Save Money on Xero with the Productivity Solutions Grant

July 30, 2024

Get up to 50% funding support with the Productivity Solutions Grant (PSG) when you use Xero through an approved PSG vendor.

What is the Productivity Solutions Grant?

The Productivity Solutions Grant (PSG) is a joint initiative by the Infocomm Media Development Authority (IMDA) and Enterprise Singapore. It helps companies adopt IT solutions and equipment to improve their business processes.

PSG supports solutions used across various industries, including customer management, vendor management, bank reconciliations, project costing, expeneses claim, data analytics, financial management, and inventory tracking.

Announced in the Supplementary Budget 2020, PSG has been improved to encourage businesses to continue digitalizing and enhancing productivity. Starting from April 1, 2023, the grant will cover up to 50% of the costs.

Who Can Apply for the PSG?

SMEs can apply for the PSG if they meet these criteria:

  • Registered and operating in Singapore
  • IT solutions or equipment must be used in Singapore
  • At least 30% local ownership
  • Annual sales of no more than S$100 million or fewer than 200 employees

Applying for the PSG grant with Xero

  1. Get a Quote:
    Obtain a quotation from a pre-approved Xero vendor.
  2. Submit Your Application:
    Go to the Business Grants Portal (BGP) and submit your application. You will need to register for a CorpPass account to use the portal.

Eligibility

  • The business must be registered and operating in Singapore.
  • The company must have at least 30% local ownership by Singaporeans or Singapore Permanent Residents.
  • The company’s annual sales must not exceed S$100 million, or it must have no more than 200 employees.
  • The IT solutions or equipment must be used in Singapore.
  • The company must not belong to certain excluded categories.

Documents and Information Needed for PSG Grant Application

You need to provide the following documents when applying for the Productivity Solutions Grant (PSG).

Which services are not covered by the grant?

Businesses that cannot apply for the PSG in Singapore include:

  • Charities and Institutions of Public Character (IPCs)
  • Religious organizations
  • Voluntary Welfare Organizations (VWOs)
  • Government agencies and their subsidiaries

Benefits of Choosing Clooud Consulting for the PSG Xero Accounting Grant

  • Expert setup and configuration of Xero
  • Connecting automatic bank feeds with local banks
  • Certified Xero Advisors for in-depth training
  • Assistance with GST setup and quarterly reports
  • Friendly and patient team for clear communication
  • Customized support for startups
  • Fast system setup
  • Detailed discussions on compliance requirements
  • Personalized training sessions for practical learning

Contact Clooud Consulting

Don't miss this great opportunity to modernize your business and boost efficiency. Contact us today to learn more and start your PSG journey with Clooud Consulting! Get in touch now to find the best options for your needs.

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