What metrics should finance track weekly to stay ahead?

Balances by currency, AR/AP due, FX plan, and exceptions.

What internal controls should every SME enable?

Enable maker-checker approvals for payments ≥ SGD 5,000, set per-user limits, and maintain a vendor whitelist (approved UENs/IBANs only). Use device binding + biometrics for approvers and turn on dual-channel alerts. Run a monthly access review and

What’s the simplest reconciliation rule set that actually works?

Uppercase and trim references, extract INV-\d+ to map to invoices, match exact amounts, and mark auto-cleared lines. Send mismatches to a review tab and resolve twice weekly. Export daily CSV/API statements to reduce lag.

How do I forecast FX needs simply?

Create a weekly FX log with amount, target rate/spread, executed rate, and variance. Tie it to your receivables/payables calendar and review every Monday. Over time, you’ll negotiate tighter spreads with visible volume.

Should I hold foreign currency instead of converting?

If ≥50% of monthly expenses are in a foreign currency, hold working balances and convert only what’s needed for SGD bills. Define floors/ceilings and a weekly conversion rule to avoid speculation.

Spot vs forwards—how do I choose?

Spot is simple but exposes you to rate variance. Forwards lock a rate for a future date with a small margin; ideal for predictable outflows. Keep tenors short and review utilisation monthly.

How do I lower my FX cost without changing banks?

Ask for tiered spreads with breakpoints (e.g., 0.35% → 0.25% above a threshold). For regular flows, convert on a weekly batch to reduce ops overhead and smooth rates. For predictable expenses (payroll/rent), consider 1–3 month forwards sized conse

Can I automate PayNow/FAST reconciliation?

Clean references to uppercase, extract INV-\d+ with a regex, match exact amounts, and send unmatched lines to a review sheet. Next, schedule CSV/API imports from your bank to your accounting system and run a twice-weekly reconciliation cadence.

How do refunds work on PayNow/FAST?

Don’t use cash. Send refunds via FAST and include the original invoice reference in the memo. In your books, mark the original invoice as part-paid/overpaid and reconcile the refund against it for a clean audit trail.

What limits and cut-offs should I plan for?

Banks impose per-transaction and daily caps per user/role. Nightly maintenance windows may occur; advise customers to pay before 5pm SGT for same-day operations. For internal controls, set maker-checker over a threshold (e.g., SGD 5,000).