Sat.Aug 15, 2020 - Fri.Aug 21, 2020

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Report: $50B In Cryptocurrency Moved Out Of China

PYMNTS

More than $50 billion of cryptocurrency was transferred from virtual wallets in China to other parts of the world last year, a potential violation of the nation’s strict limits on how much money can be sent abroad, according to a new report. While Chinese traders are limited to the purchase of up to $50,000 of foreign currency annually, the volume suggests stablecoins could be being used to circumvent the regulation, according to Chainalysis , the New York-based provider of regulatory compliance

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Importance of internal controls for a growing company

CFO Plans

By Ishara Kadawathe CBA, B.Sc. – Associate Controller, CFO Plans. What is an internal control system? It is a series of actions that occur throughout an entity’s operations and is used to guide the operations by the management in order to achieve the objectives of an entity in relation to the operational effectiveness and efficiency, financial reporting reliability, and compliance with laws & regulations.

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In a time of great market uncertainty, professional financial planning is more important than ever.

BlueLight

An Interview with Ryan Keating?—?Financial Advice for Startups I recently spoke with finance leaders from a couple dozen startups. Their expertise ranged from seed stage start-ups, where the CEO also served as the in-house finance leader, to growth stage companies where an in-house CFO monitored the entity’s current and future financial health. In these conversations, I observed that each finance leader had a different perspective and approach when engaging with their financial accounting partne

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Hiring Your Children In Your Business

Adam Kae

Tax Savings, Teaching About Money and Investing, and Bringing Your Family Closer Together How would you like to save on your federal and state taxes as well as help teach your child(ren) about saving for the future (i.e. college, retirement, car, etc.)? In Virginia, and most other states, if you own your business you can hire your children to work for you regardless of their age (yes, even younger than the standard age requirements in child labor laws).

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The Human Side of Finance: The Intersectionality of People, Culture, Adaptability, and Resilience

Speaker: Melissa Hurrington

Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.

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Google Asks FCC For OK To Test 6G Service

PYMNTS

Google is asking the Federal Communications Commission (FCC) for permission to hold radio experiments “in and near the 6 GHz band,” according to a recent filing with the agency. The tech company said in the filing that it “proposes to conduct experimental propagation testing in the 6 GHz band to produce technical information relevant to the utility of these frequencies for providing reliable broadband connections.”.

Economics 139

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APAC AML and KYC fines hit US$4 billion

Future CFO

Asia Pacific regulators in China, Hong Kong, Singapore, Malaysia, Taiwan, India and Pakistan have altogether issued almost US$4 billion of fines related to anti-money laundering (AML) and Know-Your-Customer (KYC) violations by end-July, up from last year's US$3.5 billion, said Fenergo recently. Countries where fines have increased substantially include Pakistan (845% rise compared to 2019 mid-year), Hong Kong (+223%) and Taiwan (+116%) and are a result of increased enforcement actions in respons

Banking 52
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Here’s How the Finance Department Can Help Marketing Make More Money for the Business

Planful

As a marketing leader, you’re expected to have a really good sense of your own department. Luckily, there’s more technology than ever to track your team’s performance, your insights, and your data. But marketing leaders shouldn’t take a myopic, marketing-only view of that data. Instead, it’s increasingly important to build a better relationship with Finance so that every marketing move contributes to the overall financial goals of the company. .

Finance 40
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The Rise Of The Auto-Refill Economy

PYMNTS

The Commerce Department released July’s retail sales last week, showing an increase in seasonally adjusted retail spending – up 1.2 percent overall last month, but down from the 8.4 percent growth in June. Analysts reported that physical retail sales, seasonally adjusted, were up 2.7 percent overall in a trailing 12-month period, and that businesses had mostly recovered all of the losses that had been incurred in the March-through-May lockdown.

eCommerce 134
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Don’t Overlook Accounting Comparability

CFA Institute

Low accounting comparability can be costly for both firms and managers.

