Productivity Solutions Grant for Accounting Software | PSG 80%

Productivity Solutions Grant for Accounting Software | PSG 80%

Why SMEs Should Invest in PSG Grant Accounting Software   

Managing business finances from assets, liabilities to net worth can be made manually. However, doing so can be overwhelming and time-consuming, not to mention, can cause huge discrepancies to arise. Even worse, poor financial management often results in major financial loss. In this case, investing in PSG grant accounting software can be your best bet.
Why SMEs Should Invest in PSG Grant Accounting Software

PSG Grant Accounting Software: The Importance of Accounting to Businesses

Most businesses have numerous data records and a long list of assets, liabilities and profits. While enlisting them on ledgers can still be possible, sticking to the good, old accounting technique can put your business in jeopardy. An effective solution: efficient financial management through accounting.

Accounting refers to the comprehensive and systematic recording of the financial processes of any business. It allows business owners to monitor income and expenditures while providing cohesive financial information to business investors and to the government as well. 

 The main goals of financial management include ensuring legal compliance, maintaining consistent cash flow, maximising profits, reducing expenditures and expanding market value. 

 For an accurate and efficient financial management, a robust PSG grant accounting software is all you need. 

Benefits of a PSG Grant Accounting Software to Businesses

Benefits of a PSG Grant Accounting Software to Businesses

PSG grant accounting software is a fundamental application used by accounting professionals and entrepreneurs to process accounting transactions and to simplify financial management. It is considered as an essential tool for monitoring an enterprise’s financial health and ensuring statutory compliance. 

In essence, PSG grant accounting software helps lessen complex and time-consuming data recording, allowing entrepreneurs to focus on their business strategies and execution. 

Major Benefits of a PSG Grant Accounting Software

 

1. Convenience

Having the ability to access your financial data anytime and anywhere you want is crucial to efficient business transactions. With a cloud-based accounting software in place, managing all your accounting records is now possible.

Another reason that makes accounting software even more convenient is that it simplifies taxes. Dealing with the amount of taxes you have to pay can be exhausting. But calculating the number and filing your returns manually is a whole lot more.  

 PSG grant accounting software lessens the stress that comes from this process by keeping everything you need in one simple interface. With a little knowledge and training or none at all, SME owners can now manage all accounting transactions on their desktops without the cost of an external party.

2. Cost-efficiency

With automated calculations, data storage as well as administrative procedures, PSG grant accounting software can insanity reduce the costs of printing and data distribution.

3. Accuracy

 Recurring human errors such as miscalculations and mistakes in data reports often lead to major financial losses. Even worse, they can result in bankruptcy. PSG grant accounting software can be of great help in this matter. PSG grant accounting software allows better accuracy than manual accounting can do. 

4. Accessibility

In most cases, a clear overview of a business’s finances helps entrepreneurs understand the needs of their businesses. However, getting accurate and detailed financial forecasting can be timely. This is where the importance of PSG grant accounting software comes into play. PSG grant accounting software allows business owners to see real-time financial status giving them the time they need to plan for the future ahead of them. 

5. Security

Financial data is the heart and soul of any business. As such, it should be protected against any loss or damage that may occur. One of the most effective techniques used by many is data backup. However, doing it manually can take a lot of time and effort. 

PSG grant accounting software can be of great help as it is designed to keep your data safe while ensuring easy and time-efficient retrieval whenever you need them. 

6. Improve customer relationship

Accurate and faster invoicing can help build customers’ trust. With PSG grant accounting software in place, business owners can expect fewer delays and errors. Thus, creating a strong image of credibility and professionalism. 

Key Features of Bevootech PSG Grant Accounting Software

 

Key Features of Bevootech PSG Grant Accounting Software

From quotations, invoices, bank reconciliation, book-keeping, inventory management and more, Bevootech’s Singapore IRAS-accredited PSG Grant Accounting Software can simplify all accounting transactions for your business.

 

The key features of our PSG Grant Accounting Software include:

  • Manage all accounting and inventory management functions in the company
  • Real-time management dashboards
  • Accounts financial reporting
  • Support multi-company transactions and reporting
  • Supports multi-currency transactions and reporting
  • Role-based and customisable data access security
  • Flexibility of modifying transactions
  • Capable of handling transactions up to past 18 months
  • Support recording of advance and post-dated cheques (PDC)
  • Support insertion of previous month entries when required
  • Supports computation of sales commissions
  • Supports Goods & Services Tax (GST) computation
  • Audit trail reports
  • Supports Gain/Loss computation
  • Ease of generating monthly profit * loss and balance sheet report
  • Accounts consolidation
  • Supports project accounting

Bevootech PSG Grant Accounting Software has built-in features that allow SME owners to manage stocks and inventory updates, providing real-time reports for advanced business management. Through real-time reports, the application can forecast sales and stock values in multiple formats with powerful built-in designers that can project through custom dashboards.

