What is the Productivity Solutions Grant (PSG)?
The Productivity Solutions Grant (PSG) supports businesses within the adoption of IT solutions or equipment that improve productivity. The grant supports sector-specific solutions also as solutions that benefit all industries. Solutions are pre-scoped by government agencies, including Enterprise Singapore, the National Environmental Agency (NEA), and therefore the Singapore Tourism Board (STM).
The Productivity Solutions Grant (PSG) may be a financial initiative implemented by the Singapore government from April 2018 to reinforce transformation within SMEs through the digitization process. In other words, PSG is meant to assist businesses to facilitate their operational automation and achieve productivity enhancement by effectively applying up-to-the-minute IT solutions.
This year, PSG was enhanced to encourage the digitization of small businesses, to counter the consequences of restrictions thanks to COVID-19. As a part of the Supplementary Budget 2020, funding within the PSG was raised to 80%.
Who is Eligible for the Productivity Solutions Grant?
If you fit the subsequent eligibility criteria, you’ll rise up to 80% off the qualifying costs of using EZ Accounting covered by the PSG grant.
- Business is registered and operating in Singapore
- Purchase/subscription of the EZ Accounting platform must be utilized in Singapore
- Have a minimum of 30% local shareholding; with Company’s Group annual sales turnover but S$100 million, OR but 200 employers
What does EZ Accounting offer with PSG?
EZ Accounting allows you to:
- Keep all of your client data in one place
- Automate payroll and CPF contributions
- Purchase, manage and renew employee insurance inside your platform
- Submit and approve leave requests in seconds
- Integrate expense claims with payroll in one system
- Get things done on the accompany EZ Accounting mobile app
Use the Productivity Solutions Grant to urge full access to the EZ Accounting platform (premium and payroll) for a year. The PSG grant will fund up to 80% of the value of using the EZ Accounting platform. To seek out out more about getting PSG funding, and for a quote of EZ Accounting for your business, request a demo.
How do I apply for PSG?
- Identify approved solution providers. EZ Accounting may be the are-approved vendor of the PSG Grant.
- Get a quotation from the pre-approved vendor. Request a demo of EZ Accounting urge a quote that suits your business needs.
- Submit an application on the Business Grants Portal (BGP).
TIPS FOR THE PRODUCTIVITY SOLUTIONS GRANT
Here are some tips to help businesses lead a successful application to Productivity Solutions Grant that you might find useful.
1. Check your company’s eligibility
In order to successfully apply for the PSG, SME companies must meet the three following criteria for the grant receipt. The primary requirement is that companies registered and operated in Singapore. Secondly, the leased or purchased Information Technology solutions or equipment need to be utilized in Singapore. And because of the third condition for the grant’s eligibility, the enterprises applying for the grant need to confirm that a minimum of 30% of shareholding within their organization is local. Thus, determining from scratch whether a business is eligible for the PSG is significant for time-consuming avoidance.
2. Understand the process before applying
It is crucial for companies to seem thoroughly into the PSG application process first and foremost. Applicants must apply for the PSG before they sign any contract or make any payment with a vendor associated with the purchase/lease/subscription of the IT solutions. Otherwise, the appliance is going to be rejected. Additionally, businesses should remember that only the shortlisted pre-approved vendors can allow businesses to be eligible for the grant. Some brands could also be sold through multiple resellers so SMEs shouldn’t be confused as IMDA doesn’t approve by brand but by the IT provider company.
3. Get a consultation from a solution provider’s experts
As the application process might be challenging for several businesses taking the primary step into the PSG implementation, it’s a wise option to have a consultation from IT solution provider’s experts. Information technology providers that have hands-on experience within the grant application process offer you paramount support in filing the great application also reducing the time interval.
EZ Accounting isn’t only the leading ERP Solutions Provider in Singapore but also an Approved Vendor selected by IMDA. We’ve been working closely with Government agencies to support many businesses to use for Singapore Government Grant. With our long experience within the grant application process, specialists of EZ Accounting ERP System have given our customers the simplest consultations and assistance in getting PSG for EZ Accounting ERP Solutions with 100% success guaranteed. Contact us today for a free grant consultation.