WLP Group

What are the downsides of automation?

Automation means using machines or software to do tasks that people usually do. Automation can be really good in many ways. But it is not always perfect. Here, we’ll look at some of the downsides. Job Loss The big downside of automation is that it can take away jobs. When machines can do the work, … Read more

Why Xero Has the Best Accounting Software Support

Easy to Use Xero is designed for ease. Whether you’re new to accounting or you’ve been doing it for years. It doesn’t matter. You will find that Xero’s interface is user-friendly. Menus are easy to navigate, and features are self-explanatory. It’s so simple. So you will spend less time figuring out how to use the … Read more

Can Xero replace ERPs?

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

How to manage payroll efficiently in an SME

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

How Small Businesses Struggle with Cash Flow

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

What is insider trading?

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

What is Mark-to-Market Accounting?

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

What are SPEs (Special Purpose Entities)

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

The Story of FIFA’s Accounting Mistake

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

Stories of KPMG Accounting Failures

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