 

Obtaining Accounting Software through Government Grants in Singapore

Obtaining Accounting Software through Government Grants in Singapore
  • Productivity Solutions Grant 2020 (PSG)

The Productivity Solutions Grant 2020 (PSG) is a Singapore government subsidy that aims to encourage business owners to take on digital transformation through IT solutions and equipment. The Productivity Solutions Grant 2020 covers funding support level of up to 80% of the qualifying cost, with a total cap of $350,000 per SME over the Productivity Solutions Grant 2020 application from 1 April 2020 to 31 December 2020.

The Productivity Solutions Grant 2020 (PSG) is centered on adopting digital transformation in sector-specific solutions including retail, food, logistics, precision engineering, construction and landscaping industries. The PSG Productivity Solutions Grant 2020 also covers the adoption of solutions such as customer management, quality assurance, data analytics, financial management and inventory tracking.

The scope of the generic solutions included in the Productivity Solutions Grant 2020 will be expanded to help SME owners on the Covid-19 business continuity measures. The expansion will cover:

  • Online collaboration tools 
  • Virtual meeting and telephony tools 
  • Queue management systems 
  • Temperature screening solutions

Eligibility criteria for the Productivity Solutions Grant 2020 (PSG) application:

  • All businesses that are registered and operating in Singapore. 
  • IT solutions and equipment’s purchase, lease or subscription will be Singapore.
  • Businesses with a minimum local shareholding of at least 30%.
  • Annual turnover not exceeding $100 million.
  • SMEs with less than 200 employees.

Start-up companies operating for less than six months can still push through with the Productivity Solutions Grant 2020. However, the application will be subjected to Enterprise Singapore (ES)’s assessment.

The entities listed below do not qualify for the Productivity Solutions Grant 2020 support:

Charities and Institutions of Public Characters (IPCs),
Government agencies and their subsidiaries
Religious Entities
Voluntary Welfare Organisation (VWO)

Requirements needed for the Productivity Solutions Grant 2020 application:

Like any other official application, all eligible SMEs are required to submit legal supporting documents for the application of the Productivity Solutions Grant 2020. The requirements needed are as follows: :

  • A signed acceptance of quotation/contract or a purchase order
  • An invoice
  • A bank statement to prove that a payment was made.
  • A copy of the cheque payment or receipt. 
  • Screenshots stating the company’s name and the name of the IT solution.
  • The licence number of the software with a requirement of a one-month usage report.
  • Digital Resilience Bonus (DRB)

Like the PSG Productivity Solutions Grant 2020, the Digital Resilience Bonus or simply DRB’s goal is to provide support to SME owners in Singapore. Compared with the Productivity Solutions Grant 2020 that also covers construction and logistics, the Digital Resilience Bonus (DRB) offers support, particularly for the Food Service and Retail sectors.

The Digital Resilience Bonus (DRB) aims to encourage the Food Services and Retail sector to discover and to take advantage of their digital capabilities. To support the Food Services and Retail owners despite the social distancing requirements during the Covid-19 pandemic, the Digital Resilience Bonus (DRB) features the following digital solutions:

  • e-Payment (PayNow Corporate) and e-Invoicing

The ePayment and e-Invoicing features allow business owners to operate safely and smoothly through cashless and paperless transactions. With this, physical transactions can be reduced, ensuring efficient, fast and safe business dealings for the SME owners and their clients as well.

  • e-Commerce, e-Procurement and Food Delivery Platforms

This allows businesses to maintain healthy client engagement and to expand the market reach the safest way possible.

  • Accounting and HR/payroll solutions

By automating accounting and HR/payroll tasks, the Digital Resilience Bonus (DRB) allows businesses to work remotely, ensuring business continuity and transparency despite the pandemic.

  • Data Mining and Analytics

This enables SMEs to maximise business conversions while reducing wastage.

  • Digital Ordering for dining in and takeaways

With digital ordering, the Food Services sector can continuously serve their clients safely and efficiently. The clients can simply put their orders and pay their bills online.

  • Inventory Management

This ensures real-time inventory updates, allowing automatic syncronisation between the business’ inventory and the business’ deliveries, orders and sales. With inventory management, SMEs can avoid under and over-stocking ensuring that their budgets are all well-spent.

Eligibility criteria for the Digital Resilience Bonus (DRB) application:

  • UEN that falls under the Food Service or Retail sector
  • UEN should be incorporated on or before 26 May 2020
  • UEN is required to have an active PayNow Corporate account.
  • UEN should be included on the Peppol e-invoicing network

Application for the Digital Resilience Bonus (DRB)

Unlike with the Productivity Solutions Grant 2020, there is no need for SMEs to apply for the DRB. Qualified vendors will submit your UEN to IMDA for the eligibility and solution usage.

  • SkillsFuture Enterprise Credit (SFEC)

Similar to the Productivity Solutions Grant 2020, the main goal of the SkillsFuture Enterprise Credit (SFEC) is to encourage entrepreneurs to embark on business transformation. Unlike the Productivity Solutions Grant 2020 and Digital Resilience Bonus (DRB), the SFEC focuses on enterprise and workforce transformation.

Eligible SMEs can enjoy a one-off $10,000 credit per enterprise to cover up to 90% out-of-pocket expenses on various qualifying costs for supportable enterprise development and workforce transformation initiatives.

