Guide in applying for start up PSG grant

accounting PSG grant

Without a doubt, the productivity solutions grant is one of the most widely discussed grants available to Singapore SMEs. The accounting PSG grant has piqued the interest of many businesses, and several PSG claims have been filed during the 2020 pandemic. The PSG laptop claim was the most common, and it expired in December 2020.

The accounting PSG grant process, which funds up to 80% of the qualifying amount, is familiar to most SMEs or businesses in Singapore looking to buy a laptop or build an eCommerce website.

With up to 80% funding support, the accounting PSG grant platform has a plethora of other options that SMEs or companies in Singapore can potentially claim. Listed below are a few examples:

  • Hubspot is a customer relationship management and marketing automation software company.
  • A financial accounting program called accounting PSG grant.
  • Google Workplace is a service that lets you manage your emails and job suites in one place.

#1 What is a Productivity Solutions Grant and how does it work?

The Productivity Solutions Grant aims to promote the use of internet-based technology in a variety of industries. Among them are retail, banking, logistics, engineering, food, and landscaping. The accounting PSG grant combines three existing grants: the landscape grant from the National Parks Board, the Spring Singapore Innovation Voucher, and the SMEs Digital initiative from the Media Development Authority.

In a nutshell, you can request up to 80% of the qualified sum of government funding for digital solutions for your industry or sector.

#2 Why isn’t the final claim at least 80% of the original claim?

The majority of government grants use the phrase “up to.” Most grants are conditional on approval, and you must submit an application through the Business Grant Portal for approval before proceeding with grant claims. The company may be ineligible for the grant in some cases, so we encourage SMEs to apply first before proceeding with the project.

Another thing to keep in mind is that the difference between the real price you pay and the value claimed may not be 80 percent because the claims do not include costs like GST.

#3 What types of people should apply for PSG Grants?

The vast majority of Singapore’s SMEs are eligible for this grant. According to the Enterprise Singapore website, the following are the stated criteria:

  • The company is registered and operates in Singapore.
  • In Singapore, IT solutions or equipment must be purchased, leased, or subscribed to.
  • Have a local shareholding of at least 30%, as well as a Group annual revenue turnover of less than S$100 million and fewer than 200 employees (for selected solutions only)

Is your business going to be eligible? You can apply for a business grant through the accounting services Singapore website, and the assessing officer will decide whether or not to accept your application.

#4 Is there a limit to how many applications can be accepted?

There is no limit on the number of applications accepted per year, unlike the business readiness grant. You can apply for multiple solutions through the accounting services Singapore firms, but you can only apply for one at a time. As a result, SMEs should understand how the accounting PSG grant process works before submitting an application for approval, as well as which PSG-approved vendor they want to work with.

For applications funded by Enterprise Singapore (ESG) between 1 April and 31 March each year, there is also a grant limit of $30,000 for each business organization. As announced in Budget 2021, the PSG grant will fund up to 80% of eligible expenditure until March 31, 2022.

#5 Accounting PSG grant is too time-consuming; is there a prototype available, or can the vendor do it for me?

The client must submit both the claims and the approval request through the business grant portal. The client will be forced to log in through Corpass, making it impossible for an external provider to do so.

It will be up to the recipient, as with other government grants, to show the government how the solution will increase the efficiency of their activities, which will vary depending on the customer.

PSG is one of the most straightforward grant applications, in our opinion. Many SMEs cite laptops and financial applications such as Xero PSG grant or Quickbooks as popular solutions.

#6 What are the payment terms for PSG?

It’s similar to how most government grants work. It would be a refund arrangement in that case. As a result, the consumer must pay in full before submitting a reimbursement request to the business grant site.

In some cases, evidence of use and how this solution benefits your company will be required in order to qualify for PSG grant accounting platforms. Before submitting claims, the standard phrase is that you must use the software/solution for at least a month.

Payment terms for different solution providers’ projects differ. It’s best to ask each accounting services Singapore solution provider about payment terms.

#7 Is it possible for me to request changes or cashback from the solution provider in order to lower my costs?

The answer is, unfortunately, no. Pre-approved solutions are referred to as PSG. Enterprise Singapore has received all of the solution providers’ specifications, which are currently being reviewed by officers. It comes in the form of a pre-approved kit, and only the contents of the pre-approved package are eligible for reimbursement. Customers, on the other hand, have the option of paying for the extra change themselves. Cashback is strictly prohibited for all government grants.

#8 How long would it take to submit an application for a PSG Grant?

It could take up to six weeks to complete. When you apply for the award, the amount of work you do at Enterprise Singapore is usually taken into consideration. It also depends on the type of solution you require.

Another criterion is whether all of the documentation and plan are in order; if they are, approval can be obtained in a reasonable amount of time, such as 3-4 weeks.

Today is the day to apply for a PSG grant

WLP Group offers as an accounting services Singapore provider offers Xero PSG grant fundings. We recommend that you get in touch with us to learn more about the PSG grant options that might be beneficial to your business. The Xero PSG grant accounting software will benefit your company. Contact us right away for more information.