Businesses could boost productivity by more than 10% using new government-backed financial rebates worth up to £5,000 off the price of software.
Savings like these, available through the Help to Grow: Digital scheme, can boost UK small businesses and make them more efficient, as almost a third of them still use paper records for bookkeeping.
Office of National Statistics (ONS) analysis shows that using just one business management technology, such as accounting software or customer relationship management (CRM) systems, leads to gains productivity of at least 10% for small and medium-sized enterprises.[i]
This can increase by up to 25% if a business uses two or more digital technologies.
Antony Walker, Deputy CEO of techUK, said:
“Our latest research shows that businesses across the economy want to adopt technologies that boost productivity.
“The valuable incentives and support provided through the Help to Grow: Digital program will enable small businesses to seize the opportunities of digital technology. This will enable them to reach new customers, increase revenue and create more of jobs.”
A recent survey by the Department for Business, Energy and Industrial Strategy found that nearly a third (31%) of SMEs still use paper records to manage VAT. And a similar figure (30%) used paper documents for corporation tax.[iii]
Companies that adopted digital accounting software also saw an 11.8% increase in employee sales over three years, according to a recent report from the Enterprise Research Center.[iv]
Help to Grow: Digital gives eligible businesses the chance to claim rebates worth up to £5,000 on the cost of approved CRM and digital accounting software from leading technology providers.
The three-year programme, launched in January, also offers all UK businesses free, impartial support and advice to help them:
- Identify the digital technology needs of their business
- Make informed decisions about which software products best meet those needs
- Successfully integrate these products into their business
Financial discounts for Help to Grow: Digital are available to UK businesses that have between 5 and 249 employees, have been in business for more than 12 months, and are purchasing the approved software for the first time.
To learn more about Help to Grow: Digital and to apply, go to www.gov.uk/helptogrow