Employees are business assets. As such, employers should take their employees into consideration as they transform. To help encourage employers to upgrade workforce skills, P3,000 of the SFEC credit should be used for workforce transformation with no cap on its amount. Only $7,000 can be used for enterprise transformation.

Enterprise Capability Development Programmes:

  • Enterprise transformation programmes include:
  • Enterprise Development Grant (EDG)
  • Enterprise Leadership for Transformation (ELT)
  • Market Readiness Assistance (MRA)

Productivity Solutions Grant (Productivity Solutions Grant 2020)

Workforce Transformation Programmes:

  • Skills Framework-aligned courses 
  • Professional Conversion Programme
  • Place-and-Train Programme
  • Job Redesign initiatives

Eligibility criteria for the SkillsFuture Enterprise Credit (SFEC) application:

List of the qualifying periods:

  • 1 April 2019 – 31 March 2020
  • 1 July 2019 – 30 June 2020
  • 1 October 2019 – 30 September 2020
  • 1 January 2020 – 31 December 2020

Only businesses who meet the following requirements below will be notified:

Businesses with at least $750 Skills Development Levy contribution over the period.
Businesses with at least three Singaporean Citizens (SC) or Permanent Residents (PR) employed every month over the same period.
Businesses that have not qualified at any of the earlier periods.

Bevootech Accounting Software: PSG Grant Accounting Software for Small Businesses in Singapore

Eligibility criteria for the Digital Resilience Bonus (DRB) application:

  • UEN that falls under the Food Service or Retail sector
  • UEN should be incorporated on or before 26 May 2020
  • UEN is required to have an active PayNow Corporate account.
  • UEN should be included on the Peppol e-invoicing network

Application for the Digital Resilience Bonus (DRB)

 Unlike with the Productivity Solutions Grant 2020, there is no need for SMEs to apply for the DRB. Qualified vendors will submit your UEN to IMDA for the eligibility and solution usage.

  • SkillsFuture Enterprise Credit (SFEC)

Similar to the Productivity Solutions Grant 2020, the main goal of the SkillsFuture Enterprise Credit (SFEC) is to encourage entrepreneurs to embark on business transformation. Unlike the Productivity Solutions Grant 2020 and Digital Resilience Bonus (DRB), the SFEC focuses on enterprise and workforce transformation. 

Eligible SMEs can enjoy a one-off $10,000 credit per enterprise to cover up to 90% out-of-pocket expenses on various qualifying costs for supportable enterprise development and workforce transformation initiatives. 

Employees are business assets. As such, employers should take their employees into consideration as they transform. To help encourage employers to upgrade workforce skills, P3,000 of the SFEC credit should be used for workforce transformation with no cap on its amount. Only $7,000 can be used for enterprise transformation. 

Enterprise Capability Development Programmes:

  • Enterprise transformation programmes include:
  • Enterprise Development Grant (EDG)
  • Enterprise Leadership for Transformation (ELT)
  • Market Readiness Assistance (MRA)
  • Productivity Solutions Grant (Productivity Solutions Grant 2020) 

Workforce Transformation Programmes:

  • Skills Framework-aligned courses 
  • Professional Conversion Programme
  • Place-and-Train Programme
  • Job Redesign initiatives

Eligibility criteria for the SkillsFuture Enterprise Credit (SFEC) application:

List of the qualifying periods: 

  • 1 April 2019 – 31 March 2020
  • 1 July 2019 – 30 June 2020
  • 1 October 2019 – 30 September 2020
  • 1 January 2020 – 31 December 2020

Only businesses who meet the following requirements below will be notified:

  • Businesses with at least $750 Skills Development Levy contribution over the period.
  • Businesses with at least three Singaporean Citizens (SC) or Permanent Residents (PR) employed every month over the same period.
  • Businesses that have not qualified at any of the earlier periods.

Bevootech Accounting Software: PSG Grant Accounting Software for Small Businesses in Singapore 

Bevootech Accounting Software: PSG Grant Accounting Software for Small Businesses in Singapore

Leave the good, old accounting techniques you’re used to. Make the most out of your business with Beevootech PSG Grant Accounting Software. We at Bevootech offers a comprehensive and user-friendly accounting software packed with features that can be easily learned and mastered.

Why choose Bevootech? With 80% PSG Grant Accounting Software, you’ll get Singapore IRAS-compliant Accounting Software that can guarantee accuracy, efficiency and productivity like no other.

Benefits of IRAS-compliant PSG Grant Accounting Software
* Easily prepare GST F5 return & IRAS Audit File (IAF) for IRAS tax filing
* Easily generate financial statements for tax reporting
* Comprehensive software usage documentation to guide users
* Built-in internal controls to ensure data reliability
* Audit trail features to support audit requirements
* Ability to archive and restore data
* Ability to automatically generate an IRAS audit file in case of a tax audit

Bevootech, your account and inventory software management assistant. Give us a call at +65 8687 8143 or send us a message at [email protected] for your PSG Grant Accounting Software.

80% Grant on Your Accounting Software

Eligible SMEs can apply for grant up to 80% for IRAS-compliant accounting software.

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