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

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

Singapore continues to prepared the ground globally in its aspirations to grow to be a digital-first sensible metropolis, due to authorities initiatives that reach far and vast. One of many key pillars of this initiative to rework Singapore by way of expertise focuses on serving to native companies use digital applied sciences to enhance operations and construct stronger capabilities to develop quicker and extra effectively within the digital economic system.

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

Embracing the ability of digitalisation

The PSG is among 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 sources and make extra knowledgeable choices impacting the way forward for their enterprise. For instance, SMEs searching for methods to enhance their accounting processes can undertake cloud-based accounting instruments, like Xero, for real-time visibility into their monetary information. Bolstered with enterprise and efficiency insights, SME homeowners are in a position to establish developments and set up benchmarks in addition to plan for enterprise progress.

In a unstable surroundings, just like the one enterprise homeowners are discovering themselves in all over the world, it’s key to faucet into sources accessible 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, resembling Xero. For these within the Meals and Beverage and Retail industries, this extends as much as 80%. The grant can be used to implement IT options, tools 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 accomplice. 
  2. The accounting accomplice will verify eligibility and information you thru the applying course of.
  3. Get a citation for Xero out of your accounting accomplice. Observe that you shouldn’t signal any contracts or proceed with fee previous to submitting the applying.
  4. Submit your PSG software by way of the Enterprise Grants Portal (BGP) to Enterprise SG. You have to to have your CorpPass login particulars available. Some key documentation you will want to offer will embrace a PDF file of your proposal, your vendor’s full firm title, all of the workplace addresses the place Xero might be used and a brief write-up on how utilizing Xero will change your online business operations.
  5. Enterprise SG will reply inside six weeks.
  6. When you obtain the ‘Letter of Supply’ informing you that your grant software has been accepted by Enterprise SG, you should buy Xero by way of the pre-approved accounting agency. 

Alternatively, you may 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 best proportion of tech adopters in line 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 just do that.