Navigating the competitive world of business requires tools that enhance productivity. If your company is on the lookout for IT solutions to enhance work efficiency and streamline your operations, the Productivity Solutions Grant (PSG) is an initiative not to be missed.
Championed by the Infocomm Media Development Authority (IMDA) and Enterprise Singapore, the grant offers financial assistance to enterprises like yours, propelling you to embrace transformative IT solutions. Under the grant, SMEs in Singapore can receive support for up to half of the qualifying project expenses. The costs for pre-defined packages encompass software licences, training, consultancy, and equipment services.
Among the curated range of industry-tailored and broad-based solutions that PSG supports, the AutoCount accounting software ranks as one of the more popular solutions. AutoCount allows businesses to transition seamlessly into a robust and comprehensive accounting system. Embedded with e-invoicing capabilities, it facilitates easy local and international transaction recording.
From foundational to advanced accounting tasks, AutoCount has been fine-tuned over the years with user-suggested improvements. This ensures your financial workflows are modernised for both accuracy and efficiency. So, if you’re looking to upgrade your infrastructure, now is the opportune moment for cost savings as you bolster your business capabilities.
By tapping into the accounting software grant for AutoCount, SMEs in Singapore can enjoy several benefits:
In the fast-paced business landscape, it’s crucial to choose software that grows with you; here’s how AutoCount stands out in this realm as your ideal business digitisation partner:
AutoCount offers an integrated suite encompassing Accounting, an Electronic Point of Sale System (e-POS), and e-invoicing software alongside a Human Resource Payroll System. This simplifies business operations and grants firms a holistic solution to drive efficiency across departments.
Offering multiple essential software features in one claimable PSG grant package, AutoCount provides firms with a cost-efficient yet comprehensive digitisation solution.
A straightforward yet powerful tool, AutoCount’s intuitive interface ensures you can manage your data from day one, even if you lack prior accounting expertise.
With AutoCount, SMEs have the flexibility of starting with what they need and scaling up as they grow without the need to invest in an entirely new software system.
This PSG accounting software package allows for personalised layouts, fields, and reports. Plus, it integrates smoothly with the broader AutoCount suite, ensuring an extended range of functionalities tailored to varied industry needs.
Discover more solutions for your business. Our cloud accounting software is not to be missed!
SMEs are eligible for up to 50% Productivity Solutions Grant (PSG) support for the adoption of AutoCount Accounting Software, a Pre-Approved Solution under the IMDA SMEs Go Digital programme.
SMEs can apply for PSG to partially fund their purchase of accounting or other software if they meet the following criteria:
Here are the steps you can take when applying for PSG accounting grants in Singapore:
For AutoCount software, get an accounting software grant Singapore quotation from Ingenious.
Submit an application using the Business Grant Portal (BGP). You will need to register for a CorpPass account to transact on the portal.
When applying for the PSG grant for accounting software in Singapore, ensuring all requirements are met for a successful application and reimbursement is crucial. Here’s a breakdown of the necessary steps:
Businesses need to prepare several key documents to apply for a PSG grant, such as the AutoCount accounting software grant. These include the main contact person’s details, a vendor quote for the approved PSG accounting software, and a proposal outlining the deployment and expected business impact. Make sure these documents align with the specific criteria outlined by Enterprise Singapore.
After purchasing the PSG grant software, companies can submit their claims through the Business Grants Portal. To be eligible for a claim, the solution must be used for at least one month and paid in full. The claim process requires submitting a 6-month and 18-month report along with the first and second-year claims to document the usage and benefits of the software, such as improvements facilitated by the AutoCount accounting software.
Disbursement of the PSG funds occurs only after the claims have been approved. Businesses must link their UEN to PayNow Corporate through their banks to receive payments. This setup ensures a streamlined transfer of funds directly to the company’s account, supporting transparency and efficiency in funding.
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Qualifying Periods
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Eligibility Criteria
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SFEC (Budget 2020)
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1 April 2019 – 31 March 2020
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Employers must meet the following conditions over any of the qualifying periods:
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1 July 2019 – 30 June 2020
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Have contributed at least S$750 Skills Development Levy (SDL) over a qualifying period; and
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1 October 2019 – 30 September 2020
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Have employed at least three Singapore Citizens (SCs) or Permanent Residents (PRs) every month over the same qualifying period; and
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1 January 2020 – 31 December 2020
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Have not been qualified at any of the earlier periods
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Qualifying Periods
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Eligibility Criteria
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SFEC Expansion (Budget 2022)
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1 January 2021 – 31 December 2021
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Employers must meet the following conditions over the qualifying period:
- Have employed at least three Singapore Citizens (SCs) or Permanent Residents (PRs) every month over the qualifying period; and - Have not been previously qualified for SFEC; and -Are not in default of their SDL contributions during the qualifying period and do not have an inactive ACRA status during qualification. |
From 1 April 2023, SMEs can receive up to 50% support via EDG.
