THE Institute of Singapore Chartered Accountants (Isca) is introducing a new programme that supports charities in digitalising their accounting and finance processes.

This will be done in collaboration with the Commissioner of Charities and the National Council of Social Service, the three entities said on Tuesday (Oct 10).

The programme, which aims to boost governance and accounting capabilities at these charities, is expected to impact over 2,000 charities in Singapore.

Isca will pilot the programme with four charities before a wider implementation in early 2024.

Four accounting firms will offer their services on a pro bono basis. They are Helmi Talib Accounting & Advisory, Nexia Singapore, Singapore Corporate Services and Unity Assurance.

They will help charities review and improve their processes and controls, bolster risk management, as well as encourage the use of accounting software to strengthen documentation practices.

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Online accounting software company Xero will also offer discounted packages to Isca’s charity partners. (*see amendment note)

Ang Hak Seng, Isca Charity Accounting Committee chairman, said the cost of accounting software and the transition from manual to digital accounting were two major pain points smaller charities face when implementing digital accounting practices.

“Standard operating procedures will also be created to ensure continuity even after the departure of the consultant. These best practices will be shared sector-wide, enabling rapid adoption of digital accounting by more charities,” Ang added.

*Amendment note: The article has been amended to reflect Isca’s source update on Xero’s discount packages for participating charities.