Singapore has always been known as one of the easiest places to conduct business in. It has one of the most comprehensive and convenient laws and regulations that makes it easier for business transactions. In fact, because of this, it was even named as the most business-friendly country in the world in the year 2020. It welcomes different kinds of businesses no matter from which industry and regardless of business operation size.
One of the things that Singapore does to ensure a business-friendly environment is to provide grants and other support programs to start-up businesses. These grants are usually financial resources to help businesses register their companies. There are many types of program grants in Singapore, it can be financial grants to help incorporate your business or grants to help operate your business. One of the most popular grants here is the Xero cloud accounting PSG Singapore. It is a grant that aims to provide help in running a business smoothly.
Productivity Solutions Grant
Singapore acknowledges the fact that accounting is a vital part of every business operation. They are also aware of the need for cheap accounting services Singapore firms that offer affordable accounting services. That is why the Productivity Solutions Grant or Xero cloud accounting PSG Singapore grant has been made available to all business owners. The Productivity Solutions Grant supports business entities that want to adopt IT solutions and equipment or software-based tools to enhance their business operations.
The PSG together with Xero aims to provide cheap accounting services Singapore help which covers specific solutions for different kinds of businesses including the retail, logistics, engineering, food, and even landscaping industries. The Xero cloud accounting PSG Singapore grant offers solutions that include customer management, data analysis, inventory tracking, payroll, and even financial management. Some are still confused as to what the Xero cloud accounting PSG Singapore grant entails. So, in this article, we will talk about the top five questions about the Xero cloud accounting PSG Singapore grant.
1. Am I eligible for PSG?
Before applying, you have to know if you are eligible to avail of the Xero cloud accounting PSG Singapore grant. Eligible businesses are those that are registered and operating in Singapore. Those that have a minimum of 30% local shareholding and less than S$100 million annual sales turnover. The business also has to purchase, lease, or have a subscription to the IT solution in Singapore.
2. What are the documents needed for the application?
The documents needed are as follows:
Purchase order or signed contract;
A bank statement that shows the payment to the pre-approved vendor;
The license number of IT solution;
Screenshot of the business name with the name of the IT solution;
A copy of the payment to the IT solution firm.
3 What is the process of applying for a PSG?
Since the PSG is one of the few cheap accounting services Singapore software available to business owners, many individuals are interested to apply. When you want to apply for the Xero cloud accounting PSG Singapore grant, here is an overview of the steps that you must do. First, you have to visit the Tech Depot to check the kinds of cheap accounting services Singapore solutions that are fit for your business needs.
You have to obtain a quotation from the pre-approved Xero cloud accounting PSG Singapore vendor from the same support solution as you. When you are doing this process, you have to make sure that you have not signed any contracts or made payments to the vendor prior to submitting the Xero cloud accounting PSG Singapore application. After this, you can now submit your application to the Business Grants Portal or BGP together using your CorpPass account.
4 How Much Of Your Costs Will The PSG Cover?
When you have applied successfully and have been approved, up to 70% of the costs of the IT solution will be covered by PSG. Although there will be slight changes or differences from application to application, this is the common range of possibilities when you are an approved vendor. Due to the pandemic, PSG can now cover up to 80% of the total cost of the IT solution. That is why a lot of businesses want to avail of this cheap accounting services Singapore grant to ease the expenses during this time.
5 What Types Of Solutions Does The PSG Cover?
As stated above the Xero cloud accounting PSG Singapore grant covers a comprehensive list of industries and offers many services to the grantees. It is applicable to industries like food, healthcare, manufacturing, mining, and even engineering. It is a great tool that can help all businesses go digital with their accounting needs.
Business operations are not easy that is why it is advisable to apply to these kinds of grants or hire some extra help. WLP Group is one of the most efficient servicing companies that can help you manage your business better. Visit us today and check out our services.