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Business Advice

Online help for SMEs to manage finances

Smaller firms can access a new online toolkit to help them manage their business finances.
The Straits Times - August 16, 2012
By: Magdalen Ng
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Online help for SMEs to manage finances Mr Lee Yi Shyan (right), Senior Minister of State for Trade Industry and National Development, trying out a skiing game with staff of Commonwealth Travel Service Corporation. He was at the travel agency to present the Singapore Service Class certification

SMALLER firms can access a new online toolkit to help them manage their business finances.

The toolkit, which was developed by the Association of Banks in Singapore (ABS), has interactive elements that help users ascertain the working capital requirements for business growth and other aspects of a company's financial standing.

There is also a self-diagnostic function to allow small and medium-sized enterprises (SME) to identify gaps in their financials.

ABS chairman Piyush Gupta said the toolkit was developed after firms perennially listed the lack of financial knowledge and the availability of financing as key challenges that they face.

"Both issues are linked. Better knowledge and better management of financial affairs, understanding the jargon of bankers and the key metrics that bankers look at, are crucial to being able to obtain easier and better finance," added Mr Gupta, who launched the service yesterday with Mr Lee Yi Shyan, Senior Minister for Trade and Industry and National Development, at the Marina Mandarin Ballroom.

The toolkit is targeted at start-ups and is most suitable for SMEs that are two to three years old with annual sales turnover of $2 to $3 million.

At a separate event, also attended by Mr Lee, Spring Singapore showcased an interactive toolkit developed for SMEs in the service sector.

The toolkit consists of a self-help portal with quizzes and simulated service scenarios.

Mr Lee also presented the Singapore Service Class certification to Commonwealth Travel Service Corporation. The travel agency underwent a 16-month project to address service gaps and increase its overall service performance.


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