$30,000 grant launched for small accounting firms

Applications will start by third quarter of 2018.

A $2.4m Digital Transformation for Accountancy (DTACT) programme will aid Small and Medium Practices (SMPs) firms as they adopt baseline technologies, Singapore Accountant Commision (SAC) said. It will be funded by Enterprise Singapore (ESG) and administered by SAC.

The Infocomm Media Development Authority (IMDA) will pre-approve and curate digital solutions, SAC announced. IMDA will also ensure that their progress aligns with the Professional Services Industry Transformation Map.

“SMPs will be able to get funding support of up to 70% for the first year of adoption of solutions,” SAC said.

With total grant capped at $30,000, accounting entities (AEs) can adopt up to three solutions during their first year into the program. This may include one amongst three software areas, including Practice Management System,Tax, and Internal Audit.

According to an announcement, the programme will be open for applications in the third quarter of 2018.

SAC shared its accountancy roadmap at the Practitioners Conference 2018. The DCACT initiative runs in accordance with the roadmap.

The accountancy roadmap seeks to develop Singapore into a leading global accountancy hub in the next five to ten years. It was drafted by SAC together with the Economic Development Board (EDB), Workforce Singapore (WSG), and ESG.