Avoiding the “Traps” of Technology Vouchers – How to Claim Back the Money?
Spending a large amount of time processing orders, regularly checking inboxes, inputting data, and managing an IG shop can be challenging. Where there’s a will, there’s a way. By making good use of government subsidies, businesses can improve their operations by implementing digital transformation. Is the application process easy or difficult? The devil is in the details, so it’s important to read tips and avoid unnecessary mistakes.
Digital transformation is the trend nowadays.
The Technology Voucher Programme (TVP) is a government subsidy programme for local small and medium-sized enterprises that helps to transform their operating models and reduce operating costs, increase productivity, and improve efficiency through IT technology.
For example, an IG clothing store may start with communication and order taking through Whatsapp and inbox messages. While this may seem personal and friendly, it may also give an impression of being an amateur operation. As the business grows, manual responses may become slow, and updating status may be delayed, affecting the overall customer experience.
In addition, an online store’s interface is more diverse than an IG layout, providing more space to introduce product details and build brand image. Common e-commerce platforms such as Shopline and Shopify support language conversions such as traditional and simplified Chinese, English, and various international and local payment methods. By using membership systems, free shipping, and limited-time promotions, online stores can handle orders seamlessly. “Auto” order taking and Q&A forums can help reduce customer service responses and free up time for developing promotional strategies, finding new sources of goods, and enhancing competitiveness.
Do not forget to file an audited report when claim back from the TVP programme
TVP provides a subsidy of up to HKD 600,000 or 75% of the project cost. When submitting an application, the corresponding number of written quotations for each item cost should be attached. For projects under HKD 50,000, at least two suppliers’ quotations must be obtained. For projects above HKD 50,000 and up to HKD 300,000, a minimum of three quotations is required. For projects over HKD 300,000, a minimum of five quotations is required. Many people neglect to read the application guidelines, which state that “projects with subsidies exceeding HKD 50,000 must undergo project auditing.” The audit fee, which is calculated as part of the total project cost, has a ceiling of HKD 3,000. An accounting quotation must be submitted when applying.
Forgetting to submit an accounting quotation may result in the boss personally paying up to HKD 3,000. However, forgetting to perform auditing is not a small matter that can be solved by money. After the application is approved, the company is eager to carry out the project. Within two months of completing the TVP project, relevant documents must be submitted electronically through the TVP website to receive the final disbursement.
To ensure that the project subsidy is used properly, projects over HKD 50,000 must provide an “audited project income and expenditure statement” reviewed by a registered accountant. Realizing the need for auditing only when claiming the money can be a costly mistake.
Auditing is not something that can be done quickly, and progress is often delayed due to missing documents. It is recommended to consult an accountant before applying, so that all accounts can be handled by a professional and avoid being a deadline fighter. Time waits for no one; if the deadline is missed, disbursement may be refused, and government subsidies will become self-financing, which is not a trivial matter.
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