My theme for the week was learning so I spend a good part of the day going deep into the various corporations that I own – and looking at detailed cash flows, taxation, VAT and detailed financial functions. The drive for this is to make sure that the system in place can provide me with all the information and scalability to expand and grow. The current structure has evolved over last 5 years – and a tune up is likely in order. Although I don’t aspire to do bookkeeping, I do aspire to get a much better understanding of the detailed ‘life’ (cash’) flow in the overall structure.
In particular spent a lot of time looking at the detailed accounting intricacies of the Chinese corporate structures – and the burden / challenge that the regulated currency controls mean to a business. Many things would be so much easier to do in the US for example, if the foreign currency control regulations didn’t exist in China. Its quite apparent how the barrier to entry into China is difficult for SME – and I’m very glad that much of the setup is done. Glad to be on this side of the side of the fence where the work is done, instead of having to do it from scratch.
Having said all this, overall reporting across the structures has to be improved to handle large size – how to do this is not yet clear – BUT it will become soon.
On a personal note, worked the EO chapter plan for the year – and some nice discussion about mentorship, impact of recession on businesses and overall impact of ‘positive outlook’ on how one succeeds