April 2022 Summaries

Airwallex has introduced Expenses, a requested feature designed to streamline employee expense submission, review, approval, receipt capture, and reimbursement management through its web and mobile apps, with push notifications intended to reduce manual work and improve record accuracy. The company has also expanded company card security globally by allowing businesses to assign up to three card contacts who can receive 2FA and 3DS authentication requests for unusual or policy-violating transactions, while enabling secure sharing of card details in the app. Virtual Borderless Cards and Expenses are now available in the Netherlands, providing multi-currency debit cards for recurring and one-off spending. In addition, Payment Links has been updated to let businesses choose displayed currencies, set their order, and select a default payment currency for customers.

Effective bookkeeping and accounting are essential for eCommerce businesses, particularly as international sales increase transaction volumes, currencies, tax obligations, and expense-management complexity. The whitepaper outlines how businesses can select accounting software, establish multi-currency payment gateways and integrations, connect inventory and accounting systems, interpret core financial statements, manage international taxes and fees, track employee expenses, and monitor important financial KPIs. It also addresses when to hire an accounting professional and how to evaluate prospective accountants, while positioning Airwallex as a tool intended to simplify bookkeeping for globally scaling businesses. The material is informational only and advises readers to seek professional legal, regulatory, tax, or investment guidance tailored to their circumstances.

Airwallex states that the conflict in Ukraine has created challenges for businesses and workers in moving and accessing funds, and offers services intended to support organizations with Ukrainian operations, employees, or contractors. Its proposed solution includes borderless business accounts, global payments, and virtual or digital Visa debit cards that can be added to Apple Pay or Google Pay, with support for EUR, GBP, USD, and other currencies and an emphasis on low-fee transactions. Businesses are invited to contact Airwallex to assess whether the service is suitable, while the company notes that the information provided is not legal, regulatory, tax, or investment advice.

A virtual CFO (vCFO) is a remote, part-time or contract financial executive who gives small and medium-sized businesses access to strategic CFO-level expertise without the cost of a full-time hire. vCFOs commonly oversee financial reporting, compliance, strategy, internal controls, cash flow, risk assessment, cost reduction, profitability initiatives, and planning for growth, operational decisions, or an eventual sale. Their expanding role may also include support for digitisation, analytics, automation, and board engagement, so businesses should confirm that candidates offer the specific services required. A business may benefit from hiring a vCFO when financial management becomes difficult, growth accelerates, annual revenue approaches or exceeds $1 million, or it is preparing for a sale. Suitable candidates should have relevant finance or accounting qualifications, proven industry experience, strong data-security practices, client references, and transparent, reliable communication.

A business mentor provides long-term guidance through listening, questioning, and suggestions rather than delivering paid solutions like a consultant, and founders may use multiple mentors for different areas such as marketing, fundraising, or operational growth. Selecting a mentor begins with identifying the business’s highest-priority gaps, reviewing existing support, and preparing to receive candid feedback with an open mind. Effective mentors typically combine relevant and current experience, subject-matter knowledge, availability, honesty, active listening, and an ability to help mentees develop their own decision-making skills. Strong relationships also depend on avoiding direct competitive conflicts, sharing broadly compatible values, establishing personal connection and mutual respect, and maintaining appropriate confidentiality. Although introductions should not be expected, mentors with active professional networks can offer current market insight and may create valuable connections.

Filta, a provider of global hiring solutions for eCommerce merchants and digital agencies across Australia, the Philippines, Colombia, and Argentina, helps businesses recruit and retain remote specialists including engineers, creatives, marketers, and customer support staff. As its distributed workforce expanded during COVID-19, Filta invested in employees’ remote-work resources and engagement but faced growing costs, delays, and transaction fees when making overseas payments. After discovering Airwallex through the Shopify community, Filta adopted its international transfers, local-currency client payments, and virtual payment cards, which enabled faster staff payments, reduced administrative work, and gave employees controlled purchasing access. Filta says the partnership has lowered fees, reduced payment-related risks and processing time, improved client responsiveness, and freed resources for employee wellbeing and career development.

Jee Lee describes moving from a Big Four consulting role to Airwallex to gain more direct visibility into the impact of her work, a decision she says has brought significant learning and professional growth over nearly two years. In her financial partnerships role, she develops and maintains relationships with financial institutions while collaborating across internal teams to support the company’s strategic objectives and global expansion. A particularly meaningful achievement was helping support Airwallex’s Singapore debut and its acquisition of a Major Payment Institution license from the Monetary Authority of Singapore. Lee also highlights the Singapore team’s collaborative culture, rapid growth, open communication, and the autonomy she has received to lead projects. Outside work, she spends time with family and friends, enjoys exploring varied interests, and looks forward to travelling again.