Fly paperless with cloud finance
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Everything a director of a startup should know about how to cloudify their bookkeeping.
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Fly paperless with cloud finance
- 1. Prepared for Hong Kong directors and shareholders As of April 2014 CLOUDIFY YOUR FINANCE DEPARTMENT: INTRODUCTION
- 6. THE PROBLEM
- 7. www.futurebooks.com WE PLAY A GAME CALLED FIND THE RECEIPT
- 14. www.futurebooks.com AUTOMATE TASKS Traditional solution is to throw more people at the accounts department
- 16. www.futurebooks.com STATE OF STARTUP BOOKS No. of startups No books (in a shoebox) 13 Cloud accounting applications 14 Excel or other desktop applications 14
- 17. www.futurebooks.com REDEFINE BOOKKEEPING Stop chasing receipts Kill bottlenecks Automate tasks
- 18. www.futurebooks.com FREE UP TIME FOR HIGH VALUE TASKS Budget + forecasting Financial analysis Tax optimisation
- 19. www.futurebooks.com ANALYSE CLOUD ACROSS 3 BUSINESSES Consulting business Restaurant business App store business
- 20. CONCEPTS
- 21. www.futurebooks.com ANALYSE CLOUD ACROSS 3 BUSINESSES Stakeholders Transaction DNA Management accounts
- 22. www.futurebooks.com.sg IDENTIFY YOUR STAKEHOLDERS Stakeholders Transaction type Risk Customer Accounts receivable (AR) Default on payment Customer Cash payments (Cash) Security Supplier Accounts payable (AP) Cashflow Staff + Government (MPF) Payroll Penalties and staff turnover Government (IRD) Annual filing Penalties
- 23. www.futurebooks.com.sg #Credit, 1,000 AR, 10 AP (variable), 150 AP (fixed), 30 GST, 10 Payroll, 100 IDENTIFY YOUR STAKEHOLDERS App store business (B2C) Stakeholder: staff 1500 TRANSACTIONS
- 24. www.futurebooks.com DIFFERENT ACCOUNTS Management accounts Point of sale Inventory Forecasting Payroll Invoicing Time sheeting Report to shareholders
- 29. www.futurebooks.com.sg SAVE 30% IN BOOKKEEPING FEES BY DOING FOUR THINGS
- 30. www.futurebooks.com.sg #1 OPEN A CORPORATE BANK ACCOUNT
- 31. www.futurebooks.com.sg #2 OPEN MAIL WEEKLY Get comfortable File mail Toss out
- 32. www.futurebooks.com.sg #3 PAY SUPPLIERS MONTHLY Promote the billing cycle to stakeholders Make bookkeeping day sacred Image as a good paymaster
- 33. www.futurebooks.com.sg #4 CLOUDIFY FINANCES Put receipts and contracts all in one place
- 34. www.futurebooks.com MOST TIME CONSUMING TASKS http://futurebooks.com.sg/blog/5-useful-excel-template- sites-to-streamline-your-bookkeeping/1329 Supplier payments Accounts receivable Payroll Bank reconciliation Reporting Cashflow
- 37. www.futurebooks.com.sg BACKGROUND Flatch was Incorporated 2009 Steady payroll in HK developing an application Recently pivoted and looking for more investment Making a loss year on year
- 38. www.futurebooks.com.sg #Credit, 1,000 AR, 10 AP (variable), 150 AP (fixed), 30 GST, 10 Payroll, 100 STAKEHOLDERS App store business (B2C) Stakeholder: staff 1500 TRANSACTIONS
- 41. www.futurebooks.com.sg HOOP TRAINING WORLDWIDE LIMITED Prepare your workforce for corporate life
- 42. www.futurebooks.com.sg BACKGROUND Hoop Training was incorporated 2012 Two business partners, both are ex- corporate Transferred existing client contracts from their personal names to the company Have over 10 clients
- 43. www.futurebooks.com.sg STAKEHOLDERS #Cash, 2 AR, 80 AP (variable), 50 AP (fixed), 50 Personal, 20 Payroll, 20 Consulting business (B2B) Stakeholder: customer 220 TRANSACTIONS
- 46. www.futurebooks.com.sg MR PEANUT LIMITED Hong Kong’s new fine dining restaurant
- 47. www.futurebooks.com.sg BACKGROUND Incorporated June 2013 Has not commenced trading Currently training staff and fitting out the outlet Expecting to make a profit in the first year
- 48. www.futurebooks.com.sg #Cash, 90 AR, 10 AP (variable), 200 AP (fixed), 50 GST, 50 Payroll, 60 STAKEHOLDERS Restaurant business (B2C) Stakeholder: suppliers 450 TRANSACTIONSStakeholder: staff + Govt
- 51. www.futurebooks.com TRANSACTION COMPARISON 0 100 200 300 400 500 600 Cash AR AP (variable) AP (fixed) GST Payroll App store Restaurant Consulting
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