Productivity Grants Solutions or PSG is a joint initiative by the Infocomm Media Development Authority (IMDA) and Enterprise Singapore to help companies keen to use IT solutions and equipment to reach their end goal of enhancing business procedures. The PSG grant supports the adoption of technology for different business domains, such as customer management, data analytics, financial management, inventory tracking, and much more.
Xero is one of the approved brands. Enterprise launched the accounting PSG Grant to allow businesses to digitise the accounting process of their operations. You can get subsidised for engaging a vendor for Xero online accounting services to automate bookkeeping in your business. And there is even Xero bookkeeping training and an online community to help you if you want to use Xero yourself!
There isn’t a lot of Quickbook training but there is a lot of Xero bookkeeping training in Singapore. Many bookkeeping training and accounting degrees usually use Xero and professors and training assistants will be able to help you use Xero.
The funding support from PSG can cover up to 8 percent of an enterprise’s software and implementation costs through a pre-approved PSG vendor. It is noteworthy to mention that Xero is one of a few of the selected financial management solutions approved by IMDA and Enterprise Singapore.
In simple words, Xero online accounting is cloud-based accounting software that enables enterprises to save time through its easy-to-use features. The software is renowned and used all over the world. Moreover, as pre-scoped solutions, businesses based in Singapore can get up to 80 per cent PSG subsidy and other additional bonuses for Xero from approved PSG vendors.
A brief analysis on the accounting PSG Grant
Technology isn’t just about high-end solutions that cost a lot of money. Simple actions to automate existing procedures and boost efficiency might serve as a great springboard for your digital journey. There is also bookkeeping training for entrepreneurs that don’t hold an accounting degree or are new to bookkeeping. If you’re looking to improve your business operations through the use of technology, the accounting PSG Grant can help.
For starters, PSG has solutions for the retail, food, logistics, precision engineering, construction, and landscaping industries, among other industries. For example, in addition to sector-specific solutions, PSG facilitates the adoption of cross-industry solutions like those in the fields of customer management and data analytics.
Enterprise Singapore, the National Environmental Agency (NEA), and the Singapore Tourism Board (STB) have already pre-selected these options. PSG support packages should be selected by applicants based on their specific business requirements.
You must submit your accounting PSG Grant application by the 31st of March to be considered for a specific fiscal year. Starting on April 1st of the next fiscal year, eligible companies will have their yearly grant cap recalculated.
Firstly, you must be a Singaporean small business to apply for the accounting PSG Grant. Foreign companies aren’t eligible for this government grant. If SMEs meet the following requirements, they can apply for the accounting PSG Grant or any PSG Grant:
- The company has to be registered and operating in Singapore.
- It must have at least a 30 percent percentage of local ownership.
- For the IT solutions or equipment to be purchased, leased, or subscribed to in Singapore, the company’s annual sales turnover must not exceed S$100 million, or the company’s workforce must not exceed 200 employees.
- IT solutions and equipment must be purchased, leased, or subscribed to in Singapore.
Subsidies are available to companies that are eligible for SkillsFuture Enterprise Credits (SFEC).