East West Bancorp, Inc. · NASDAQ:EWBC
East West Bancorp — Investor Presentation (June 2016)
29 slides from East West Bancorp's investor presentation, June 2016
Slide 1: Record Keeping for a Small Business
Record Keeping FOR A SMALL BUSINESS
Slide 2: Welcome
Welcome 1. Agenda 2. Ground Rules 3. Introductions RECORD KEEPING ‹#›
Slide 3: Objectives
Objectives • Explain the concept of record keeping and its importance to small businesses • Identify record keeping practices, rules, and tools commonly available to small businesses • Explain how record keeping practices, rules and tools work RECORD KEEPING ‹#›
Slide 4: Objectives
Objectives • Identify benefits a small business derives from proper record keeping • Explain record keeping basics for a small business • Identify software products available for small business record keeping RECORD KEEPING ‹#›
Slide 5: What Do You Know?
What Do You Know? What do you know or want to learn about record keeping? RECORD KEEPING ‹#›
Slide 6: Introduction
Introduction Record keeping important for small businesses • Sole proprietor • Partnership • Corporation RECORD KEEPING ‹#›
Slide 7: What is Record Keeping?
What is Record Keeping? • Orderly and disciplined practice of storing business records • Ranges from simple (manila folder) to complex (online electronic filing) • Provides fast retrieval of records • Updated on a on-going basis Remember – Keep good records, both business and personal RECORD KEEPING
Slide 8: Why is Record Keeping Important?
Why is Record Keeping Important? • Business Operations • Tracking details • Planning • Legal • Contracts • Licenses and permits • Payroll and personnel • Federal, State, and Local Taxes RECORD KEEPING ‹#›
Slide 9: Business Operations, Tracking Details
Business Operations, Tracking Details • Customer records • Sales records • Correspondence • Inventory RECORD KEEPING ‹#›
Slide 10: Discussion Point #1: Your Record Keeping
Discussion Point #1: Your Record Keeping Discuss your business record keeping practices. 1. Identify detail records you already keep. 2. Identify planning records you already keep. 3. Identify legal records you already keep. 4. Identify tax records you already keep. 5. Think more about your record-k
Slide 11: Record Retention Examples (Years)
Record Retention Examples (Years) Column1 Timecards 2 Personnel files 3 Contracts 4 Inventory 4 Personnel insurance records 5 Checks and payables 5 Invoices and receivables 5 Payroll 6 Retirement plans Annual statements Auditors reports RECORD KEEPING ‹#›
Slide 12: Record Keeping Tools
Record Keeping Tools • Simple “paper tools” • “Tickler” system • Computer systems • Cloud computing • Accounting • File hosting RECORD KEEPING ‹#›
Slide 13: Simple "Paper Tools"
Simple “Paper Tools” • File folder • Hanging folder • Cabinet storage • Accordion folder RECORD KEEPING ‹#›
Slide 14: "Tickler" System
“Tickler” System • Use a tickler system to remind you of upcoming events such as: • Quarterly taxes • License renewals • Insurance reviews and renewals • Upcoming bills • Call-backs RECORD KEEPING ‹#›
Slide 15: Computer Systems
Computer Systems • In addition to paper tools • Takes less space than paper • Faster and easier – Internet transmission • Many businesses and government agencies allow use of Internet • Learn and grow into computer systems over time • Be sure to BACK UP files daily RECORD KEEPING ‹#›
Slide 16: Cloud Computing
Cloud Computing Use the Internet to store, manage, and process data (vs. your own personal computer). RECORD KEEPING ‹#›
Slide 17: Cloud Computing, Accounting
Cloud Computing, Accounting • Offered by accounting software companies • No need to buy software upgrades • No loss of data when computer crashes • Access data from anywhere RECORD KEEPING ‹#›
Slide 18: Cloud Computing, File Hosting
Cloud Computing, File Hosting • Share with colleagues or clients • Share large files • No loss of files when computer crashes • Accessible from anywhere • Free and fee-based options RECORD KEEPING ‹#›
Slide 19: Business Software
Business Software • Evaluate business needs • Many software products available • Spreadsheets • Email • Accounting AND OR RECORD KEEPING ‹#›
Slide 20: Business Software, Evaluate Business Needs
Business Software, Evaluate Business Needs • Inventory tracking? • Manufacturing • E-commerce? • Multiple users? • Industry specialization? • Online options? • Anything else? RECORD KEEPING ‹#›
Slide 21: Business Software, Email
Business Software, Email • Communicate with clients, employees, suppliers, vendors, contractors, etc. • Use “local” computer or webmail • Keep good records by creating email filing system RECORD KEEPING ‹#›
Slide 22: Business Software, Spreadsheets
Business Software, Spreadsheets • Track information such as clients, inventory, sales, employee time sheets, etc. • Matrix of rows and columns • Frequently used for financial “what-if” scenarios RECORD KEEPING ‹#›
Slide 23: Business Software, Accounting
Business Software, Accounting • Track business financial records such as sales, expenses, inventory, and assets • Many advantages • Reduced errors Better • Faster organization • Inexpensive Reduced errors ACCOUNTING • Better organization SOFTWARE Inexpensive Faster calculations RECORD KEEPING ‹#›
Slide 24: Discussion Point #2: Accounting System
Discussion Point #2: Accounting System Take some time to think about your accounting system. • Describe it. • How might it be improved? • What specific improvements are you thinking about? RECORD KEEPING ‹#›
Slide 25: Business Software Training
Business Software Training • Tutorials and free trials • Online software training and webinars • YouTube • SBA Resource Partners – SCORE, Small Business Development Centers, Women’s Business Centers, US Export Assistance Centers, Veterans Business Outreach Centers • Community Colleges • Accountants
Slide 26: Now
Start now with something that works Now Refine as business grows RECORD KEEPING ‹#›
Slide 27: Key Points to Remember
Key Points to Remember • Use record keeping tools that work for your business type, size, and complexity • Evaluate your business needs before purchasing business software • Again – START NOW RECORD KEEPING ‹#›
Slide 28: Summary
Summary • What final questions do you have? • What have you learned? • How would you evaluate the training? RECORD KEEPING ‹#›
Slide 29: Conclusion
Conclusion You learned about: • What record keeping is and how it’s important • Record keeping basics – practices, rules, and tools • Which records to keep – tracking, planning, legal, and taxes • Benefits of record keeping • Business software available for record keeping • Business software trainin
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