Presentation by SB Partners LLP (www.sbpartners.ca) on the importance for Tech Solopreneurs and Entrepreneurs to setup a proper Chart of Accounts. We learned:
- Why understanding what a chart of accounts is – is a big deal
- The right chart of accounts for technology companies
- How setting up your accounting systems properly will pay off in the long run
- Some of the sexy saas accounting software that’s out there for smaller tech companies
- When to stop doing it by yourself and hire outside help
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9. Agenda 1. WHAT is a chart of accounts + why
understanding what a chart of accounts is a big
deal
2. The RIGHT chart of accounts for tech
companies
3. How setting up your accounting systems
properly will PAYOFFin the long run
4. Some of the sexy SAASACCOUNTING
SOFTWARE for smaller tech companies
5. When to STOP doing it by yourself and hire
outside help
10. Business / Growth Plans
canvas maps
lean start-up maps
Work Systems / Plans
project plans
software development plans
Financial Systems / Plans
go to the dark side
hide from the beauty of accounting
how you plan to keep the money you make
13. You’ll be able
to track revenues
and expenses
• How’s my
company doing
• What’s the picture I’m
painting
You don’t
want any really
unexpected
surprises
• By how much
you spent
• Where you spent
• How you spent it
• And what the return is
Chart of Accounts
will change over
time
• Regulatory reasons
• Business Growth
• Lines of Business
Change
17. 5
Potential
Risks
IfYouDon’t
Setting Up Your COA Correctly Will Pay Off. If you
don’t, you will:
1. Have a hard time planning and limit your ability
to predict cash flow
2. Lose track of what’s happening in the business
3. Have a harder time attracting investors / banks /
funding
4. Have compliance issues with CRA to properly
report your earnings, and that means
5. More expensive tax returns
26. See An Accountant When:
Your business model is in place
How you deliver products and services - the idea
You’re earning revenue and need to understand regulatory
requirements with CRA
You’re ready to discuss whether to incorporate or not
You need to understand how the tax system
will work for you - income tax / hst
You’re thinking about how to pay yourself / payroll
1
2
3
4
5
27. WhatWillYou
Get?
1. review individual situation on how your going to
make money
2. advise on chart of accounts for
your type of company
3. explain what you need for compliance with the
Canada Revenue Agency
4. discuss whether to incorporate or choose
another model
5. discuss how you will pay yourself
6. recommend accounting package and / or
bookkeeper
7. huge value – one hour $350
34. Thursday, June 2/16 | Oakville Conference Centre, Oakville
Halton Futures Summit - Learn how smart integrated technologies and solutions are
transforming industrial manufacturing, healthcare, clean energy, transportation,
communications and social networks.
Halton Futures Awards - Celebrate the technical achievements of regional businesses
at the 1st Annual Halton Innovation Awards.
35. June 9 + 10, 2016 | Ontario Science Center, Toronto
Spark brings together Agile, HR, Organizational Development
and Change Management practitioners under one roof!
36. Workshop 1 – Main Street Retailers
Watch For More Info – Coming Soon
The reality we see every day with tech startups and entrepreneurs
You are smart people
You know how to build Business Plans / canvas maps / lean startup maps / xxxxx
You know how to build project plans / software development plans / agile development plans
And then you come to accounting – and you go to the dark side – close your eyes and hope that xxx
So, today – I am going to teach you
This is where we will work from handouts – obviously people will not be able to read this slide
Most understand the concept - Don’t know how to execute it well
Most understand the concept
Don’t know how to execute it well
Advantage – CRA is less likely to come after you – anecdotal evidence of CRA’s mini projects