3E Accounting Makes Going Digital Simple for SMEs
Small and medium enterprises (SMEs) are a major engine of the Singapore economy and the largest employer of Singaporeans. In fact, 99% of companies, 2/3 of the workforce and 50% of GDP are contributed by SMEs in Singapore. Using digital technology such as e-Payments, e-Commerce, SaaS, Internet of Things, Data Analytics, and Artificial Intelligence, digital adoption can significantly increase value-add and productivity for SMEs.
3E Accounting provides professional digital advisory services for SME Clients on digital business transformation. IMDA pre-approved digital solutions include procurement automation, integrated mobile marketing, B2B marketplaces, POS systems, eCommerce website development, and many more. For every company incorporation package, you get to enjoy complimentary digital advisory consultation from 3E Accounting! It’s absolutely FREE!
Government Grant Support Available
SME-friendly digital solutions pre-approved by IMDA to meet your business needs are readily available for adoption by SMEs. Government grant support such as Productivity Solutions Grant (PSG) and SkillsFuture Enterprise Credit (SFEC) will significantly lower the cost of adoption of these solutions. The PSG supports companies in the adoption of pre-scoped IT solutions and equipment that enhances productivity. With up to 80% (with effect from 1 April 2020 onwards) funding support, PSG serves as an avenue for companies to make long-term technology investments.
Companies can apply for PSG if they meet the following criteria:
- Registered and operating in Singapore
- Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore
- (Selected solutions only) An SME with minimum 30% local shareholding; AND Company’s Group annual sales turnover less than S$100 million, OR less than 200 employees
To apply for PSG grant:
- Access and identify relevant digital solutions that best suit your business needs.
- For IT solutions: Get a quotation from the pre-approved vendor.
For equipment: Source for the equipment and get a quotation from the vendor.
- Submit an application on the Business Grant Portal (BGP). You will need to register for a CorpPass account to transact on the portal.
The SFEC encourages employers to invest in enterprise development and workforce transformation programmes. Eligible employers will receive a one-off S$10,000 credit to cover up to 90% of out-of-pocket expenses on qualifying costs for supportable initiatives such as the Productivity Solutions Grant (PSG) programme.
Qualifying Periods for SFEC are:
- 1 April 2019 – 31 March 2020
- 1 July 2019 – 30 June 2020
- 1 October 2019 – 30 September 2020
- 1 January 2020 – 31 December 2020
To gain even more funding support, you can consider applying for the SFEC grant if you meet the following conditions:
- Employer must have contributed at least S$750 to the SkillsFuture Development Levy in total in the preceding 12 months
- Company must have at least 3 Singapore Citizens / PRs employed in the preceding 12 months
- Have not been qualified at any of the earlier periods
IMDA Pre-Approved Digital Solutions
The procurement automation software handles daily B2B business processes and streamlines purchasing workflow. Its powerful Accounts Payable (AP) Reconciliation module incorporates a unique AI-powered Optical Character Recognition (OCR) scanning of documents, allowing up to a 4-way matching of Purchase Order (PO), Goods Receipt (GR), Hard copy invoices and e-invoices for 70% time savings. Through this procurement automation software, your business is able to achieve accuracy and accountability, thereby enabling better business decisions.
Integrated Mobile Marketing Productivity Solutions (WeChat Marketing)
WeChat is a popular Chinese multi-purpose messaging, social media and mobile payment app developed by Tencent. It is now one of the world’s largest standalone mobile apps, with over 1 billion monthly active users. Its mobile payment app, WeChat Pay, garners 900 million monthly active WeChat Pay users with over 1 billion daily transactions among more than 30 million verified official accounts connecting businesses and users together. With customised WeChat marketing solutions such as WeChat Store, WeChat Payment, this digital solution allows your business to reach to millions or even a billion consumers, expanding your clientele base and increase business revenue.
Point-Of-Sales (POS) System
Businesses can utilise POS system to deliver consulting and business value to SMEs. The POS system serves as a full ERP suite at a fraction of the price of SAP, Navision, and Dynamics, thus made affordable for SMEs. The POS system includes a variety of business modules ranging from CRM (loyalty cards, membership, points system), Accounting (Xero, Quickbooks), Ecommerce (Shopify, WooCommerce), Promotions Management, Powerful Reports Management Inventory Management, Warehouse, to e-Payment (mobile payment, contactless, SGQR, credit card). With such a powerful integrated cashiering system, your business’ cashiering workflow can be made simple and hassle-free!
Join Singapore’s Largest B2B Marketplace for industrial and business supplies! This B2B Marketplace is a source for your business’ needs for production and offers a range of products that could be useful according to different business needs.
Website Development / E-Commerce Store Development
In today’s world, it is essential to build a digital presence for your e-commerce business. With an enterprise grade server rental and a SSL certificate, you can host your own e-commerce website with numerous e-commerce functions such as discounts & coupon codes module, newsletter module, article/blog module, testimonials module, inventory management, product reviews & ratings module, payment gateway integration, social media integration, mobile/tablet responsiveness, and many more.
Additional Benefit In Singapore Resilience & Supplementary Budget
Enhanced Support for Enterprises
- SMEs Go Digital enhanced to include more digital solutions for business continuity
- Up to 90% and 80% support under Enterprise Development Grant (EDG) and Productivity Solutions Grant (PSG) respectively
3E Accounting Is Your Best Digital Advisor
Interested in digital business transformation? Look no further! 3E Accounting is your best digital advisor! As part of our company incorporation package, you get to enjoy complimentary digital advisory consultation from 3E Accounting! It’s absolutely FREE! Contact us today for more information! Start and go digital now!