cloud bookkeeping f&b_event_final
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TRANSCRIPT
Prepared for owners and directors in SG and HK As of October 2013
CLOUD BOOKKEEPING FOR F&B STARTUPS
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LAUNCH YOUR BIG IDEA
HOW TO AVOID BUILDING AN INTERNAL ACCOUNTS DEPARTMENT?
Find out more
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WHO DOES ITAPPLY TO?
Owners and directors of Food and Beverage startupsOwners of restaurant chainsOwners of franchise
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How to handle high volume transactions and minimize resources through cloud bookkeeping?Which internal controls minimizes exposure to risks?Which areas in a financial statement requires attention?How to set-up an accounting function for F&B?
FREQUENTLYASKED QUESTIONS
INITIAL PLANNING
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FROM THEGROUD BEEF UP
Startup cost• Rental/Purchase of restaurant• Renovation, assets and
equipment• Compliance cost
Manpower• Local and overseas resources
Expected return• Profit margin• Breakeven period
SET UPACCOUNTING
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CHART OFACCOUNTS
Setup chart of account• Depending on owners’
preferenceSuggestions:• Beverages vs Beverages• Food vs Food
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CHART OFACCOUNTS
Accounting Team• In-house• Outsourced
Audit trail• Identifying scanned
documents• Compliance
INTERNAL CONTROLS
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Assign watchdogOrganise stock take proceduresTabulate every month-endInventory costsStock record book
INVENTORY
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Assign personnelCash floatCash in/out record bookBank deposit frequencyCash paymentDaily/weekly reconciliation
PETTY CASH
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Consists of fixed assets and propertyPurchases approvalCategorization of assetsExpense off to P&LFixed assets schedule
NON-CURRENTASSETS
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Purchases- Approval of Purchases & Cash
payment- Check and signed Delivery
Order, if anySales
- Staff’s efficiency- Track completion of transactions
INTERNAL CONTROLS
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Full-timers- Monthly Salary- CPF, SDL, FWL, Donations
Part-timers- Hourly salary, clocking control- CPF, SDL, FWL, Donations
PAYROLL
CLOUDIFICATION
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Definition• To store documents and account
with cloud based applicationsPurpose• Easy access to documents• Allows of-site financial position
monitoring• Save storage space• Go paperless
WHAT IS CLOUD?
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Internet servicesHard to soft conversionIT equipmentCloud-based application
• Accounting related• Storage• Communication• Others
HOW TO?
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CLOUDSOFTWARE
Available for iOS & AndroidFeatures:• Store purchase invoice• Bank/PayPal feeds• Customisable
Invoice/DO/Receipt/Quotation• Payroll & staff claims• Add-ons• Purchase Order
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CLOUDSOFTWARE
Cloud bookkeeping team3 days turnoverLow cost but not professionally trainedAdd-ons to cloud accounting apps eg. Xero
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CLOUDSOFTWARE
FREE (limited to 2GB)Corporate version availableSharing enabled
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CLOUDSOFTWARE
FREE (no self records)Snap and recordPrepare claims reportSent for approval
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CLOUDSOFTWARE
Min. 7 days for first year1 day extra for subsequent yearsMarriage and compassionate leave entitlementLeaves are dependent on what
was mutually agreed between employer and employee
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