Take our two hour bookkeeping tour. Everything a foreigner or local should know about bookkeeping and accounting in the first year of operation. Learn what you are likely to encounter in your first year of operation and how do-it-yourself bookkeeping can save your business 30% on accounting fees. This is the definitive event for those who are set on getting their first year of company accounts in order. We examine some common mistakes made by directors, and how to avoid repeating them. We have helped foreigners from Australia, US, UK, Europe and Asia successful establish their businesses in Singapore. Register now for one of our public events or webinars. More here: http://futurebooks.com.sg/events-and-webinars

1. Prepared for directors
of Singapore private
limited companies.
As of 2012
STARTING A
COMPANY IN
SINGAPORE:
INTERMEDIATE

2. ACCOUNTING
IS A SERVICE,
NOT A
TRANSACTION
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3. FUTUREBOOKS
SERVICES
Sale of the
business
Bookkeeping, annual
financials and
company tax
Incorporation ,
company secretary,
work passes
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4. LAUNCH YOUR
BIG IDEA
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5. WHO DOES
WHAT

6. WHO DOES WHAT?
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7. ROLE OF THE
BOOKKEEPER




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8. ROLE OF THE
ACCOUNTANT / AUDITOR


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9. ROLE OF THE
TAX SPECIALIST

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10. ROLE OF THE
COMPANY SECRETARY
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11. ACCOUNTS ARE A
SAUSAGE FACTORY
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12. ACCOUNTS ARE A
SAUSAGE FACTORY
Bookkeeper makes
management accounts
Accountant makes annual
financial accounts
Tax advisor makes the
tax computation
Corporate secretary holds
the AGM and files reports
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13. TIMELINE
Annual financial
accounts
Management
Incorporation DIY bookkeeping accounts
MONTHS 0 6 12 18
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14. IMPORTANT
DATES
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15. BUDGETING FOR
ACCOUNTING

16. BUDGET FOR ACCOUNTING
SERVICES YEAR 1
One-time fees Annual fees
Incorporation $750
Company secretary $700
Annual bookkeeping $3,600
Unaudited annual financial $1,500
accounts
Personal tax $300
TOTAL $750 $5,100
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17. BUDGET FOR ACCOUNTING
SERVICES YEAR 2
Annual fees
Company secretary $700
Annual bookkeeping (inc GST + CPF) $7,200
Unaudited annual financial accounts $2,000
Personal income tax $300
TOTAL $9,900
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18. HIDDEN FEES
Annual fees
Corporate holding
Audited annual financial accounts +$1,000
or S$5million+ in
Quarterly GST filing +$1,200 turnover
TOTAL $2,200
S$1million+
in turnover.
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19. DO-IT-YOURSELF
BOOKKEEPING

20. SAVE 30% IN
BOOKKEEPING
FEES BY DOING
FOUR THINGS
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21. #1 OPEN A CORPORATE
BANK ACCOUNT
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22. #2 OPEN MAIL
WEEKLY
Get comfortable File mail Toss out
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23. #3 PAY SUPPLIERS
MONTHLY
Promote the billing
cycle to stakeholders
Image as a good
Make paymaster
bookkeeping day
sacred
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24. #4 MANAGE PERSONAL
CLAIMS MONTHLY
Download
http://futurebooks.com.sg/blog/5-useful-excel-template-
sites-to-streamline-your-bookkeeping/1329
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25. IMPORTANT
DATES
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26. REASONS TO
OUTSOURCE
BOOKKEEPING

27. COMPLICATED
OPERATIONS
Quarterly GST filing
Monthly CPF
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28. IT IS TIME TO GET A
BOOKKEEPER
Honey, shouldn’t
you delegate that?
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29. FOCUS ON WHAT
YOU LOVE
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30. INCOMING
INVESTOR
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31. OTHER
CONSIDERATIONS

32. GST REGISTRATION
IS REQUIRED
GST is 7%
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33. STATUTORY AUDIT
IS REQUIRED
Most important
triggers
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34. PASSING
RESOLUTIONS
SIGNIFICANT
RESOLUTION
Change in
shareholders Change in
paid up capital
Change in
company name
Change in address,
SSIC, director,
company secretary
INSIGNIFICANT
RESOLUTION
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35. PASSING
RESOLUTIONS
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36. GETTING MONEY
INTO THE COMPANY
Appear on
balance sheet
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37. GETTING MONEY
OUT OF THE COMPANY
Appear on
balance sheet
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38. SCENARIOS

39. A LOCAL RUNNING
A RESTAURANT
  Operations and
  customers in SG
   
   
   
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40. A FOREIGNER RETAILING
ON THE APP STORE
  No operations or
  customers in SG
   
   
   
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41. www.futurebooks.com.sg

42. TERMS OF USE
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