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by Nicholas Aaron Khoo, Singapore

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Having problems keeping your finances in order?

Aug 21, 2009 13:26

Tired of working in a company that is still using ancient book-keeping methods? Now may be the time to get your boss to upgrade his/her financial and book-keeping practises with a proper software.

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

Parliamentary Secretary Sam Tan Chin Siong for the Ministry of Information, Communications and the Arts (MICA), announced the news yesterday at the 13th Infocomm Commerce Conference (ICC) organized by the Singapore Chinese Chamber of Commerce & Industry (SCCCI). This geek happened to be in attendance as I was one of the invited panelists sharing about blogging and New Media.

I find this subsidy to be a welcome move, on top of existing grants and subsidies such as the Technology Innovation Program (TIP) and SME Infocom Package (SIP) currently available to help SMEs upgrade their IT capabilities. One might question why taxpayers' money is being spent to help businesses. The truth is, if the Government doesn't help businesses through this difficult time, the bigger picture is that not only will our economy suffer, more jobs will also be lost.

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

Purchasing of accounting software. Accounting software must be listed with the IRAS Accounting Sofrware Register (www.iras.gov.sg)

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.

Now, that's some kind of geekonomics.

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About Nicholas Aaron Khoo

Nicknamed "Gadget Boy" by friends at age 18 because he used to scribble Grafitti on a PalmPilot faster than most would type, Nicholas Aaron Khoo is web developer turned technopreneur and Singapore tech blogger who also pretends to do strategic advisory for tech startups and 'un'Fortune 500s (when he's not pretending to be the gadget-loaded Batman). A digital nomad, his tech interests range from gadgets, games, tech trends, social media, security, and just about anything that runs on 1s and 0s. See his industry affiliations here.
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