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Maximizing Profit and Productivity: The New Era of AI-Powered Accounting

Speaker: Yohan Lobo

In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.

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Financial modelling in times of COVID-19 uncertainty part two

Future CFO

Building a financial model with Excel is a complex task. With so many considerations to make, you will likely make certain errors. Follow these simple rules to avoid errors. Accessing FutureCFO Premium Content. Welcome! To access Premium content and more, please login below. Not a Premium member yet? Register now for a free account! Username or Email.

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Six Ways That Planful Uses Company Values to Guide Strategic Growth

Planful

I started at Planful just over a year ago as SVP of People & Culture (that’s “human resources” rebranding ourselves). Our culture was going through an evolution, with new leadership, a new vision, and new energy being injected into the company. We made it clear we would take a people-first approach, and that our values were to be a tangible and visible component of our company DNA.

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Bitcoin Daily: China Expands Digital Cash Pilot; California Bill Defining Digital Assets Moves Forward

PYMNTS

China’s Ministry of Commerce is moving forward with its plan for a digital currency, according to a report by The Wall Street Journal (WSJ). The plan will come with a large number of cities in which to test the currency, including Beijing and the provinces Tianjin and Hebei in the north, the Yangtze River Delta to the south, and the Guangdong province and the neighboring cities of Hong Kong and Macau along the country’s prosperous southern coast, WSJ reported.

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Why You Should Be a Goals-Based Investor

CFA Institute

What if our traditional models of choice are not measuring people’s true objectives?

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Smarter Card Solutions: Meeting the Challenges of Mid-Market Travel & Expense

Our 2025 Center Travel Survey is clear: as corporate travel increases, so does corporate credit cards distribution, and a rise in off-platform travel booking. This 61% rise causes various challenges: compliance, spend control, reporting problems, and a lack of visibility across organizations. To evolve with the ever-changing needs of travelers, decision-makers need a better solution.

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Financial modelling in times of COVID-19 uncertainty part one

Future CFO

A good financial analyst follows certain procedures and discipline This article will explain major errors made with financial modelling and how to avoid them. Accessing FutureCFO Premium Content. Welcome! To access Premium content and more, please login below. Not a Premium member yet? Register now for a free account! Username or Email. Password. Remember Me.

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The Search for the Elusive Cash-Cost Foresight

Jedox Finance

In today’s challenging market landscape, CFOs have struggled to answer basic questions like what is my optimal cost structure and what will my cash position be at any given time? The inability to dig deeper into reports, time-consuming manual verification and uploading of data, and the prevalent use of spreadsheets not designed for collaboration make the answer unnervingly complex.

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Buffett’s Berkshire Hathaway Dumps US Bank Stocks For Gold

PYMNTS

Berkshire Hathaway ’s unloading of billions of dollars from bank stocks is exacerbating the hurt on the nation’s biggest financial institutions, Reuters reported. Warren Buffett, the company’s chairman and CEO, has sold shares of Wells Fargo and J.P. Morgan Chase and dropped an investment in Goldman Sachs. Based on its second quarter filing with the Securities and Exchange Commission, Reuters reported Berkshire reduced its Wells Fargo stake by 26 percent to 237.6 million shares, lowered its sta

Banking 128
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AP Automation: The Three ‘P’s’ Of Standing Out In The Crowd

PYMNTS

With B2B payments being an increasingly attractive target for innovators, the landscape is growing crowded as more banks and FinTechs roll out their accounts payable (AP) automation solutions. The competition is undoubtedly heating up. According to Comdata ’s Senior Vice President of Product Tad Fordyce , there are several key areas where financial institutions (FIs) can focus to drive the most value for their corporate clients.

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Bringing AI to Finance: How to Leverage Technology for Efficiency and Control

Finance teams are balancing more than ever, but manual processes shouldn’t slow you down. In this ebook from BILL, discover how AI is transforming finance—automating AP, expense tracking, and document management to reduce errors, increase efficiency, and improve financial control. Learn how real companies are using AI-powered automation to streamline workflows, detect anomalies, and gain deeper insights.

