RPA Adoption Support Scheme

In this age of rapid digital adoption, Small and Medium Practices (SMPs) need to digitalise to remain relevant, explore new revenue opportunities, and grow. A simple and cost-effective way for SMPs to digitalise is through Robotic Process Automation (RPA). RPA technology automates repetitive and mundane tasks that are labour-intensive and time-consuming, freeing staff to focus on aspects of their work that will make a difference to their business.

The RPA Adoption Support Scheme provides funding for the adoption of baseline RPA technologies in the selection of some or all of these five areas:

  • Audit
  • Accounting
  • Taxation
  • Corporate Secretarial Services
  • Human Resources and Administration

Singapore’s local Polytechnics will help the SMPs to implement the RPA scripts and train their staff.

The gains from implementing RPA are huge. For example, the process of confirming Account Receivables which is enabled by RPA can save an SMP 18.5 man-days, or $ 3,500 annually. If RPA is implemented in five areas, an SMP could save up to 92.5 man-days or $ 17,500 annually.

SMPs may select some or all of these five areas for the implementation of RPA.

Areas Eligible for RPA implementation
1

Audit

  • Preparation of confirmations
  • Preparation of audit documents
  • Preparation of roll-forward procedures
  • Processing and managing of documents
  • Automation of audit procedures
  • Automation of financial statements
2

Corporate Secretarial

  • Preparation of AGM materials
  • Filing of annual returns
  • Automation of incorporation procedures
  • Conducting customer due diligence
  • Preparation, processing and managing of Corporate Secretarial documents
3

Taxation

  • Filing of IRAS tax submission
  • Processing of GST
  • Preparation of tax documents
4

Accounting

  • Handling of data entry
  • Conducting data extraction
  • Reconciliation of reports
  • Preparation and generation of reports
  • Preparation of XBRL
5

Human Resource & Administration

  • Compilation and calculation of timesheets
  • Automation of practice management procedures
  • Automation of administration procedures
  • Automation of valuation and M&A procedures
  • Automation of payroll procedures

Lecturers and students from the following local Polytechnics will be assigned to SMPs to help them implement RPA technology, and train their staff in the operations and maintenance of the RPA scripts.

  • Nanyang Polytechnic (School of Business Management)
  • Ngee Ann Polytechnic (School of Business & Accountancy)
  • Singapore Polytechnic (School of Business)
  • Temasek Polytechnic (School of Business)

SMPs will receive funding support as follows:

RPA Implementation Funding support of 70% of the total qualifying cost, capped at $ 4,000 per SMP
Training Funding support of 70% of the total cost, capped at $ 600

SMPs which fulfil the following criteria are eligible for the scheme:

  • Provide accounting services
  • Group annual sales turnover of not more than S$ 100 million; or group employment size of not more than 200 workers
  • At least 30% local shareholding
  • Litigation-free
  • Not applied, obtained or will be obtaining any other tax/financial incentives for the proposed project
  • Two employees, with at least one in management role, who have attended the ISCA RPA course for Auditors in the last one year

Three simple steps to apply for the scheme:

  1. Submit the Grant Application Form and supporting documents to enquiries@sac.gov.sg for review.
  2. Once approved, the SMP will be assigned a Polytechnic lecturer to assist in the implementation of RPA and training.
  3. Having paid the full cost of the project, the SMP can claim the grant by submitting the Grant Claim Form and Project Report together with supporting documents to enquiries@sac.gov.sg.

Should you have any enquiries, email us at enquiries@sac.gov.sg or call us at 6325 0518.



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