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

Date:


It is a visitor weblog submit attributed to Jin Lee, Digital Technique Specialist at W.L.P Group.

Singapore continues to prepared the ground globally in its aspirations to turn into a digital-first good metropolis, because of authorities initiatives that stretch far and extensive. One of many key pillars of this initiative to remodel 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 quicker and extra effectively within the digital economic system.

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

Embracing the ability of digitalisation

The PSG is without doubt 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 selections impacting the way forward for their enterprise. For instance, SMEs in search of 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 in a position to 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 around the globe, it’s key to faucet into assets obtainable to them. The Productiveness Options Grant (PSG) is a good instance, which offers as much as 70% funding assist to SMEs to undertake digital options, reminiscent of 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 beneath SGD100m or have lower than 200 staff.

Apply for the PSG to undertake Xero

  1. Xero is a pre-scoped resolution beneath the PSG, and should be utilized by way of a pre-approved Xero vendor or accounting accomplice. 
  2. The accounting accomplice will test eligibility and information you thru the applying course of.
  3. Get a citation for Xero out of your accounting accomplice. 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 will have to have your CorpPass login particulars available. Some key documentation you will want to supply will embody a PDF file of your proposal, your vendor’s full firm title, all of the workplace addresses the place Xero will probably 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 permitted by Enterprise SG, you should purchase Xero by way of the pre-approved accounting agency. 

Alternatively, you possibly can ask the pre-approved accounting agency to use for the PSG to buy Xero in your behalf. You’ll merely want to supply 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 response to a latest research. It’s crucial for small enterprise homeowners to proceed to remain forward, and the PSG is an effective way for them to do exactly that.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

Extra requires South Africa president to stop over theft probe

JOHANNESBURG —  South African President Cyril Ramaphosa confronted...

Canadian man charged in deaths of three extra Indigenous ladies

Touch upon this storyRemarkWINNIPEG, Manitoba — Police alleged...

Germany crash out of World Cup regardless of win over Costa Rica | Qatar World Cup 2022

4-time champions eradicated for a second straight World...
Translate »