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GetMyBoat: Why Boat Rentals Are Making A Splash This Summer

PYMNTS

Looking for a travel-related business that’s actually booming during the year of COVID-19? It’s out on the water, in rented boats of every shape and size from kayaks to luxury yachts. “We had our drop-off in April, and then come May we saw a very quick rebound, Bryan Petro , chief operating officer of boat rental and charter marketplace GetMyBoat , told PYMNTS.

Sales 126
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IRS Sends Refund Interest Checks To 13.9 Million Taxpayers

PYMNTS

The U.S. Department of the Treasury and the IRS are planning to send out interest payments totaling $18 on average to 13.9 million Americans who filed their tax returns in the last few months, according to a press release. The interest payments are intended for those who made a tax filing by the deadline on July 15 and received a refund in the last three months or will receive one soon.

Treasury 120
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Report: Installment Payments Newest Feature: Social Responsibility

PYMNTS

Engaging customers in socially responsible causes can help retailers build trust and develop lasting relationships that translate into many return visits. A recent study found that 47 percent of consumers around the world would be more inclined to trust businesses that support environmental or social causes they embrace, for example, while 53 percent said a business’s outreach in causes they support would make them more likely to endorse the firm’s goods or services.

Nonprofit 117
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Why Business Travel’s Wings May Be Clipped – Permanently

PYMNTS

For airlines, looking toward the future leads to a longing for the past. And though 2019 was, well, not all that long ago, it seems like a million years ago. Earnings season, as always, sheds light on what’s to come – and per commentary from the Delta airlines conference call to discuss second-quarter results, the company’s third-quarter revenue and flight capacity will be at roughly a quarter of last year’s, owing largely to the pandemic.

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Say ‘Goodbye’ to Clunky Spreadsheets and Say ‘Hello’ to Month-End Automation

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, emails, and shared drives no longer need to slow you down. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Census Says eCommerce Sales Grew 44 Pct YOY – Why It Could Be Even More Than That

PYMNTS

There’s data and then there’s the story the data can tell — and sometimes the story you get is not the whole story. To that end, on Tuesday (Aug. 18th), the Department of Commerce’s U.S. Census Bureau reported that retail eCommerce sales for the second quarter, on an unadjusted basis, stood at $200.7 billion, up 37 percent sequentially, from the first quarter of the year.

eCommerce 115
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What’s Behind Apple One’s Bundled Subscription Move?

PYMNTS

The pandemic has made us a world populated by consumers – of content. And where the consumer’s appetite for the daily fix of movies, news, shoes and games only grows, the subscription economy is poised to grow in lockstep. In an interview with Karen Webster, Brian Bogosian , CEO at sticky.io , an integrated eCommerce subscription management and recurring billing platform, said that Apple’s continued push into subscriptions is only one example of the allure of subscription eCommerce, and where it

eCommerce 115
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Millions Of TikTok, Instagram, YouTube Profiles Breached

PYMNTS

A database of nearly a quarter-million YouTube, Instagram and TikTok public profiles that was held by a now-shuttered company called Deep Social has made its way onto the Dark Web, The Next Web reported on Thursday (Aug. 20). The news site attributed information about the data exposure to researcher Bob Diachenko of security firm Comparitech. A Wednesday (Aug. 19) report on news site Information Security stated, in part: “Diachenko first contacted Deep Social using the email address listed

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HomeLight CEO On Residential Real Estate’s Contingency-Free Future

PYMNTS

The U.S. real estate market has spent the summer booming despite an economy hit hard by the pandemic. HomeLight CEO Drew Uher told Karen Webster that home sales have been pushed into high gear by incredibly low mortgage rates and a radical re-centering of people’s housing priorities amid shelter-in-place orders. “We’re basically seeing one of the most robust housing markets that we’ve ever seen,” Uher said.

Sales 110
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Outsourcing Vs. In-House: The Ultimate Battle For Better Collections

Speaker: Susan Richards

Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.