Everything a director of a startup should know about how to cloudify their bookkeeping.

1. Prepared for Hong
Kong directors and
shareholders
As of April 2014
CLOUDIFY
YOUR FINANCE
DEPARTMENT:
INTRODUCTION

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LAUNCH YOUR
BIG IDEA

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INQUIRY@
FUTUREBOOKS.
COM

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CONTRACT TO
THESE FIRMS

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SPEAKER
ENGAGEMENTS

6. THE
PROBLEM

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WE PLAY A
GAME
CALLED FIND
THE RECEIPT

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STOP CHASING
RECEIPTS
here

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STOP CHASING
RECEIPTS

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STOP CHASING
RECEIPTS

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STOP CHASING
RECEIPTS

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STOP CHASING
RECEIPTS

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Manually
paste up
receipts

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AUTOMATE
TASKS
Traditional solution is to
throw more people at the
accounts department

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THAT’S
UNSCALABLE
Company growth
Cost of
accounting
(manual entry)

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STATE OF
STARTUP BOOKS
No. of startups
No books (in a shoebox) 13
Cloud accounting applications 14
Excel or other desktop applications 14

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REDEFINE
BOOKKEEPING
Stop chasing receipts
Kill bottlenecks
Automate tasks

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FREE UP TIME FOR
HIGH VALUE TASKS
Budget + forecasting
Financial analysis
Tax optimisation

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ANALYSE CLOUD ACROSS
3 BUSINESSES
Consulting business
Restaurant business
App store business

20. CONCEPTS

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ANALYSE CLOUD ACROSS
3 BUSINESSES
Stakeholders
Transaction DNA
Management accounts

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IDENTIFY YOUR
STAKEHOLDERS
Stakeholders Transaction type Risk
Customer Accounts receivable
(AR)
Default on
payment
Customer Cash payments (Cash) Security
Supplier Accounts payable (AP) Cashflow
Staff + Government
(MPF)
Payroll Penalties and
staff turnover
Government (IRD) Annual filing Penalties

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#Credit,
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

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DIFFERENT
ACCOUNTS
Management
accounts
Point of sale
Inventory
Forecasting
Payroll
Invoicing
Time sheeting
Report to
shareholders

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MANAGEMENT
ACCOUNTS

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OTHER
ACCOUNTS
Bank rec Expenses Payroll

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DIFFERENT
ACCOUNTS
InventoryInvoicing

28. DO-IT-YOURSELF
BOOKKEEPING

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SAVE 30% IN
BOOKKEEPING
FEES BY DOING
FOUR THINGS

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#1 OPEN A CORPORATE
BANK ACCOUNT

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#2 OPEN MAIL
WEEKLY
Get comfortable File mail Toss out

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#3 PAY SUPPLIERS
MONTHLY
Promote the billing
cycle to stakeholders
Make
bookkeeping day
sacred
Image as a good
paymaster

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#4 CLOUDIFY
FINANCES
Put receipts and
contracts all in
one place

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MOST TIME
CONSUMING TASKS
http://futurebooks.com.sg/blog/5-useful-excel-template-
sites-to-streamline-your-bookkeeping/1329
Supplier payments
Accounts receivable
Payroll
Bank reconciliation
Reporting
Cashflow

35. SCENARIO #1
TECH START
UP

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FLATCH
LIMITED
Flatulence
containment pad
Socialise app

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BACKGROUND
Flatch was Incorporated 2009
Steady payroll in HK developing an
application
Recently pivoted and looking for more
investment
Making a loss year on year

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#Credit,
1,000
AR, 10
AP (variable),
150
AP (fixed), 30
GST, 10
Payroll,
100
STAKEHOLDERS
App store business (B2C)
Stakeholder:
staff
1500
TRANSACTIONS

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REQUIREMENTS

40. SCENARIO #2
MANAGEMENT
CONSULTING
FIRM

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HOOP TRAINING
WORLDWIDE LIMITED
Prepare your workforce
for corporate life

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BACKGROUND
Hoop Training was incorporated 2012
Two business partners, both are ex-
corporate
Transferred existing client contracts from
their personal names to the company
Have over 10 clients

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STAKEHOLDERS
#Cash, 2
AR,
80
AP (variable),
50
AP (fixed),
50
Personal,
20
Payroll,
20
Consulting business (B2B)
Stakeholder:
customer
220
TRANSACTIONS

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REQUIREMENTS

45. SCENARIO #3
FINE DINING
RESTAURANT

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MR PEANUT
LIMITED
Hong Kong’s new fine
dining restaurant

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BACKGROUND
Incorporated June 2013
Has not commenced trading
Currently training staff and fitting out the
outlet
Expecting to make a profit in the first
year

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#Cash,
90
AR, 10
AP (variable),
200
AP (fixed),
50
GST,
50
Payroll,
60
STAKEHOLDERS
Restaurant business (B2C)
Stakeholder:
suppliers
450
TRANSACTIONSStakeholder:
staff + Govt

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REQUIREMENTS

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INQUIRY@
FUTUREBOOKS.
COM

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TRANSACTION
COMPARISON
0 100 200 300 400 500 600
Cash
AR
AP (variable)
AP (fixed)
GST
Payroll
App store
Restaurant
Consulting

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