What is the PSG Grant?
The PSG Grant is a government grant by Enterprise SG. It is a way for the Singaporean government to encourage local SME owners to adapt to new technologies with the goal to enhance business operations and increase efficiency.
WLP Group is an accounting PSG Grant pre-approved vendor. This means that you can work with WLP Group for Xero accounting services and get up to 50% funding!
How can Xero help my business become more efficient?
We’ve already written a lot about the benefits of Xero but here’s the quick TLDR:
- Xero keeps everything on the cloud. This means that your data will never get lost on some hard drive or incompatible with the latest version of software. You’ll never have to worry about losing a physical ledger or book or hard drive. Everything will be stored online just like how all your emails are kept safe with Google on Gmail.
- You’re able to generate real-time financial reports. Since all your data is automatically added with integrated bank fees with UOB, DBS, POSB and OCBC, you’ll be able to generate your income statement, balance sheet and cash flow statement with today’s data. You won’t be restricted to last fiscal year or quarter financial statements.
- It’s incredibly easy to use. There’re a number of accounting softwares – Oracle, Quickbooks etc. Xero has been rated as one of the easiest to use and is made just for SME owners in mind.
- There are a lot of Xero bookkeeping firms in Singapore. This means that you have more options when looking for a trusted accountant to work with and a lot of resources online if you have any accounting related question.
What’s it like to apply for the PSG Grant?
The PSG Grant application process isn’t especially difficult. As long as you meet the requirements which include having a 30% minimum local shareholding, you should get approved. Our accountants and consultants will be there to help you with the application.
We will first ensure that you meet all the requirements. Then, we’ll help you with the onboarding of our services before moving on to the PSG Grant claim. You will be required to pay 100% of the cost upfront but you will be subsidised for 50%.
The PSG Grant isn’t going to be here forever
The PSG Grant was launched in April 2018. The PSG Grant has already been extended multiple times. (It was previously due to finish on 30 September 2021.) In fact, the PSG Grant previously subsidised up to 80%. It has since been reduced to 50% funding.
It’s not a matter of whether you’re ready. Every business needs to evolve to stay up to date with new technologies and compete. This is especially important for your business’s account. How efficient would you be if you had to write everything by hand in a physical ledger and do manual calculations?
So if adapting to Xero isn’t an option, why not do it with the Singaporean government’s help? Make the change with a 50% subsidy when everyone else is doing so. Missing out on this will mean getting left out while your competitors move over and improve their business operations tenfold.
