Futurebooks and Founder Institute Bookkeeping Appreciation

Prepared for Founder Institute Singapore, June 2012.

BOOKKEEPING APPRECIATION

www.futurebooks.com.sg

ABOUT US

@futureb00kswww.futurebooks.com.sg

http://www.futurebooks.com.sg/


FINANCIAL + JUDICIAL RESPONSIBILITIES

Incorporation

Company secretarial

Bookkeeping

Annual financial accounts (audited / unaudited)

Company tax computation

Personal income tax computation



ACCOUNTS ARE A SAUSAGE FACTORY



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



TIMELINE

Incorporation DIY bookkeepingManagement accounts

Annual financial accounts

0 6 12 18 MONTHS


AWAKEN YOU INNER CFO


#CAAAAASH



ENTREPRENEURS ARE CREATIVE

All I want to do is make product

I love talking about my idea

I love customers



AWAKEN THE CFO

Setup a finance email address

Establish a budget

The money belongs to the company



MEET YOUR OPPONENTS



SETUP A CFO AVATAR

PEACEFUL AGGRESSIVE



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



ANALYSE 3 TYPES OF BUSINESSES

Consulting business

Restaurant business

App store business




#Cash, 2

AR, 80

AP (variable), 50

AP (fixed), 50

GST, 20

Payroll, 20

Consulting business (B2B)

Stakeholder: customer

220TRANSACTIONS



#Cash, 90

AR, 10

AP (variable), 200

AP (fixed), 50

GST, 50

Payroll, 60


Restaurant business (B2C)

Stakeholder: suppliers

450TRANSACTIONSStakeholder:

staff + Govt

Stakeholder: Govt.



#Cash, 1,000

AR, 10

AP (variable), 150

AP (fixed), 30GST; 10Payroll; 100


App store business (B2C)

Stakeholder: staff

1500TRANSACTIONS



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


COMPLICATED OPERATIONS

Quarterly GST filing

Monthly CPF



IT IS TIME TO GET A BOOKKEEPER

Honey, shouldn’t you delegate that?



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.


http://www.acrwebsite.org/volumes/display.asp?id=11176


FOCUS ON WHAT YOU LOVE



INCREASE YOUR FINANCIAL ACUMEN

Download

Revenue over time and sales projection

http://futurebooks.com.sg/services/bookkeeping-service/bookkeeping-retainer







Net profit over time and projection

Download




Download

Score entrepreneurs performance



METRICS

Cost of acquisition

Daily Active Users (DUA)

Cost per click



ABOUT US

@futureb00kswww.futurebooks.com.sg



TERMS OF USE

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Futurebooks and Founder Institute Bookkeeping Appreciation

Economy & Finance