Home Accounting The Productiveness Options Grant (PSG): Future-proofing SMEs of their digital journey

The Productiveness Options Grant (PSG): Future-proofing SMEs of their digital journey

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The Productiveness Options Grant (PSG): Future-proofing SMEs of their digital journey

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This can be a visitor weblog publish attributed to Jin Lee, Digital Technique Specialist at W.L.P Group.

Singapore continues to cleared the path globally in its aspirations to develop into a digital-first good metropolis, due to authorities initiatives that reach far and huge. One of many key pillars of this initiative to rework Singapore by way of know-how focuses on serving to native companies use digital applied sciences to enhance operations and construct stronger capabilities to develop sooner and extra effectively within the digital financial system.

Despite this, many Singaporean small companies have but to embrace the various benefits that digitalisation supplies. 

Embracing the facility of digitalisation

The PSG is likely one of the nice authorities initiatives launched to assist Singaporean SMEs thrive.

Digitalisation is the important thing differentiator and benefit for companies to enhance accuracy, effectivity, productiveness and visibility to plan their assets and make extra knowledgeable choices impacting the way forward for their enterprise. For instance, SMEs on the lookout for methods to enhance their accounting processes can undertake cloud-based accounting instruments, like Xero, for real-time visibility into their monetary knowledge. Bolstered with enterprise and efficiency insights, SME homeowners are capable of determine tendencies and set up benchmarks in addition to plan for enterprise development.

In a risky atmosphere, just like the one enterprise homeowners are discovering themselves in all over the world, it’s key to faucet into assets out there to them. The Productiveness Options Grant (PSG) is a superb instance, which supplies as much as 70% funding help to SMEs to undertake digital options, similar to Xero. For these within the Meals and Beverage and Retail industries, this extends as much as 80%. The grant will also be used to implement IT options, gear and consultancy companies that enhance productiveness.

The PSG extends to all companies which are registered and working in Singapore, with a minimal of 30% native shareholding and have an annual income underneath SGD100m or have lower than 200 staff.

Apply for the PSG to undertake Xero

  1. Xero is a pre-scoped answer underneath the PSG, and have to be utilized by way of a pre-approved Xero vendor or accounting companion. 
  2. The accounting companion will verify eligibility and information you thru the applying course of.
  3. Get a citation for Xero out of your accounting companion. Notice that you shouldn’t signal any contracts or proceed with cost previous to submitting the applying.
  4. Submit your PSG utility through the Enterprise Grants Portal (BGP) to Enterprise SG. You have to to have your CorpPass login particulars available. Some key documentation you will have to offer will embrace a PDF file of your proposal, your vendor’s full firm identify, all of the workplace addresses the place Xero can be used and a brief write-up on how utilizing Xero will change your small business operations.
  5. Enterprise SG will reply inside six weeks.
  6. When you obtain the ‘Letter of Supply’ informing you that your grant utility has been accepted by Enterprise SG, you should purchase Xero by way of the pre-approved accounting agency. 

Alternatively, you’ll be able to ask the pre-approved accounting agency to use for the PSG to buy Xero in your behalf. You’ll merely want to offer a letter of authorisation for the accounting agency in addition to authorise their CorpPass to make the applying on behalf of your organization.

Singapore’s small enterprise leaders already surpass the US and UK in tech adoption, with the nation boasting the very best proportion of tech adopters in keeping with a latest examine. It’s crucial for small enterprise homeowners to proceed to remain forward, and the PSG is a good way for them to do exactly that.

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