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Everything a director of a startup should know about how to cloudify their bookkeeping.
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Prepared for Hong
Kong directors and
shareholders
As of April 2014
CLOUDIFY
YOUR FINANCE
DEPARTMENT:
INTRODUCTION
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LAUNCH YOUR BIG IDEA
THE
PROBLEM
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AUTOMATE TASKS
Traditional solution is to
throw more people at the
accounts department
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THAT’SUNSCALABLE
Company growth
Cost of
accounting
(manual entry)
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STATE OF STARTUP BOOKS
No. of startups
No books (in a shoebox) 13
Cloud accounting applications 14
Excel or other desktop applications 14
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REDEFINE BOOKKEEPING
Stop chasing receipts
Kill bottlenecks
Automate tasks
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FREE UP TIME FOR HIGH VALUE TASKS
Budget + forecasting
Financial analysis
Tax optimisation
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ANALYSE CLOUD ACROSS 3 BUSINESSES
Consulting business
Restaurant business
App store business
CONCEPTS
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ANALYSE CLOUD ACROSS 3 BUSINESSES
Stakeholders
Transaction DNA
Management accounts
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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
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#Credit, 1,000
AR, 10
AP (variable), 150
AP (fixed), 30
GST, 10
Payroll, 100
IDENTIFY YOUR STAKEHOLDERS
App store business (B2C)
Stakeholder:
staff
1500TRANSACTIONS
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DIFFERENT ACCOUNTS
Management
accounts
Point of sale
Inventory
Forecasting
Payroll
Invoicing
Time sheeting
Report to
shareholders
DO-IT-YOURSELF
BOOKKEEPING
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SAVE 30% IN BOOKKEEPING FEES BY DOING FOUR THINGS
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#2 OPEN MAIL WEEKLY
Get comfortable File mail Toss out
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#3 PAY SUPPLIERS MONTHLY
Promote the billing
cycle to stakeholders
Make
bookkeeping day
sacred
Image as a good
paymaster
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#4 CLOUDIFY FINANCES
Put receipts and
contracts all in
one place
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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
SCENARIO #1
TECH START
UP
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FLATCH LIMITED
Flatulence
containment pad
Socialise app
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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
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#Credit, 1,000
AR, 10
AP (variable), 150
AP (fixed), 30
GST, 10
Payroll, 100
STAKEHOLDERS
App store business (B2C)
Stakeholder:
staff
1500TRANSACTIONS
SCENARIO #2
MANAGEMENT
CONSULTING
FIRM
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HOOP TRAINING WORLDWIDE LIMITED
Prepare your workforce
for corporate life
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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
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STAKEHOLDERS
#Cash, 2
AR, 80
AP (variable), 50
AP (fixed), 50
Personal, 20
Payroll, 20
Consulting business (B2B)
Stakeholder:
customer
220TRANSACTIONS
SCENARIO #3
FINE DINING
RESTAURANT
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MR PEANUT LIMITED
Hong Kong’s new fine
dining restaurant
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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
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#Cash, 90
AR, 10
AP (variable), 200
AP (fixed), 50
GST, 50
Payroll, 60
STAKEHOLDERS
Restaurant business (B2C)
Stakeholder:
suppliers
450TRANSACTIONSStakeholder:
staff + Govt
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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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