TVP Application to Fund Digital Transformations

Since the Distance Business Programme (“D-Biz”) was announced, FastLane has been very busy helping people with their applications, however we noticed that not many are taking advantage of the various other funding schemes offered by the Hong Kong government, specifically the Technology Voucher Programme (“TVP”). Similar to D-Biz, TVP is designed to help applicants adopt technology solutions. 

FastLane can help you implement, and integrate various cloud-based solutions for your business under the scope of TVP. In this article, we look to explain not only how FastLane can help support your TVP application, but also what cloud-based solutions we can help you implement.

1. Cloud-based Accounting Systems

Cloud-based accounting systems are recognized for their ability to simplify the accounting processes, improve productivity, and minimize compliance risk. These benefits make adopting such systems relevant under the scope of TVP.

FastLane can assist applicants implement the following cloud-based accounting systems and can also help integrate them with your other existing systems:

Xero

• Xero is a cloud based accounting system designed for SMEs that provides tools for managing invoicing, bank reconciliation, inventory, purchasing, expenses, bookkeeping and more
• Xero can integrate with a variety of third-party applications that are commonly used by SMEs, creating a perfect one-stop solution for business owners who prefer efficiency and simplicity
• Being able to sync up with your local banks, Xero is ideal for companies who are looking for an efficient way to consolidate their manual accounting processes
• FastLane is a certified Xero Platinum partner and was awarded Xero’s Hong Kong Accounting Partner of 2019. As a Hong Kong CPA firm, we have extensive experience in using Xero and integrating other platforms onto it

2. Cloud-based Invoice and Expense Management Systems

The implementation and integration of cloud-based software systems falls under the scope of TVP, as long as such systems will improve the productivity and business processes of the applicant’s expense management tasks.

Expensify

• Expensify is a cloud-based expense management system that is designed to for personal and business use
• Expensify allows users to manage their expenses, transactions and money matters with real-time data and reporting processes, streamlining all reporting processes
• Expensify can automatically integrate with various other cloud-based platforms, eliminating the need to juggle in between multiple platforms
• Through automatic approval workflows, businesses can customize their expense policy and configure Expensify to flag any expenses that requires a manager’s review
• The One-Click Receipt Scanning feature lets users take a picture of any receipt. Expensify will then automatically generate an expense report and submit it on your behalf for approval, allowing users to be reimbursed with minimal effort

Receipt-Bank

• Receipt-Bank is a cloud-based expense management system that helps SMEs manage their receipts, invoices, and other documents that are often relied upon to maintain accurate financial records
• Receipt-Bank allows users to capture and upload relevant documents using the camera on their phone, providing a level of flexibility not seen in other platforms
• Able to handle multiple currencies, Receipt-Bank is ideal for businesses who are looking for more efficiency when handling their multiple forms of currency
• Receipt-Bank can be linked with Xero, providing a one-stop solution for users who want to manage all financial aspects of their company in a single platform

In addition to cloud-based expense management softwares, FastLane can also help you adopt and integrate invoice management systems to ensure a smooth collection of any outstanding bills.

3. Cloud-based Credit Control Systems

Effective credit control systems help businesses maintain better control of their cash flow as it minimizes the time spent on manual tasks, letting you focus more time on your business and adding value for your clients.

Chaser

• Chaser is a cloud-based invoice management system designed for SMEs to help automate the task of chasing outstanding invoices
• Chaser can be easily integrated with Xero and can be customised according to its users needs
• Users can create schedules that will automate invoice chasing and can send emails based on various templates, eliminating the need to manually write each client reminder
• On average, Chaser has helped its users save approximately 7.3 hours each week for invoice related tasks

4. Cloud-based Human Resource (“HR”) Management System

Implementing and integrating cloud-based HR management systems, such as Talenox, also falls under the scope of TVP. FastLane can assist applicants through the implementation and integration of Talenox.

Talenox

• Talenox is a cloud-based HR software designed for SMEs and is among the quickest ways to manage payroll and leave, in addition to maintaining precious employee details
• Talenox is fully integrated with Xero, and is always updated with country-specific employer regulations, making it easier to understand and adhere to your local compliance regulations
• Talenox provides a simple way to automate all your payroll related tasks, minimizing the time spent tracking the hours spent by your employees
• FastLane can provide a series of training sessions to teach you how to best utilize Talenox in combination with Xero

5. Auditing and Monitoring

To help ensure that a project’s funds are being solely, and properly applied in accordance to the terms of a TVP funding agreement, approved applicants must provide an audited statement of income and expenditure that details all the costs associated with the approved TVP project. This is required for projects that are approved for funding of over HKD 50,000.

The audit of the applicant’s statement of income and expenditure must be conducted by an independent auditor who possesses a Hong Kong CPA license. 

As a Hong Kong CPA licensed company, the FastLane Group is qualified to help you meet our audit and monitoring requirements as outlined under TVP.

Conclusion

TVP provides a great opportunity for Hong Kong businesses to improve on their productivity, upgrade their internal business processes, and enhance their long-term competitiveness. To better understand how we can assist in your TVP application, please contact the FastLane Group with your enquiries or to receive a quotation!

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