Understand the principles of do-it-yourself bookkeeping and refresh your knowledge of incorporating a Singapore Private Limited Company.
This ppt will explore the role of bookkeepers, accountants, auditors and company secretaries, and important dates to mark in your calendar.
- Budget for accounting services in year 1 + 2;
I- dentify your company’s unique transaction DNA;
- Better manage paperwork and cash books;
- Managing personal expenses;
- Methods of remunerating directors.
In the second half we will show power users how to get the most out of DIY bookkeeping including credit payments, credit control, credit checking and financial reporting. Discover the most appropriate time for your business to take advantage of outsource bookkeeping.
Plus we will demo QuickBooks Online, Intuit’s small business accounting application in the cloud.
Find out more visit: http://futurebooks.com.sg/blog/jfdis-bookkeeping-for-singapore-start-ups-event/3475
4. FINANCIAL + JUDICIAL
RESPONSIBILITIES
Incorporation
Company secretarial
p y
Bookkeeping
Annual financial accounts (audited / unaudited)
Company tax computation
Personal income tax computation Download
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6. COMPLETING AN
INCORPORATION
Business name Shareholders
Registered mailing
g g • Individual
address
• Corporate holding
SSIC code
Paid up capital
Directors
Shares
• Local
Company secretary
• Foreigner
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19. ROLE OF THE
COMPANY SECRETARY
Set the date for an Annual General Meeting
Take minutes and help pass resolutions
pp
File the Annual accounts with ACRA + IRAS
Store documents safely in company registrar folder
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21. ACCOUNTS ARE A
SAUSAGE FACTORY
Bookkeeper makes
management accounts
Accountant makes annual
financial accounts
Tax advisor makes the
tax computation
Corporate secretary holds
the AGM and files reports
f p
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23. BUDGET FOR ACCOUNTING
SERVICES YEAR 1
One-time fees Annual fees
Incorporation
p $
$750
Company secretary $700
Annual bookkeeping $3,600
Unaudited annual financial $1,500
accounts
Personal tax $300
TOTAL $750 $5,100
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24. BUDGET FOR ACCOUNTING
SERVICES YEAR 2
Annual fees
Company secretary
p y y $
$700
Annual bookkeeping (inc GST + CPF) $7,200
Unaudited annual financial accounts $2,000
Personal income tax $300
TOTAL $9,900
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25. HIDDEN FEES
Annual fees
Corporate holding
Audited annual financial accounts +$1,000
+$1 000 or S$5million+ in
$ ll
Quarterly GST filing +$1,200 turnover
TOTAL $2,200
S$1million+
in turnover.
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28. ENTREPRENEURS
HATE BOOKKEEPING
I have no
time for it.
I hate it.
I don’t
understand it.
It adds no
value.
It s
It’s for bean
counters
Whatever
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29. AWAKEN THE CFO
Establish a
budget
The money
belongs to the
company
Setup a finance
email address
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31. IDENTIFY YOUR
STAKEHOLDERS
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) Penalties
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32. ANALYSE TRANSACTIONS
ACROSS 3 BUSINESSES
Consulting business
Restaurant business
App store business
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33. IDENTIFY YOUR
STAKEHOLDERS
Consulting business (B2B)
220
#Cash, 2 TRANSACTIONS
Payroll,
20
GST,
20
AR, Stakeholder:
80 customer
AP (fixed),
50
AP (variable),
50
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34. IDENTIFY YOUR
STAKEHOLDERS
Restaurant business (B2C)
450
Stakeholder: TRANSACTIONS
staff + Govt
Payroll,
Payroll
60 #Cash,
90
Stakeholder:
GST, AR, 10
Govt. 50
AP (fixed), Stakeholder:
50
suppliers
AP (variable),
200
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35. IDENTIFY YOUR
STAKEHOLDERS
App store business (B2C)
GST, 10
1500
TRANSACTIONS
AP (fixed), 30 Payroll,
100 Stakeholder:
staff
AP (variable),
150
AR, 10
#Cash,
1,000
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36. TRANSACTION
COMPARISON
P ll
Payroll
GST App store
Restaurant
AP (fixed)
Consulting
AP (variable)
AR
Cash
0 100 200 300 400 500 600
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39. AVOID RESCUES
Rescues are performed
when companies don’t
keep regular books.
http://futurebooks.com.sg/services/boo
kkeeping-service/bookkeeping-rescue
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40. SAVE 30% IN
OO
BOOKKEEPING G
FEES BY DOING
S O G
FOUR THINGS
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41. #1 OPEN A CORPORATE
BANK ACCOUNT
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42. #2 OPEN MAIL
WEEKLY
Get comfortable File mail Toss out
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43. #3 PAY SUPPLIERS
MONTHLY
Promote the billing
cycle to stakeholders
Image as a g
g good
Make paymaster
bookkeeping day
sacred
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44. #4 MANAGE PERSONAL
CLAIMS MONTHLY
Download
http://futurebooks.com.sg/blog/5-useful-excel-template-
sites-to-streamline-your-bookkeeping/1329
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65. ACCOUNTING FOR
DIRECTORS
Director’s expense Director’s income
claims
• Salary ( y incur
y (may
• Expense claim CPF)
• Loan to the • Director’s fee
company
Shareholder
• Loan to directors
• Dividend
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66. GENERAL
LEDGER
Every transaction
y
in date order
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70. FINANCIAL
RATIOS
Computation Notes Keep it simple
Current ratio 23.11 Very healthy result. The company has Higher the better. A
enough cash and accounts receivables
h h d bl score of 1 is poor.
f
to pay off its current debts.
Gross profit ratio 10% Unless the company is going for Higher the better.
volume, this is not a good result. Most
industries do a minimum of 15%. They
may be inflating expenses to buy back
stock.
Accounts receivable 1.48 Accounts receivables are a little high. I Lower the better.
g Download
turnover would be checking receivables older Less than 1 is
than 90 days. excellent.
http://futurebooks.com.sg/blog/6-financial-ratios-every-entrepreneur-should-master/774
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73. IT IS TIME TO GET A
BOOKKEEPER
Honey, shouldn’t
you delegate that?
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74. VALUE OF TIME
Satisfied customers Dissatisfied customers
wanted $21 reward
d d wanted $60 reward for
d df
for waiting. waiting.
http://www.acrwebsite.org/volumes/display.asp?id=11176
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76. INCREASE YOUR
FINANCIAL ACUMEN
Revenue over time and
sales projection
p j
Download
http://futurebooks.com.sg
/services/bookkeeping-
service/bookkeeping-
retainer
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82. QUICKBOOKS
ONLINE
Futurebooks provide
training, customisation
and bookkeeping
services.
www.futurebooks.com.sg
83. STAY IN TOUCH
Email us at or visit
our website.
@futureb00ks
www.futurebooks.com.sg
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