During the time of the Covid-19 pandemic, it is needed than ever that SMEs can receive financial funding to survive. Besides Enterprise Development Grant (EDG), the Singapore government has extended the Productivity Solutions Grant in order to enhance and support businesses. Regarding this aspect, Synergix Technologies is here today to gladly announce that we have been recognised as a pre-approved ERP software vendor for the Marine & Offshore Industry. That means we are now able to help any eligible maritime customers apply for the funding of up to 80% of the qualifying cost from the Productivity Solutions Grant when they decide to adopt Synergix ERP software for the Marine & Offshore Industry.
FEATURES OF SYNERGIX MARINE ERP SOFTWARE
1. PROJECT COSTING
Synergix Project Costing module allows users to budget the related resource usage cost (including service and inventories’ related costing items) in every phase/sub-phase of a project. Every cost incurred in the project will be counter-checked against the budgeted amount to ensure that the project cost does not overrun. With a clear and detailed view of the project progress and financial information in real-time, Synergix Project Costing Management will enable effective resource management thus enhancing companies’ efficiency.
2. PROJECT TIMESHEET
Synergix ERP System’s Project Timesheet Module allows each engineer to create their timesheet on a weekly basis. These office staff or engineers will indicate which project they are working on in that week. A daily timesheet usually amounts to a minimum of 8 hours and managers can rely on it to monitor their staffs’ working activities. The system will also automatically help engineerings check if it’s a weekend or public holiday. They can check out different public holidays for different countries, such as Singapore, China and Brazil. Thus, engineers in these countries can utilize the project timesheet.
3. WIP MONITORING
With Work in Progress, all parts, materials, labor and outwork are recorded in the system and additional costs can also be included in the cost. Companies, therefore, are able to track and manage material and operational costs, monitor scrap and schedule jobs according to the production calendar for any ongoing projects.
4. PROJECT PROGRESSIVE BILLING
Synergix ERP System provides the Project Progressive Billing module to help monitor the billing milestone for each project. The information keyed in the system will help the project team to trigger progressive billing in different phases on time and reduce the time gap wasted between delivery and receivables. The billing percentage which is indicated by the project team will be relayed to the finance department to be invoiced for the project.
5. REVENUE RECOGNITION
With the help of the Revenue Recognition feature, accounting departments can cater for different accounting requirements within a unique project. Companies can then correctly define when revenue is actually recognized which helps enhance the financial statement accuracy in general.
6. ACCOUNTING MODULES
Ultimately, all modules will be linked to the Accounts department where the finance team can make use of our AR, AP, GL, BB and Fixed Asset as part of a fully integrated program. Synergix Accounting module is registered with IRAS and it conforms to Singapore accounting regulations as well. Should your corporation have a group of companies, we have a consolidation module that tracks inter-company transactions and allows your group to generate group finance reporting.
7. BUSINESS ANALYTICS
Very often, the management needs report to know the performance of the company at the end of the day. Synergix software comes with 500+ standard reports and in addition, you can make use of our Business Analytic module to generate any ad-hoc report in real-time. These reports can then be scheduled to be auto-emailed based on the scheduled time interval.
WHY ADOPTING SYNERGIX MARINE ERP SOFTWARE WITH THE PSG?
The Productivity Solutions Grant (PSG) is a financial initiative introduced by the Singapore government from April 2018 with the aim of supporting SMEs on their digitization transformation journey. It is purposely designed to help businesses to minimise the net cast impact while adopting cutting-edge IT solutions. With the funding support eligible up to 80%, the PSG is currently a huge incentive to aid business firms especially amid the time of the Covid 19 outbreak. Hence, any marine business that can successfully grab the grant will definitely create a competitive edge for their own.
Should you be interested in Synergix Marine ERP software, please feel free to drop us a message for a free consultation!