finance
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  • 1. Prepared for directors of Singapore private limited companies. As of 2012 STARTING A COMPANY IN SINGAPORE: INTERMEDIATE
  • 2. www.futurebooks.com.sg SPONSORS
  • 3. www.futurebooks.com.sg LAUNCH YOUR BIG IDEA @futureb00ks
  • 4. www.futurebooks.com.sg FUTUREBOOKS SERVICES Incorporation , company secretary, work passes Bookkeeping, annual financials and company tax Sale of the business
  • 5. www.futurebooks.com.sg FINANCIAL + JUDICIAL RESPONSIBILITIES Download
  • 6. WHO DOES WHAT
  • 7. www.futurebooks.com.sg ACCOUNTS ARE A SAUSAGE FACTORY
  • 8. www.futurebooks.com.sg WHO DOES WHAT?
  • 9. www.futurebooks.com.sg ROLE OF THE BOOKKEEPER    
  • 10. www.futurebooks.com.sg ROLE OF THE ACCOUNTANT / AUDITOR  
  • 11. www.futurebooks.com.sg ROLE OF THE TAX SPECIALIST  
  • 12. www.futurebooks.com.sg ROLE OF THE COMPANY SECRETARY
  • 13. www.futurebooks.com.sg ACCOUNTS ARE A SAUSAGE FACTORY Bookkeeper makes management accounts Accountant makes annual financial accounts Corporate secretary holds the AGM and files reports Tax advisor makes the tax computation
  • 14. www.futurebooks.com.sg TIMELINE Incorporation DIY bookkeeping Management accounts Annual financial accounts 0 6 12 18MONTHS
  • 15. www.futurebooks.com.sg IMPORTANT DATES
  • 16. BUDGETING FOR ACCOUNTING
  • 17. www.futurebooks.com.sg BUDGET FOR ACCOUNTING SERVICES YEAR 1 One-time fees Annual fees Incorporation $750 Company secretary $700 Annual bookkeeping $3,600 Unaudited annual financial accounts $1,500 Personal tax $300 TOTAL $750 $5,100
  • 18. www.futurebooks.com.sg BUDGET FOR ACCOUNTING SERVICES YEAR 2 Annual fees Company secretary $700 Annual bookkeeping (inc GST + CPF) $7,200 Unaudited annual financial accounts $2,000 Personal income tax $300 TOTAL $9,900
  • 19. www.futurebooks.com.sg HIDDEN FEES Annual fees Audited annual financial accounts +$1,000 Quarterly GST filing +$1,200 TOTAL $2,200 Corporate holding or S$5million+ in turnover S$1million+ in turnover.
  • 20. AWAKEN YOU INNER CFO
  • 21. www.futurebooks.com.sg #CAAA AASH
  • 22. www.futurebooks.com.sg ENTREPRENEURS HATE BOOKKEEPING I have no time for it. I don’t understand it. It adds no value. I hate it. It’s for bean counters Whatever
  • 23. www.futurebooks.com.sg AWAKEN THE CFO Setup a finance email address Establish a budget The money belongs to the company
  • 24. www.futurebooks.com.sg SETUP A CFO AVATAR PEACEFUL AGGRESSIVE
  • 25. www.futurebooks.com.sg IDENTIFY YOUR STAKEHOLDERS Transaction type Stakeholders Risk Accounts receivable (AR) Customers Default on payment Cash payments (Cash) Customers Security Accounts payable (AP) Suppliers Cashflow Payroll Staff + Government (IRAS + MOM) Penalties and staff turnover GST Government (IRAS) Penalties
  • 26. www.futurebooks.com.sg ANALYSE TRANSACTIONS ACROSS 3 BUSINESSES Consulting business Restaurant business App store business
  • 27. www.futurebooks.com.sg IDENTIFY YOUR STAKEHOLDERS #Cash, 2 AR, 80 AP (variable), 50 AP (fixed), 50 GST, 20 Payroll, 20 Consulting business (B2B) Stakeholder: customer 220 TRANSACTIONS
  • 28. www.futurebooks.com.sg #Cash, 90 AR, 10 AP (variable), 200 AP (fixed), 50 GST, 50 Payroll, 60 IDENTIFY YOUR STAKEHOLDERS Restaurant business (B2C) Stakeholder: suppliers 450 TRANSACTIONSStakeholder: staff + Govt Stakeholder: Govt.
  • 29. www.futurebooks.com.sg #Cash, 1,000 AR, 10 AP (variable), 150 AP (fixed), 30 GST, 10 Payroll, 100 IDENTIFY YOUR STAKEHOLDERS App store business (B2C) Stakeholder: staff 1500 TRANSACTIONS
  • 30. www.futurebooks.com.sg TRANSACTION COMPARISON 0 100 200 300 400 500 600 Cash AR AP (variable) AP (fixed) GST Payroll App store Restaurant Consulting
  • 31. DO-IT-YOURSELF BOOKKEEPING
  • 32. www.futurebooks.com.sg SAVE 30% IN BOOKKEEPING FEES BY DOING FOUR THINGS
  • 33. www.futurebooks.com.sg #1 OPEN A CORPORATE BANK ACCOUNT
  • 34. www.futurebooks.com.sg #2 OPEN MAIL WEEKLY Get comfortable File mail Toss out
  • 35. www.futurebooks.com.sg #3 PAY SUPPLIERS MONTHLY Promote the billing cycle to stakeholders Make bookkeeping day sacred Image as a good paymaster
  • 36. www.futurebooks.com.sg Download #4 MANAGE PERSONAL CLAIMS MONTHLY http://futurebooks.com.sg/blog/5-useful-excel-template- sites-to-streamline-your-bookkeeping/1329
  • 37. www.futurebooks.com.sg #4 MANAGE PERSONAL CLAIMS DAILY http://futurebooks.com.sg/blog/5-useful-excel-template- sites-to-streamline-your-bookkeeping/1329
  • 38. OTHER CONSIDERATIONS
  • 39. www.futurebooks.com.sg GST REGISTRATION IS REQUIRED GST is 7%
  • 40. www.futurebooks.com.sg STATUTORY AUDIT IS REQUIRED Most important triggers
  • 41. www.futurebooks.com.sg PASSING RESOLUTIONS SIGNIFICANT RESOLUTION INSIGNIFICANT RESOLUTION Change in address, SSIC, directo r, company secretary Change in company name Change in shareholders Change in paid up capital
  • 42. www.futurebooks.com.sg PASSING RESOLUTIONS
  • 43. www.futurebooks.com.sg GETTING MONEY INTO THE COMPANY Appear on balance sheet
  • 44. www.futurebooks.com.sg GETTING MONEY OUT OF THE COMPANY Appear on balance sheet
  • 45. REASONS TO OUTSOURCE BOOKKEEPING
  • 46. www.futurebooks.com.sg COMPLICATED OPERATIONS Quarterly GST filing Monthly CPF
  • 47. www.futurebooks.com.sg IT IS TIME TO GET A BOOKKEEPER Honey, shouldn’t you delegate that?
  • 48. www.futurebooks.com.sg FOCUS ON WHAT YOU LOVE
  • 49. www.futurebooks.com.sg INCOMING INVESTOR
  • 50. SCENARIOS
  • 51. www.futurebooks.com.sg A LOCAL RUNNING A RESTAURANT                 Operations and customers in SG
  • 52. www.futurebooks.com.sg A FOREIGNER RETAILING ON THE APP STORE                 No operations or customers in SG
  • 53. www.futurebooks.com.sg
  • 54. www.futurebooks.com.sg TERMS OF USE

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