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www.siliconhalton.comlinkedin/siliconhalton@siliconhalton
Meetup #79: Cooler Than Cool, Your Chart of Accounts
7:15 Welcome and Member Thanks7:20 Announcements7:30 Cooler Than Cool – Your COA8:45 Mark Your Calendar9:00 Networking
Agenda
Announcements
Keynote
Greg Clarke, BComm, CPA, CAPartner, SB [email protected]
Cooler Than CoolYour Chart Of Accounts!
Greg Clarke, Partner - SB Partners
Why it’s a big deal
Agenda 1. WHAT is a chart of accounts + why understanding what a chart of accounts is a big deal
2. The RIGHT chart of accounts for tech companies
3. How setting up your accounting systems properly will PAY OFF in the long run
4. Some of the sexy SAAS ACCOUNTING SOFTWARE for smaller tech companies
5. When to STOP doing it by yourself and hire outside help
Business / Growth Planscanvas maps
lean start-up maps
Work Systems / Plansproject plans
software development plans
Financial Systems / Plansgo to the dark side
hide from the beauty of accountinghow you plan to keep the money you make
Chart Of Accounts
The foundation of your financial system and plans
Without it,it’s hard to know
where you’ve been and
where you are going
You’ll be able to track revenues and expenses
• How’s my company doing
• What’s the picture I’m painting
You don’t want any really unexpected surprises
• By how much you spent
• Where you spent• How you spent it• And what the
return is
Chart of Accounts will change over time
• Regulatory reasons
• Business Growth• Lines of Business
Change
Let’s Dive In
What’sIn A Chart
Of AccountsFor Tech
Companies
BASIC
Technology Company - Chart Of Accounts Basic
Acct # Account Name Account Category
1000 Bank Asset1100 Accounts receivable Asset1500 Computer Asset1510 Software Asset1520 Equipment Asset1600 Accumulated Amortization - Computers Asset1610 Accumulated Amortization - Software Asset1620 Accumulated Amortization - Equipment Asset
2000 Accounts payable Liability2020 HST Liability2100 Income taxes payable Liability2200 Shareholder loan Liability
3000 Share capital Equity3100 Retained earnings Equity3200 Dividends Equity
4000 Revenue Income Statement5000 Amortization Income Statement5010 Meals & entertainment Income Statement5020 Promotion Income Statement5030 Travel Income Statement5040 Supplies Income Statement5050 Office Income Statement5060 Licenses Income Statement5070 Subcontractor Income Statement5080 Wages Income Statement5090 Memberships Income Statement5100 Insurance Income Statement5110 Professional fees Income Statement5120 Telephone Income Statement5200 Bank charges Income Statement8000 Income tax provision Income Statement
What’sIn A Chart
Of AccountsFor Tech
Companies
ADVANCED
5Potential
RisksIf You Don’t
Setting Up Your COA Correctly Will Pay Off. If you don’t, you will:
1. Have a hard time planning and limit your ability to predict cash flow
2. Lose track of what’s happening in the business
3. Have a harder time attracting investors / banks / funding
4. Have compliance issues with CRA to properly report your earnings, and that means
5. More expensive tax returns
SAAS Accounting SystemsFor Start-ups and Small Business
When To See An Accountant* Rule of Thumb: if you are not sure – ASK!
See An Accountant When:
Your business model is in place How you deliver products and services - the idea
You’re earning revenue and need to understand regulatory requirements with CRA
You’re ready to discuss whether to incorporate or not
You need to understand how the tax system will work for you - income tax / hst
You’re thinking about how to pay yourself / payroll
1234
5
What Will You Get?
1. review individual situation on how your going to make money
2. advise on chart of accounts for your type of company
3. explain what you need for compliance with theCanada Revenue Agency
4. discuss whether to incorporate or choose another model
5. discuss how you will pay yourself6. recommend accounting package
and / or bookkeeper7. huge value – one hour $350
Greg Clarke, BComm, CPA, CA Partner, SB Partners905-633-6323 gclarke@sbpartners
www.sbpartners.ca
Mark Your Calendars
MAY 20, 2016
Solopreneur Peer2PeerCreating A Winning Proposal9:00 am - 10:30 am
Silicon Halton Day Halton Hive, Burlington
MAY 24, 2016
Women In Tech Peer2PeerMember Spotlights7:00 pm - 10:00 pm
The Ivy, Burlington
May 19 + 26, 2016 | Oakville Town Hall, Oakville
Skill Workshop & Speed Pitching Event
June 14, 2016 | Funding and Financing
Meetup # 80
Thursday, June 2/16 | Oakville Conference Centre, Oakville
Halton Futures Summit - Learn how smart integrated technologies and solutions are transforming industrial manufacturing, healthcare, clean energy, transportation, communications and social networks.
Halton Futures Awards - Celebrate the technical achievements of regional businesses at the 1st Annual Halton Innovation Awards.
June 9 + 10, 2016 | Ontario Science Center, Toronto
Spark brings together Agile, HR, Organizational Development and Change Management practitioners under one roof!
Workshop 1 – Main Street RetailersWatch For More Info – Coming Soon
Open Floor