The Institute of Singapore Chartered Accounts (ISCA), Singapore’s national accountancy body, has set up the ISCA Support Fund to help small- and medium-sized accounting firms (SMPs) build resilience and emerge stronger from the Covid-19 pandemic.
The fund is worth $8 million.
Under the fund, the ISCA has developed a set of initiatives that are catered to the needs of small and medium practices (SMPs) and accountancy professionals amid the current economic climate, enabling them to thrive in the post-Covid-19 environment.
The fund, with the support of Enterprise Singapore’s (ESG) SG Together Enhancing Enterprise Resilience (STEER) programme, will pledge $3 million towards accelerating the digital transformation and upskilling efforts of SMPs.
The $3 million will also provide working capital for transformation efforts to companies affected by Covid-19
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.Through the STEER programme, ESG will match $1 for every $2 contributed by ISCA to strengthen and transform businesses.
Another $3 million will go towards reskilling and upskilling ISCA members for the post-Covid-19 environment. Some $2 million will go towards supporting members in financial hardship by offsetting their membership and training fees.
The fund has three strategic thrusts, which support SMPs in business growth, capability upgrading and business sustenance.
Under the thrusts, ISCA has identified potential high-growth areas which SMPs can enter into, such as business compliance and advisory. Eligible SMPs can receive funding to upskill and reskill their staff in such high-growth areas.
The fund also enables eligible SMPs to receive up to $10,000 each to build their digital capabilities and telecommuting tools to enable them to work remotely and boost productivity.
In addition, the support grant will provide a working capital grant of $5,000 for SMPs facing cashflow issues due to the pandemic.
“There are long-term structural changes to the economic environment arising from Covid-19, and the profession will need to adapt and transform itself so that it is ready when recovery takes place. We introduced the ISCA Support Fund to meet this urgent need, so that the accountancy profession can be prepared to meet the challenges ahead and be well-positioned for the future,” says Kon Yin Tong, the president of ISCA.
“I encourage members to make full use of ISCA’s suite of support schemes and resources. Times of crisis also bring unique opportunities. Accountancy professionals and accounting firms can use this time to upgrade their capabilities and uncover new business possibilities, so that they are ready when the recovery happens,” he adds.
