Productivity Solutions Grant – Government Initiatives for SMEs

The Productivity Solutions Grant (PSG) supports companies keen on adopting IT solutions and equipment to enhance business. It can help adopt solutions ranging from customer management, data analytics, financial management and inventory tracking across all industries. This is a joint initiative supported by the Infocomm Media Development Authority (IMDA) and Enterprise Singapore to encourage enterprises to continue their digitalisation and productivity upgrading efforts.

In Singapore, 98% of the companies are Small and Medium-sized Enterprises (SMEs). They make up 52% of the Gross Domestic Product (GDP). The Government recognises their significant role in the economy and have come up with a wide range of support for entrepreneurs and small businesses. Business owners can now receive grants to finance projects that improve their business growth and increase efficiency. They can also develop a new product or improve work processes with the support of PSG.

PSG covers sector-specific solutions, including the Retail, Food, Logistics, Precision Engineering, Wholesale, Building and Construction, Financial Service, and Landscaping industries. Business owners can access the list of supportable solutions (e.g. IT solutions, Equipment or Consultancy Services) that best suit the business needs.

What is the eligibility criteria for PSG applications supported by Enterprise Singapore?

Business entities can apply for the PSG if they meet the following criteria:

• Be registered and operating in Singapore;
• Have a minimum of 30% local shareholding;
• Purchase/ lease/ subscription of the IT solutions or equipment must be used in Singapore;
• Company’s Group annual sales turnover should not be more than S$100 million or Company’s Group employment size should be no more than 200 workers.

The enhanced maximum funding support level of up to 80% will be extended from 30 September 2021 to 31 March 2022. The list of readily adoptable solutions can be found on GoBusiness Gov Assist website.

Cloud Accounting Software & Digital Transformation Solutions – Save up to 80% from Productivity Solutions Grant with SCS

In Singapore Corporate Services (SCS), we embrace technology, leverage and take advantage of digitalisation. We realise digitalisation is vital in the accounting industry. It will improve the efficiency of various complex and repetitive accounting processes and provide a real-time snapshot of its cash flow and liquidity situation. With this improvement, we believe that the management will have a comprehensive view of the accounts to understand the company’s financial status at all times. To summarise, it will help business organisations to reduce operation costs, save time, stay more organised and be environmentally friendly! The digitalisation of the accounting process will allow business owners to make informed and timely decisions, maintain corporate stability and respond quickly to changing business situations.

On 1 April 2021, IMDA appointed SCS as the Pre-Approved Solutions Vendor for SMEs Go Digital Programme. We aim to help SMEs use digital technologies and build more robust digital capabilities to seize growth opportunities in this digital economy. SCS offers cost-effective Cloud Accounting Solutions. For each transformation solution deployment, we will provide transformation consultancy, integration recommendations, project management, and training and technical support.

We offer various pre-approved packages for our Cloud Accounting Software (Xero) tailored to suit the needs of our different SMEs clients. You may refer to the links below:

Cloud Accounting Solutions – SCS_Xero Accounting Software Version 1 – All-In-One Premium Package (gobusiness.gov.sg)

Cloud Accounting Solutions – SCS_Xero Accounting Software Version 1 – Setup + Training Standard Package (gobusiness.gov.sg)

Cloud Accounting Solutions – SCS_Xero Accounting Software Version 1 – All-In-One Standard Package (gobusiness.gov.sg)

Contact us today for a free non-obligatory consultation to learn how you can leverage cloud technology and digitise your accounting needs! Please note that 80% of the grant support level and the grant cap will end on 31 March 2022.

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