Bookkeeping Appreciation. Event at Plug-In@Blk71, May 21

Prepared for Plug-in@Blk71
Singapore May 2014
BOOKKEEPING
APPRECIATION

www.futurebooks.com.sg
LAUNCH YOUR
BIG IDEA

FUTUREBOOKS SERVICES
Incorporation ,
company secretary,
work passes
Bookkeeping, annual
financials and
company tax
Sale of the
business

WHO DOES WHAT?
Administrator
Bookkeeper
Accountant
Tax advisor
Auditor
Company secretary

STAGES IN
ACCOUNTING
Administrator organizes
the documents on the
system
Accountant prepares the
management accounts
Corporate secretary holds
the AGM and files reports
Tax advisor makes the
tax computation
Bookkeeper enters
transaction in the
system

TIMELINE
Incorporation
DIY bookkeeping
Management
accounts
Annual financial
accounts
0 6 12 18MONTHS
Cloudification

#CAAA
AASH

ENTREPRENEURS
ARE CREATIVE
All I want to do is
make product
I love talking
about my idea
I love
customers
I have no
time for it.
It adds no
value.

AWAKEN THE CFO
Setup a finance
email address
Establish a
budget
The money
belongs to the
company
Monthly review
the Balance
Sheet and Profit
& Loss
statement

IMPORTANT
DATES

IMPORTANT DATES
Financial Year – 1 January 2014 to 31 December
2014
Management Accounts – Before January 2015
ECI – Before January/March 2015
Estimated Tax Payable – Due March 2015
AGM – Before June 2015
Annual Return Filing – Before July 2015
Tax Filing – Before November 2015

ANALYSE 3 TYPES
OF BUSINESSES
Consulting business
Restaurant business
App store business

ANALYSE 3 TYPES
OF BUSINESSES
Point of sale Payroll &
Self-service
Inventory Invoicing
Memberships Time sheeting Management
accounts
Report to
shareholders

MANAGEMENT
ACCOUNTS

AUTOMATION AND
ACCOUNTING ADD-ONS
Bank
reconciliation Expenses Payroll Accounts
Receivable
Inventory

SAVE 30% IN
BOOKKEEPING
FEES BY DOING
FOUR THINGS

#1 OPEN A CORPORATE
BANK ACCOUNT

#2 OPEN MAIL
WEEKLY
Get comfortable File mail Toss out

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

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

FOUR MORE HANDY
BOOKKEEPING TIPS
Invoice from your accounting app
Keep cash transactions to a minimum
Maintain consistent expense documentation
Classify all your PIC Claimable expenditure under
consistent Account Heads
- IT, Training, Intellectual Property

INCOME STATEMENT
Income Statement also known as Profit & Loss
What the business made/spent.
Read it once a month
Three key metrics on the Income Statement
- Revenue / Sales
- Biggest expenses
- Net Profit
Compare trend of Current vs. Past month

BALANCE SHEET
Balance Sheet is what the business owns/owes
Read it once a month
Three key metrics on the Balance Sheet
- Accounts Receivable
- Accounts Payable
- Current year earnings/ Retained Earnings
Do you have sufficient working capital?

COMPLICATED
OPERATIONS
Payroll
Investor
GST

IT IS TIME TO GET A
BOOKKEEPER
Honey, shouldn’t
you delegate that?

FOCUS ON WHAT
YOU LOVE

LET’S TALK
INQUIRY@
FUTUREBOOKS.
COM

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Bookkeeping Appreciation. Event at Plug-In@Blk71, May 21

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