The Productivity Solutions Grant (PSG) assists small and medium-sized enterprises (SMEs) in Singapore in improving their productivity through IT solutions’ adoption. The PSG grants can cover up to 50% of the expenses associated with pre-approved software solutions, such as ERP and accounting software, thereby serving as an essential funding resource for small businesses.

Discover a comprehensive guide to the application process for the PSG grant, allowing you to enhance your likelihood of approval when engaging with a PSG pre-approved vendor.

Assess Eligibility for the PSG Grant

To begin, determine if your business qualifies for the PSG grant. Basic eligibility criteria include:

  • Business Registration: The organisation is required to be registered and is conducting business in Singapore.
  • Local Ownership: At least 30% of the company’s shares must be locally owned.
  • Financial Status: The company must have an annual turnover of less than S$100 million or fewer than 200 employees.
  • Intended Use: The PSG ERP or PSG grant accounting software must be implemented within Singapore.

Meeting these criteria does not guarantee funding but is essential for initial qualification. Ensuring eligibility at this stage can save time and resources down the line.

Identify the Right PSG ERP or Accounting Software Solution

With PSG grants, companies must choose from a list of pre-approved IT solutions, including ERP and accounting software. This selection process ensures the solution aligns with your business goals.

Key Considerations When Selecting Software

  • Business Requirements: Determine your specific needs, such as financial reporting, payroll, or inventory management.
  • Vendor Support: Assess the support level offered by the PSG pre-approved vendor. Consider their post-implementation service, training, and customisation options.
  • Scalability: Select a solution that is capable of evolving alongside your business. ERP solutions, for example, can integrate multiple functions across departments, while accounting software may focus on finance and tax reporting.

Most PSG-approved solutions cater to common business functions, allowing you to streamline financial and operational processes effectively. Review available PSG pre-approved vendors and consult with your team to finalise the best fit for your organisation.

Obtain a Quotation from a PSG Pre-Approved Vendor

Once you’ve selected an ERP or accounting software solution, contact the PSG pre-approved vendor for a formal quotation. Vendors will detail the costs and specifications in a proposal, typically including setup fees, licensing, and other associated costs. This quotation is necessary for the grant application and ensures you clearly understand the total project cost.

 

What to Ask in the Vendor Quotation

 

  • Breakdown of Costs: Including software, implementation, and any additional modules.
  • Implementation Timeline: Clear timelines for deployment.
  • Customisation Details: Any specific adjustments to fit your business operations.
  • Training and Support: Outline of support during and post-implementation.

Ensure the vendor quotation is accurate, as any changes post-submission may lead to complications with the grant.

ALSO READ: 5 Advantages of Using ERP Software

Submit the PSG Grant Application

After obtaining the vendor quotation, you can begin the PSG grant application through the Business Grants Portal (BGP). The application process is straightforward if you have all the required documents on hand.

 

Steps to Submit the PSG Application

 

  1. Login: Use your CorpPass to access the Business Grants Portal.
  1. Select Grant Type: Choose “Productivity Solutions Grant.”
  1. Attach Quotation: Upload the vendor quotation and other relevant documents.
  1. Provide Business Information: Fill in details such as UEN, business activities, and contact information.
  1. Outline Project Details: Describe how the PSG ERP or accounting software will enhance your business operations.
  1. Submit: Once all information is complete and accurate, submit the application for review.

Upon submission, the Enterprise Singapore team will review your application. This process typically takes between two to six weeks, depending on application volume.

Await Approval and Sign the Agreement

After review, you will receive an email notification from Enterprise Singapore regarding the outcome of your application. If approved, you’ll receive a Letter of Offer outlining the grant details, funding amount, and compliance requirements. Read this letter carefully to ensure you understand the terms.

To proceed, you must accept the offer by signing the Letter of Acceptance (LOA) and returning it within the specified timeframe. Failure to respond may result in the cancellation of the grant.

Implement the Solution and Submit Claims

With the PSG grant approved, you can proceed with implementing the ERP or accounting software with your chosen PSG pre-approved vendor. The next steps involve adhering to the outlined timeline and using the solution within the agreed scope.

 

Final Steps for Claim Submission

 

  1. Complete Implementation: Once the software is fully installed and operational, ensure it’s functioning as intended.
  1. Gather Supporting Documents: Collect all invoices, payment proofs, and any vendor documentation related to the implementation.
  1. Submit Claims via BGP: Go to the Business Grants Portal and upload the required documents under the “Submit Claims” section.

Ensure all documents meet PSG requirements, as incomplete claims may delay reimbursement. After approval, the grant amount is typically disbursed within a few weeks, covering up to 50% of the approved solution cost.

Conclusion

Applying for a PSG grant for accounting software or ERP is a structured process that can substantially benefit SMEs looking to enhance productivity. It is essential to ensure eligibility, select an appropriate PSG pre-approved vendor, and meticulously submit applications and claims, as each plays a vital role in optimising funding opportunities. By adhering to this strategic approach, businesses can effectively utilise PSG grants to implement technological solutions, enhance operational efficiency, and foster growth.

Visit Acsolv Consult to transform your business operations with PSG-supported solutions!