On 20 January 2022, the government launched its new initiative, Help to Grow: Digital. The scheme is aimed at small and medium sized entities (SMEs), helping them to access digital technologies and offering them free and impartial advice on how to choose the right technologies, in order to help them grow.
Eligible businesses can now apply for up to 50% financial discount on purchasing one approved Digital Accounting or Customer Relations Management (CRM) software package, up to £5,000.
The scheme was set up alongside the Help to Grow: Management scheme which launched in 2021. Both schemes are part of the wider government bid to level up the economy after the pandemic.
At a time of digital revolution, this scheme allows small businesses to invest in software that will ultimately improve processes and boost productivity, helping them to effectively manage their finances and drive growth.
How does my business qualify for Helping to Grow: Digital?
Free and impartial advice can be accessed by anyone on the Help to Grow: Digital website.
UK businesses from any sector can apply for the financial discount but must fit the four eligibility criteria set out below:
- Your business must be registered with Companies House, or a registered society listed on the Financial Conduct Authority’s Mutuals Register.
- You must employ between five and 249 employees.
- You must have been trading for over one year, with an incorporation date of no less than 365 days prior to your application date.
- It must be the first time your business is purchasing the approved software.
How can Help to Grow: Digital help my business?
By choosing the right digital technology, you can take your business to the next level and boost performance and productivity.
Digital Accounting software can help to streamline your finance function, save valuable time, and improve the quality of your financial information – driving better productivity all round. See our previous blog, 7 ways to improve productivity with cloud accounting software.
A CRM system focuses on the most important thing to your business – the customer! You can integrate a CRM system with your accounting software, helping you manage your business, with all your information in one place. Read our previous blog, Managing your Customer Relations.
Note that further software products, are expected to become available for Help to Grow: Digital discounts in the future, including e-Commerce software.
How do I apply?
To check if you are eligible and for further information, visit the government website.
Making Tax Digital
The increasing requirement for Making Tax Digital also means that companies are being driven to use technology in their accounting and financial management. Therefore, the latest scheme will also help small companies meet their MTD obligations. (Read more about cloud accounting on our Digital Advisory webpage).
How can we help?
If you would like help navigating the support you can access, contact your usual relationship practitioner, email firstname.lastname@example.org or call us on 0161 905 1616.