Discover the meaning of the latest SG payroll and HR terms and abbreviations with this free glossary.
Accrual An accrual is when expenses, losses, and liabilities haven’t yet been recorded in the accounts. It can also mean when revenues and assets have been earned but not yet recorded. Provision is always made for accruals at the end of each accounting period.
ACH An automated clearing house (ACH) is a computer-based electronic network for processing transactions, usually domestic low value payments, between participating financial institutions. It may support both credit transfers and direct debits.
ACRA The Accounting and Corporate Regulatory Authority (abbreviation: ACRA) is a statutory board under the Ministry of Finance of the Singapore Government. ACRA is the regulator of business registration, financial reporting, public accountants and corporate service providers. ACRA also plays the role of a facilitator for the development of business entities and the public accountancy profession.
ADP® Founded in 1949, with over 1,000,000 clients in 140+ countries, ADP is an innovator in payroll, HR and human capital management (HCM) solutions for customers of all sizes, across multiple sectors.
AI AI, or artificial intelligence, is the development of computer systems able to perform tasks that humans can. These include intelligent recommendations, speech recognition, and decision-making based on data input.
Angpao Cash payment given to employee as ang pow/red packet.
Annual leave Annual leave is paid time off work. All employees under the Employment Act are entitled to annual leave if the employee has worked for the employer for at least 3 months. The employee can only apply for annual leave after working for 3 months. The entitlement would be based on the years of service with the employer.
Application An application, or app, is a software programme which performs a specific function, either for users or for another app. Applications use a computer operating system and system software to function. They include word processors, web browsers and communication platforms.
Assets Assets represent what a business owns that can be converted into cash. They can include cash, investments, money owed, supplies, equipment, land or buildings. They can also be patents or trademarks. To appear on a balance sheet, assets must have a measurable value.
Attendance services Attendance services are automated solutions to track employee attendance to minimise productivity loss and monitor absenteeism. Having readily accessible data helps businesses pinpoint workforce trends before they become issues. Then they can take action accordingly.
Audit An audit is when an independent and official third party, such as KPMG, E&Y, examine a company’s accounts to prove a company’s health. Sometimes, audits are used to uncover mistakes or wrongdoing, including fraud. Businesses might have periodic audits.
Automated time solutions An automated time solution is a software-based method for keeping track of employees’ time, rather than doing it manually. The benefits are saving time and eradicating manual errors, while simultaneously managing staff leave, absences, and benefits faster.
Automation Automation is a technological process that reduces human intervention. Business process automation is when technology enables automation to accomplish a specific business function, such as automatically processing payroll.