Most Singapore SMEs looking for IT solutions, particularly eCommerce website growth, are aware of the productivity solutions grant. It’s for Xero grant service providers in Singapore who want to apply for an Enterprise Singapore Xero grant. However, dealing with this problem might be challenging for any SME business owner because there are so many websites presenting diverse information.
PSG is a Singaporean corporation that assists SMEs and accounting firms in obtaining up to 80% finance. They also link businesses wishing to integrate IT and create long-term technical improvements to improve their operations.
PSG promotes cross-industry solutions in Singapore, such as customer service, data analytics, financial reporting, inventory management, and, most importantly, eCommerce solutions, in addition to sector-specific technology.
#1 What is the PSG (Productivity Solutions Grant), and how does it work?
The purpose of the productivity solutions award is to encourage businesses of all sizes to use internet technology applications. Retail, banking, transportation, engineering, cuisine, and landscaping are just a few of them. The Productivity Solutions Award (PSG) combines three current grants: the National Parks Board’s Landscape award, the Spring Singapore Creativity Voucher, and the Media Development Authority’s SMEs Digital program.
In a nutshell, it’s digital applications for Singapore accounting firms that you may apply for up to 80% of the federal grant amount.
#2 Why is the final argument priced at less than 80% of the advertised amount?
The majority of government assistance is classified as up to. Most awards are subject to review, and before proceeding with grant claims, you must submit your application to the Business Award Portal for approval. Accounting firms in Singapore are ineligible for the award under certain circumstances. Thus we recommend that SMEs apply first before proceeding with the proposal.
Another thing to keep in mind is that because the claims do not include taxes like GST, the gap between the actual price you pay and the rate claimed will not be 80 percent.
#3 Who may apply for a Xero PSG Grant?
This incentive is available to the vast majority of Singapore’s SMEs and accounting firms. According to the enterprise Singapore Xero grant website, the following are the stated criteria:
The company is based in Singapore and is registered there.
IT solutions and facilities must be purchased, rented, or subscribed to in Singapore.
Have at least 30% local ownership; have a Group annual sales turnover of less than S$100 million OR less than 200 employees (for selected solutions only).
Is your company going to be a candidate? You can submit your application through the Business Grants site, and an evaluator will decide whether or not to accept it.
#4 Is there a limit on how many applications may be accepted?
Unlike the business preparation prize, there is no limit on the number of applications accepted each year. The PSG allows you to apply for many solutions at once, but you can only apply for one at a time. As a result, before applying for approval, SMEs should consider how the PSG grant works and which PSG authorized vendor they want to cooperate with.
There is also a grant ceiling of $30,000 for each business organization for submissions supported by the Enterprise Singapore Xero grant (ESG) between 1 April and 31 March each year. The PSG grant would reimburse up to 80% of eligible costs through March 31, 2022, as specified in Budget 2021.
#5 Grant is too tricky; is there a blueprint available, or can the vendor do it for you?
The claims and the request for acceptance for the Xero PSG grant software portal must be submitted through the business grant. Consumers will be obliged to log in through Corppass, rendering external providers unable to do so.
As with other federal grants, the recipient must demonstrate to the government how the solution will improve the efficiency of their activities, which will vary depending on the user.
In our view, PSG is one of the most accessible grants for Xero PSG grant software programs. Laptops and financial software such as Xero or Quickbooks are popular choices among SMEs.
#6 What are the terms of PSG’s payment?
It’s equivalent to most of the Xero PSG grant software used by the government. In this situation, there would be a refund arrangement. As a result, before filing a refund request to the corporate grant site, the buyer must pay in full.
To qualify for PSG, evidence of use and how this strategy benefits your company may be required in some situations. Before submitting statements, it is common to say that you must use the software/solution for at least a month. Payment periods for projects from various solution providers vary. It’s a good idea to inquire about payment choices from each solution provider.
#7 Is it feasible for you to negotiate with the solution provider for changes or rebates to reduce my costs?
This is only a representation. The answer is, unfortunately, no. PSG stands for “pre-approved alternatives”. Any service provider’s criteria for the Enterprise Singapore Xero grant have been received and examined by authorities. It comes in the form of a pre-approved kit, and you may only claim what’s in the kit. Customers, on the other hand, can choose to pay for their spare change. On all governmental contracts, cashback is explicitly prohibited.
#8 How long do you think it would take you to apply for the PSG Grant?
It might take up to six weeks for the process to finish. The amount of work you complete at the Enterprise Singapore Xero grant is usually considered when you apply for the award. It relies entirely on the problem you’re attempting to address. Another consideration is if all of the papers and the plan are in order; if they are, approval should arrive promptly, such as 3-4 weeks.
You may apply for a PSG grant right now.
In addition to Singapore business creation, WLP Group offers Xero PSG grant assistance. We propose that you contact us to learn more about the PSG grant opportunities that may benefit your company. The firm would benefit from a grant for Xero software services. Please contact us as soon as possible if you require any further information.