In July, WLP Group’s director Li Han spoke to Esther about Xero and automation in accounting. You can watch the entire podcast here! One topic that came up was Xero’s ability to replace expensive and clunky ERPs. What is an ERP? ERP stands for Enterprise Resource Planning. This is like an all-in-one system for big … Read more
Simply explained: What is payroll? Payroll is the process by which a company pays its employees. This includes calculating salaries and withholding taxes to making payments to employees. It’s a crucial part of running any business. Payroll can include benefits like health insurance and retirement contributions. What is an SME defined as in Singapore? SME … Read more
ELI5: What is Cash Flow? Cash flow is the cash that goes in and out of a business. Imagine your business like a big water tank. When you sell something, water (money) flows into the tank. When you buy something or pay bills, water flows out of the tank. Having enough water in the tank … Read more
Understanding insider trading and “inside” information Insider trading is a term you may often hear in news related to the stock market, business, and accounting. But what exactly is it? And where do we draw the line between legal and illegal insider trading? In the simplest terms, insider trading involves trading (buying or selling) stocks … Read more
Understanding Mark-to-Market Accounting Mark-to-market accounting, often abbreviated as MTM, is a method in accounting. MTM records the value of an asset based on its current market price. In simpler terms, it’s like updating the price tag on your assets every day to reflect what they’re actually worth in the market right now. Example of MTM … Read more
Special Purpose Entities (SPEs) might sound like something from a science fiction novel. But in reality, they’re a type of financial arrangement used in the world of accounting and business. Accounting is more than just using accounting softwares like Xero. We will go into specific accounting and legal tools that businesses use. Essentially, an SPE … Read more
In the world of sports, FIFA (Fédération Internationale de Football Association) stands tall as the governing body of international football. Despite its prominent position, even giants like FIFA can stumble. In this blog post, we’ll delve into a significant accounting mistake that rocked the organization, shedding light on the importance of financial diligence and transparency … Read more
KPMG is one of the world’s largest accounting firms, providing auditing, tax, and advisory services to countless clients. However, no firm is immune to accounting failures, and KPMG has had its fair share of high-profile incidents that shook the financial world. It doesn’t matter if you’re a small business using Xero or a MNC with … Read more
Wirecard, once hailed as a promising fintech unicorn, shocked the financial world when it came crashing down due to a massive accounting fraud scandal. In this blog post, we delve into the events that unfolded, shedding light on the deception that shook investors, regulators, and the global financial community. This is a story that every … Read more
In the fast-paced digital world, accounting fraud has adapted and transformed alongside technology, creating new challenges for businesses and financial professionals. The integration of advanced technology into financial systems such as Xero accounting software has brought about both opportunities and risks. This blog post delves into the various ways accounting fraud has evolved since the … Read more
The business landscape in Singapore is rapidly evolving, and entrepreneurs must be able to stay ahead of the curve to thrive and continue to maintain profitability. One way of doing this is by embracing tools and solutions powered by digital technology. Digital transformation offers individuals and organisations a wealth of opportunities to streamline operations, improve … Read more
Accounting fraud poses a significant threat to the financial stability and reputation of businesses worldwide. As trust and transparency are the cornerstones of any thriving economy, it is the auditors who assume the vital role of guardians, diligently working to protect the financial integrity of organizations. In this blog post, we delve into the world … Read more