- Spend wisely on solutions you need
- Avoid cash rebate or “special deals” arrangements with your vendors
- Avoid last minute purchase to prevent delivery delays
- Do not try to be creative with things, spend on what you need
Please refer to 6 categories of expenses you can consider in IRAS website.
Meanwhile the most common category applicable to all companies are:
Acquisition and Leasing of PIC IT and Automation Equipment is common among SMEs especially we will use this to acquire our machines, PCs and laptop for operation uses. Please replace your equipment if they are old, out of warranty or getting cranky. Else the maintenance plus future replacement will be at full cost. Another possible option is to source for software solutions that can automate or speed up your work processes or operations.
Training of Employees
Do send treasured human capital for some useful training so that they can be a more future proof workforce for you. Note that training for both local or foreign employees are eligible for PIC which most training grant does not cover foreign employees.
Here are some quick items to consider:
- PC, laptops, printers, servers and other IT hardware equipment
- Machines that help automate your production or processes
- Software solutions including accounting software, HR software, CRM, E-commcerce, Point-of-sales and ERP solutions
- Telephony system for office (they must be IP PBX systems, not traditional PABX)
Hope this article helps you decide how you can spend wisely to upgrade your organisation as a whole.