Adopt Robotic Process Automation (RPA) technology for greater productivity and cost savings
The RPA Adoption Support Scheme helps SMPs to adopt baseline RPA technologies, setting them on the path to transform digitally.
In this age of rapid digital adoption, Small and Medium-sized Practices (SMPs) need to digitalise to remain relevant, and explore new revenue opportunities to 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 gains from implementing RPA are huge. For example, the process of confirming Account Receivables, enabled by RPA, can save an SMP 18.5 man-days, or $ 3,500 annually.
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:
- Corporate Secretarial Services
- Human Resources and Administration
Singapore’s local Polytechnics will help the SMPs to implement the RPA scripts and train their staff.
To get started on this scheme, at least two employees need to attend the ISCA RPA course for Auditors. More details on the course can be found under the Eligible SMPS tab below.
SMPs may select some or all of these five areas for the implementation of RPA.
|Areas Eligible for RPA implementation
- Preparation of confirmations – bank, accounts receivable, accounts payable, and intercompany
- Preparation of one corporate secretarial related email template
- Preparation of AGM materials
- Preparation of two tax related email templates
- Conversion of trial balance to financial statement
- Casting financial statement
- Balancing financial statement
Human Resource & Administration
- Preparation of two HR & Admin related email templates
RPA Implementation and Training
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:
Funding support of 70% of the total qualifying cost, capped at $ 2,500 per SMP.
Funding support of 70% of the total cost, capped at $ 600 per SMP.
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
- 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. Register here.
Three steps to apply for the scheme:
- Submit the Grant Application Form (DOC, 288KB) and supporting documents to Betsy_LOO@acra.gov.sg / Sarah_Tan@acra.gov.sg for review.
- Once approved, the SMP will be assigned a Polytechnic lecturer to assist in the implementation of RPA and training.
- Having paid the full cost of the project, the SMP can claim the grant by submitting the Grant Claim Form (DOC, 266KB) and Project Report (DOC, 276KB) together with supporting documents to Betsy_LOO@acra.gov.sg / Sarah_Tan@acra.gov.sg
Should you have any enquiries, email Betsy_LOO@acra.gov.sg / Sarah_Tan@acra.gov.sg.