In the modern business landscape, companies that excel are those built on robust foundations and forward-thinking strategies. Embracing technological advancements, including e-invoicing systems and innovative software solutions, is crucial for businesses aiming to expand their global footprint. In Singapore, the Enterprise Development Grant (EDG) serves as a significant catalyst for such growth. The EDG is designed to assist Singaporean companies in their growth and transformation journey. This grant, also serving as an accounting aid, endorses projects to upgrade business capabilities, foster innovation, or expand into international markets. It encompasses three core pillars:
As of 30 December 2020, the Overseas Marketing Presence (OMP) will be supported under the Market Readiness Assistance Grant (MRA). Please refer here for more details.
The Enterprise Development Grant (EDG) provides financial assistance for selected project expenses, including fees for third-party consultancy, procurement of necessary software and equipment, and the cost associated with internal manpower. This comprehensive support aims to alleviate the financial burden of enhancing business operations and encouraging innovation and growth.
Note: There are no pre-approved vendors for the EDG.
To tap into this grant to fund your accounting software or project, you need to meet the following criteria:
Enterprise Singapore will assess applications based on the project scope, project outcomes, and the competency of the service provider.
There are no compulsory application fees required for schemes offered by ESG. The Government does not endorse any application fees quoted by individuals/firms offering grant application services.
Eligible employers who fulfil the following criteria can also qualify for additional subsidies under the SkillsFuture Enterprise Credits (SFEC) scheme:
Note: From 1 April 2020, all EDG applications must include commitments to worker outcomes as part of the qualifying requirements. Worker outcomes include an increase in wage increment, job creation, job redesign, or training for existing staff.
In addition, unionised companies and e2i partners under the Labour Movement are eligible to receive an additional 10% funding, subject to NTUC-e2i’s endorsement.
Ingenious Business Software Pte Ltd, located at Ubi Techpark in Singapore, is more than just another software provider. Dedicated to delivering exceptional value, Ingenious offers comprehensive business solutions that go beyond standard accounting software. They focus on enhancing your business operations with superior systems and transformative insights, ensuring customers receive significant value from their services.
Companies can submit multiple PSG applications based on their requirements. The grant provides for one software package per category for each deployment site. However, support also varies based on the assessment of business use and justification and will not be extended to solutions that a firm already uses.
Processing the PSG application takes about six weeks after all necessary details are submitted. Businesses can purchase the AutoCount accounting software in Singapore through Ingenious in advance, but subsequent claims will only be allowed if the grant application is approved.
The company’s contact will receive an email update on the PSG application status. Applicants can also check this status on the Business Grants Portal (PSG) under “My Applications” before buying their software.
A confirmation email will be sent to the email address listed on the BGP.
No, the PSG is not taxable in Singapore as it is considered a capital grant aimed at supporting the acquisition of equipment or solutions to boost productivity. While the grant itself is tax-exempt, profits derived from the project funded by the PSG may be subject to taxation, requiring companies to keep accurate financial records related to the grant’s usage, whether for purchasing accounting software or otherwise.
There are two types of PSG solutions: sector-specific solutions and generic solutions. Sector-specific solutions are developed for companies within particular sectors — such as software and systems for accountancy, security, and retail businesses — aligning with industry roadmaps such as the Industry Transformation Maps (ITMs) and Industry Digital Plans (IDPs). Generic solutions, on the other hand, are applicable across all business sectors and industries and are designed to improve productivity in managing general business functions and processes.
The Productivity Solutions Grant (PSG) supports businesses adopting IT solutions and equipment to enhance business processes. Businesses start by selecting pre-approved solutions that fit their needs. After purchasing the solution, they submit a claim through the Business Grants Portal. Financial support from PSG can cover up to 70% of qualifying costs, depending on the business sector and the solutions purchased. This grant aims to make technology accessible to small and medium enterprises, helping them improve productivity and efficiency.
