futurebooks and founder institute bookkeeping appreciation
DESCRIPTION
We can teach bookkeeping techniques, tips and technology, but if you don't like numbers, you'll never do your books. It turns out producing a website is much like a producing a set of books. At different stages in the factory, different people add value. In web development you have project managers, designers, UI consultants and developers. Accounting is no different. We just have a different set of people who are contributing. We have a bookkeeper, accountant, tax advisor, auditor and a company secretary. Some start-ups make revenue in year-one. However, even if you don't have revenue to count, you can count customers, and you can count you expenditure to make sure you are keeping in budget. There are answers in the numbers. If you analysis your company's management accounts every month, it can teach you insights about your product and services. Learn more. Visit http://futurebooks.com.sg/blog/bookkeeping-appreciation-with-the-founder-institute/4109TRANSCRIPT
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Prepared for Founder Institute Singapore, June 2012.
BOOKKEEPING APPRECIATION
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FINANCIAL + JUDICIAL RESPONSIBILITIES
Incorporation
Company secretarial
Bookkeeping
Annual financial accounts (audited / unaudited)
Company tax computation
Personal income tax computation
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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
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TIMELINE
Incorporation DIY bookkeepingManagement accounts
Annual financial accounts
0 6 12 18 MONTHS
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AWAKEN YOU INNER CFO
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ENTREPRENEURS ARE CREATIVE
All I want to do is make product
I love talking about my idea
I love customers
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AWAKEN THE CFO
Setup a finance email address
Establish a budget
The money belongs to the company
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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
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ANALYSE 3 TYPES OF BUSINESSES
Consulting business
Restaurant business
App store business
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IDENTIFY YOUR STAKEHOLDERS
#Cash, 2
AR, 80
AP (variable), 50
AP (fixed), 50
GST, 20
Payroll, 20
Consulting business (B2B)
Stakeholder: customer
220TRANSACTIONS
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#Cash, 90
AR, 10
AP (variable), 200
AP (fixed), 50
GST, 50
Payroll, 60
IDENTIFY YOUR STAKEHOLDERS
Restaurant business (B2C)
Stakeholder: suppliers
450TRANSACTIONSStakeholder:
staff + Govt
Stakeholder: Govt.
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#Cash, 1,000
AR, 10
AP (variable), 150
AP (fixed), 30GST; 10Payroll; 100
IDENTIFY YOUR STAKEHOLDERS
App store business (B2C)
Stakeholder: staff
1500TRANSACTIONS
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TRANSACTION COMPARISON
Cash
AR
AP (variable)
AP (fixed)
GST
Payroll
0 100 200 300 400 500 600
App store
Restaurant
Consulting
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TIME TO GET A BOOKKEEPER
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COMPLICATED OPERATIONS
Quarterly GST filing
Monthly CPF
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IT IS TIME TO GET A BOOKKEEPER
Honey, shouldn’t you delegate that?
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VALUE OF TIME
http://www.acrwebsite.org/volumes/display.asp?id=11176
Satisfied customers wanted $21 reward for waiting.
Dissatisfied customers wanted $60 reward for waiting.
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INCREASE YOUR FINANCIAL ACUMEN
Download
Revenue over time and sales projection
http://futurebooks.com.sg/services/bookkeeping-service/bookkeeping-retainer
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INCREASE YOUR FINANCIAL ACUMEN
Net profit over time and projection
Download
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INCREASE YOUR FINANCIAL ACUMEN
Download
Score entrepreneurs performance
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METRICS
Cost of acquisition
Daily Active Users (DUA)
Cost per click
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