Start a company singapore Intermediate

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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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Start a company singapore Intermediate

  1. 1. Prepared for directors of Singapore private limited companies. As of 2012 STARTING A COMPANY IN SINGAPORE: INTERMEDIATE
  2. 2. www.futurebooks.com.sg SPONSORS
  3. 3. www.futurebooks.com.sg LAUNCH YOUR BIG IDEA @futureb00ks
  4. 4. www.futurebooks.com.sg FUTUREBOOKS SERVICES Incorporation , company secretary, work passes Bookkeeping, annual financials and company tax Sale of the business
  5. 5. www.futurebooks.com.sg FINANCIAL + JUDICIAL RESPONSIBILITIES Download
  6. 6. WHO DOES WHAT
  7. 7. www.futurebooks.com.sg ACCOUNTS ARE A SAUSAGE FACTORY
  8. 8. www.futurebooks.com.sg WHO DOES WHAT?
  9. 9. www.futurebooks.com.sg ROLE OF THE BOOKKEEPER    
  10. 10. www.futurebooks.com.sg ROLE OF THE ACCOUNTANT / AUDITOR  
  11. 11. www.futurebooks.com.sg ROLE OF THE TAX SPECIALIST  
  12. 12. www.futurebooks.com.sg ROLE OF THE COMPANY SECRETARY
  13. 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. 14. www.futurebooks.com.sg TIMELINE Incorporation DIY bookkeeping Management accounts Annual financial accounts 0 6 12 18MONTHS
  15. 15. www.futurebooks.com.sg IMPORTANT DATES
  16. 16. BUDGETING FOR ACCOUNTING
  17. 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. 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. 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. 20. AWAKEN YOU INNER CFO
  21. 21. www.futurebooks.com.sg #CAAA AASH
  22. 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. 23. www.futurebooks.com.sg AWAKEN THE CFO Setup a finance email address Establish a budget The money belongs to the company
  24. 24. www.futurebooks.com.sg SETUP A CFO AVATAR PEACEFUL AGGRESSIVE
  25. 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. 26. www.futurebooks.com.sg ANALYSE TRANSACTIONS ACROSS 3 BUSINESSES Consulting business Restaurant business App store business
  27. 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. 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. 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. 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. 31. DO-IT-YOURSELF BOOKKEEPING
  32. 32. www.futurebooks.com.sg SAVE 30% IN BOOKKEEPING FEES BY DOING FOUR THINGS
  33. 33. www.futurebooks.com.sg #1 OPEN A CORPORATE BANK ACCOUNT
  34. 34. www.futurebooks.com.sg #2 OPEN MAIL WEEKLY Get comfortable File mail Toss out
  35. 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. 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. 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. 38. OTHER CONSIDERATIONS
  39. 39. www.futurebooks.com.sg GST REGISTRATION IS REQUIRED GST is 7%
  40. 40. www.futurebooks.com.sg STATUTORY AUDIT IS REQUIRED Most important triggers
  41. 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. 42. www.futurebooks.com.sg PASSING RESOLUTIONS
  43. 43. www.futurebooks.com.sg GETTING MONEY INTO THE COMPANY Appear on balance sheet
  44. 44. www.futurebooks.com.sg GETTING MONEY OUT OF THE COMPANY Appear on balance sheet
  45. 45. REASONS TO OUTSOURCE BOOKKEEPING
  46. 46. www.futurebooks.com.sg COMPLICATED OPERATIONS Quarterly GST filing Monthly CPF
  47. 47. www.futurebooks.com.sg IT IS TIME TO GET A BOOKKEEPER Honey, shouldn’t you delegate that?
  48. 48. www.futurebooks.com.sg FOCUS ON WHAT YOU LOVE
  49. 49. www.futurebooks.com.sg INCOMING INVESTOR
  50. 50. SCENARIOS
  51. 51. www.futurebooks.com.sg A LOCAL RUNNING A RESTAURANT                 Operations and customers in SG
  52. 52. www.futurebooks.com.sg A FOREIGNER RETAILING ON THE APP STORE                 No operations or customers in SG
  53. 53. www.futurebooks.com.sg
  54. 54. www.futurebooks.com.sg TERMS OF USE

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