Start a Company
Here is a checklist to save you from headache. Please save it or share it to avoid losing any documents.
1. Purchase Invoices
Please keep all business related receipts because you can only claim it as expenses.
2. Payment Voucher
Payment voucher showing if purchase is paid by cheques, cash or bank transfer. If bank charges are incurred in telegraphic transfer, please keep a copy of the transfer form.
3. Keep Track of Trade Creditors and Other Creditors
Review Unpaid Bills From Vendors. Every successful business needs the support from reliable vendors. One Japanese client taught me that you have to treat your vendors equally good as your clients so that credit extension will be made easy based on trusted relationship.
4. Sales Invoices and Contracts
Keep copies of all invoices sent. I guess it is dumb to tell you that you need sale invoice to earn an income.
5. Incoming Receipts
All cash receipts (cash, check and credit card deposits) and all cash payments (cash, check, credit card statements, etc.) and cheque received must be photocopied and filed accordingly.
6. Know your Trade Debtors
Keep a record of your trade debtors. This will be use to ensure that your accounting record is right.
A customer might have issue a cheque that is rejected by the bank. With proper system, your in-house accountant or Cloud Accountant can swiftly check the details for you.
5. Payroll and CPF
Create a payroll file sorted month by month. This can be done by laptop without physically printing it since I am using Cloud Payroll to manage my staff's pay. Even CPF filing is done online and a copy is saved into PDF. I will save in my Goggles drive.
6. Human Resource File
How many times I have advice the client to maintain this file? You need full details when you employ the staffs. Ministry of Manpower and CPF will perform routine audit check. Compliance is a must to ensure that our PIC and various grants are not jeopardize by non-compliance.
7. Monthly Stock Check Report
A good system is to use Bar Code system to record and review your stock level against actual quantity. Pass the inventory list to your staff to ensure that you have recorded the figures into the system to show a true and fair view. You would also need to find out if there is any stock pilferage.
8. All Government Tax and Forms
Ensure that tax is paid properly and all grants received are recorded properly. This is vital for expenses and other income recording and for tax computation filing.
9. Any other matters
For example, a staff loan agreement from the company or bank loans agreement and hire purchase agreement. Without such details, you will be unable to have a full picture of current business status.
Book-keeping is never just a compliance to government and tax regulation.
It is to provide insight of how your and your team fare.
An up to date accounting records will ensure that you get the company up and running in the correct direction before it is too late to rectify a loss making company.
A Power team lead by WAHM (Work at Home Mum) turned FTWM (Full Time Working Mum) in 2014 so that she can provide more for her family and keep herself sane at the same time. Elisha and her power team wants to help more Momtrepreurers & Dadtrepreuerers to Join us !
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