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Finlyte Wields Oracle Tech For Finance-as-a-Service Tool

“So if a client outgrows the need for outsourced accounting services, Finlyte will be able to easily transition the use of NetSuite to the client” reports pymnts.com. The companies Finlyte serves quickly outgrow entry-level accounting systems, manual processes and spreadsheets. This type of experienced partner, coupled with NetSuite’s rich functionality and scalability, will greatly benefit joint customers.”. By running NetSuite’s cloud-based ERP, Finlyte is able to improve “financial visibility and create cost efficiencies for its customers,” senior managers, investors, boards and other key stakeholders. Source: pymnts.com Share This:

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UK Financial Reporting Group Says Blockchain Too Immature For Adoption

“But the group also acknowledges that blockchain technology is not yet sufficiently developed to actualize its effect in the corporate finance space” reports pymnts.com. The U.K. Financial Reporting Council’s Financial Reporting Lab has released a new report on the potential applications of blockchain in the corporate accounting space.While blockchain is a popular target for innovators of the corporate finance space, the number of real-world, working applications remains limited.Reports in Out-Law on Friday (June 29) said that the Lab’s analysis, intended as an exploration of blockchain’s role in corporate accounting, does…

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Watchdog probes Deloitte over audit of building group SIG

“Deloitte is being investigated over the work it did for building supplier SIG after accounting irregularities were uncovered earlier this year” writes Lucy Burton for telegraph.co.uk. The Financial Reporting Council (FRC) said on Thursday that it has begun a probe into the accounting giant’s audit in 2015 and 2016 of SIG, which sells materials to the construction industry. Source: telegraph.co.uk Share This:

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News Stocks 

Toshiba says SEC completes accounting probe, no penalty

“Toshiba’s 2015 accounting scandal uncovered widespread accounting errors at the laptops-to-nuclear conglomerate going back to around 2008” writes Midwest Communications Inc for 95kqds.com. TOKYO (Reuters) – Japan’s Toshiba Corp on Monday said the U.S. Securities and Exchange Commission (SEC) had completed an investigation of its past accounting practices without fining the company.”We understand that all SEC investigations regarding our accounting have been completed,” a spokesman told Reuters, adding that there was no penalty or censure. The shares had risen around 8 percent in the past month as the company completed…

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SMB Software Firm Zetran Jumps Into Accounting

“Small business software provider Zetran is adding an accounting solution to its suite of services, the company said on Sunday (June 17)” reports pymnts.com. In a press release, Zetran said it saw a gap in the market for affordable automation software for small and medium-sized business accounting firms.Zetran offers a suite of small business accounting solutions, including the human resources management tool myStaff and the cash flow forecasting and budgeting tool myPlan.The cloud-based software also signals the increasing push for small business owners to digitize their operations, which remains a…

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Chinese sportswear firms reject allegations of improper accounting

“The company said in a statement that the report contained unfounded allegations regarding its financial performance, in particular regarding its inventory management and cash flow” reports businessinsider.com. GMT also questioned accounting practices at China Dongxiang (Group) Co Ltd .GMT, an Asia-focused accounting research firm, says on its website that its goal is to use financial statements to judge whether a company is overstating or understating its profits through the exploitation of accounting standards. Source: businessinsider.com Share This:

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AI Finds Harmony With Accounting, Procurement Professionals

“Artificial intelligence has received a mixed welcome from corporates exploring how the technology could disrupt their operations” reports pymnts.com. Technology alone will never be the solution; technology combined with people will be.” Separately, Ivalua similarly found rising interest in artificial intelligence within corporates’ procurement and supply chain management operations. Success requires organizations to simultaneously address enterprise data problems when investing in AI.”.  Source: pymnts.com Share This:

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Air Partner shares suspended as accounting problems push back results again

“Shares in aircraft charter company Air Partner have been suspended from trading as an investigation into a hole in its accounts drags on” writes Alan Tovey for telegraph.co.uk. Air Partner said its board had agreed with auditor Deloitte it would now not be able to publish its annual accounts until June 11 at the latest and requested the shares be suspended until then.In early April the business said it had discovered a long-running accounting error that meant it had to push back its results from April 26 to the end…

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Trading in Samsonite shares halted, pending statement

“HONG KONG (Reuters) – Trading in shares of Samsonite International SA was suspended on Monday pending a statement from the world’s largest luggage maker, just days after a short seller accused it of questionable accounting practices and poor governance” writes Midwest Communications Inc for 95kqds.com. The luggage group lost a fifth of its market value in the previous two trading days after Blue Orca Capital on Thursday questioned accounting practices at Samsonite, including those used in its 2016 acquisition of the Tumi brand. Source: 95kqds.com Share This:

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Live Nation Shareholder Sues Over Executive Bonus Accounting

“Billboard reached out to officials with Live Nation, who provided an explanation for the bonus payouts and clarified some accounting issues, but did not comment on the lawsuit” writes Taylor Mims for billboard.com. The complaint also asks that those who received compensation based on the 2017 AOI return the compensation to Live Nation or forfeit it.When the $110 million paid for Songkick in a legal settlement is added back to the 2017 AOI, Live Nation reached a $727.2 million AOI for 2017.Live Nation shareholder Shiva Stein  filed a federal civil…

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