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

It is 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, because of authorities initiatives that reach far and large. One of many key pillars of this initiative to remodel Singapore by 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.

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

Embracing the ability 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 selections 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 house owners are capable of establish traits and set up benchmarks in addition to plan for enterprise development.

In a risky atmosphere, just like the one enterprise house owners are discovering themselves in world wide, it’s key to faucet into assets accessible to them. The Productiveness Options Grant (PSG) is a good instance, which supplies as much as 70% funding assist 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 may also be used to implement IT options, gear and consultancy providers that enhance productiveness.

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

Apply for the PSG to undertake Xero

1. Xero is a pre-scoped resolution beneath the PSG, and have to be utilized by a pre-approved Xero vendor or accounting accomplice. 
2. The accounting accomplice will test eligibility and information you thru the appliance course of.
3. Get a citation for Xero out of your accounting accomplice. Word that you shouldn’t signal any contracts or proceed with cost previous to submitting the appliance.
4. Submit your PSG software by way of the Enterprise Grants Portal (BGP) to Enterprise SG. You will want to have your CorpPass login particulars readily available. Some key documentation you’ll need to supply will embody a PDF file of your proposal, your vendor’s full firm identify, 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 authorized by Enterprise SG, you should purchase Xero by 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 appliance 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 house owners to proceed to remain forward, and the PSG is an effective way for them to do exactly that.