Government Provides Subsidies to Upgrade your Book-Keeping Capabilities

Is your finance department having a hard time keeping compliant with the XBML format for submission of your annual returns? Maybe you have considered upgrading your book-keeping capabilities but have been holding back because the economic climate looks glum and you want to stretch every dollar? Well, now is the best time to take advantage of this new government subsidy and get that accounting software package.

To help Small-Medium Enterprises (SMEs) improve operational efficiency, Infocomm Development Authority of Singapore (IDA) in conjunction with the Inland Revenue Authority of Singapore (IRAS) launched the Accounting Software Assistance Scheme (ASAS). ASAS will provide SMEs with up to 50% subsidy for the procurement of their first accounting software to improve the financial management process.

Parliamentary Secretary Sam Tan Chin Siong for Ministry of Information, Communications and the Arts (MICA) announced the news on Thursday at the 13th Infocomm Commerce Conference (ICC) organised by the Singapore Chinese Chamber of Commerce & Industry (SCCCI). I happened to be in attendance as one of the invited panelists to share about blogging and new media.

Entrepreneurs should find this subsidy a welcome move, on top of existing grants and subsidies like Technology Innovation Program (TIP) and SME Infocom Package (SIP) currently available to help SMEs upgrade their IT capabilities. But non-entrepreneurs might question why taxpayers’ money are being spent to help businesses. The truth is, if the government don’t help businesses through this difficult times, then in the bigger picture, not only will our economy suffer, but more jobs will be lost.

So, what does the subsidy cover? The subsidy defrays up to 50% of the qualifying costs capped at S$1,500 per SME. The qualifying costs include:

• Purchasing of Accounting software. Accounting software must be listed in the IRAS’ Accounting Software Register
• Installation/deployment of the account
• training on the use of the accounting software

To find how more about whether your business qualifies for the subsidy and how to apply for it, head on down to http://www.ida.gov.sg/sme.

This story has been adapted from my original story on CNET Asia as that version was catered to a slightly different audience.

Image courtesy of ansik.