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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
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
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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TERMS OF USE
Restrictions on Use of Contents1. Except as otherwise provided, the Contents of this Document shall not be reproduced, republished, uploaded, posted, transmitted or otherwise distributed in any way, without the prior permission of FUTUREBOOKS PTE LTD. To use any parts of the Contents of this Document, the user must seek permission in writing, stating the c Contents for use; intent of use; manner of use; time frame of use and identity of the user. FUTUREBOOKS PTE LTD reserves the right to refuse permission without declaring reason(s); and/or if information submitted by user is deemed insufficient.2. You may view, download and print the Contents if:(a) the Contents are used for non-commercial or personal use only and will not be copied or posted on any network computer or broadcast in any media, and(b) no alterations, additions or modifications of the Contents are made in any way(c) due acknowledgement is given to “FUTUREBOOKS PTE LTD” and citing the sources for the relevant data extracted.3. Modification of any of the Contents or use of the Contents for any other purpose will be a violation of FUTUREBOOKS PTE LTD ‘s copyright and other intellectual property rights. Graphics and images on this Document are protected by copyright and may
not be reproduced or appropriated in any manner without written permission of FUTUREBOOKS PTE LTD.4. Any request to otherwise reproduce the Contents from this Web Site for publication or commercial use should be addressed to: info@futurebooks.com.sg.Disclaimer of Warranties and Liability5. The Contents of this Document are provided on an “as is” basis without warranties of any kind. To the fullest extent permitted by law, FUTUREBOOKS PTE LTD does not warrant and hereby disclaims any warranty:(a) as to the accuracy, correctness, reliability, timeliness, non-infringement, title, merchantability or fitness for any particular purpose of the Contents of this Document;(b) that the Contents available through this Document or any functions associated therewith will be uninterrupted or error-free, or that defects will be corrected or that this Document and the server is and will be free of all viruses and/or other harmful elements.6. FUTUREBOOKS PTE LTD shall also not be liable for any damage or loss of any kind caused as a result (direct or indirect) of the use of the Document, including but not limited to any damage or loss suffered as a result of reliance on the Contents contained in or available from the Document.