Accounting Software Grant Singapore

In Singapore, there are various government grant which can help to support the local Small Medium Enterprises for proper accounting purposes. From early days, where grants were industries and sectors specific to these days grants have been generalized by the government agency. We have the Productivity Solutions Grant where vendors need to go through various screening, interviews, auditing to ensure the solutions provided are suitable for local Singapore Small Medium Enterprises. There is also a checklist on the submission where applicants need to fulfil prior to listing the company and solutions for selection.

With this Accounting Software Grant Singapore is providing, it helps many local businesses to better select a suitable software that matches the industry’s standard and business requirement. Support from the local government agency is greatly appreciated and businesses are able to channel the cash flow for other purposes like office equipment, payroll.

In the olden days where every company has its own way of bookkeeping, accounting and various format of invoices, with the new initiative movement launched by Infocomm Media Development Authority (IMDA) in Jan 2019, all local companies in Singapore are encouraged to be on the same Peppol Network for invoicing. This is a nationwide eInvoicing network that all companies in Singapore are encouraged to use the same Invoice format / template that facilitates the direct transmission of invoices in a structured digital format across finance systems. Operating on the Peppol network, this new standard of invoicing will help both Small and Medium Enterprises (SMEs) and Large Enterprises (LEs) to enjoy smoother invoicing, faster payments and a better way to save the environment.

While on this Peppol Network, all organizations are now able to reduce invoicing processing time. There is no need to transfer or re-enter the details of the invoices. Businesses are able to get paid more promptly without time wasted, this movement saves time, reduces error and paperwork. All information gathered is now better organized.

This new nationwide initiative is also eligible for the Accounting Software Grant Singapore. Creative eWorld Pte Ltd is a pre-approved vendor and has helped hundreds of Local Small Medium Enterprises with grant application per year. This grant is especially useful for companies who are starting to digitize their business, move the accounts online, or for some companies who has existing accounting software but exploring to upgrade their old software. Either way, companies are stepping up to improve the business bookkeeping and it helps in the long run to future proof the bookkeeping of Local Companies here in Singapore.

Gone were the days where hardcopies of Quotations, Purchases Orders, Invoices were written by hand or in many different versions from different companies. Storing of these papers are take up so much space and is an expensive cost which can be now avoided. From printing of papers with letterhead, a change in address or contact details would also mean the previous batch of printed copies may not be professional to be reuse them again. Filing of hardcopies are also bulky, holding space cost increases over time with rental and scarcity of space. With the regulations from Singapore Inland Revenue Authority of Singapore (IRAS), all businesses must retain and be able to retrieve the accounting transactions for at least 5 years. This ruling thus makes storage space and growing cost inevitable should organizations continue with hardcopies filing.

With the Pre-approved Solutions Packages, Accounting Software Grant Singapore is here to support all local businesses who are adopting new technology to enhance business processes or upgrade of the existing software which are no longer able to keep up with the new changes. There are much more advantages to move along technology although there are users who prefers to handle accounts the manual traditional way.

Hence the Accounting Software Grant Singapore reduces another pain point which is the financial investment, allowing local businesses an easier head start to embark on digitalization or even move ahead and open up a possible new stage for customization to streamline the business processes. Once in house accountants or even outsourced accountants have tried and practiced the new way of doing accounts, book keeping including easy year end closing of accounts and even retrieving of reports, there will be so much more time to do other work where technology has yet to replace.