Is PSG Convenient To Use?

In this pandemic era, manually managing business finances from assets, liabilities to net value is possible. However, doing so can be intimidating and time-consuming, not to mention result in significant differences. On the other hand, poor money management frequently leads to significant financial loss. In this instance, PSG grant accounting software may be the best option.

As part of Singapore’s economic transformation plan to position the country as a key player for technology, innovation, and enterprise, support is given to small medium-sized enterprises (SMEs) to encourage the adoption of IT solutions, equipment, and consultancy services. To assist businesses in this transformation journey, the Productivity Solutions Grant (PSG) was introduced.

What is a Productivity Solution Grant (PSG)?

The Productivity Solutions Grant (PSG) is a joint initiative of the Infocomm Media Development Authority (IMDA) and Enterprise Singapore that helps businesses implement IT solutions and equipment to improve business processes.

PSG encourages the use of cross-industry solutions in areas like customer management, data analytics, financial management, and inventory tracking.

As announced at Budget 2021, the enhanced maximum support level of up to 80% will be extended from 30 September 2021 to 31 March 2022.

Who is eligible?

Business entities can apply for PSG if they meet the following criteria:

  • Registered and operating in Singapore
  • Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore
  • Have a minimum of 30% local shareholding

Why do we need PSG?

The majority of firms have a large number of data records as well as a big list of assets, liabilities, and profits. While enlisting them on ledgers is still conceivable, relying on conventional accounting techniques could jeopardise your organisation. The most effective solution is by having efficient financial management through accounting.

The grant for the accounting software, Xero, has proven to be one of the most useful solutions available. Because so many workers work from home during this pandemic, the platform has evolved into a virtual office where they conduct the majority of their business. If they utilize a software package that includes accounting services Singapore provider capabilities, they can handle payroll, cash flow, and other administrative chores in one location.

In the COVID-19 era, data transfer speed, accuracy, and smoothness are important. As a result, many businesses opt to automate time-consuming operations that need minimal thought.

If you don't have access to a Xero PSG grant, you'll have to rely on your ledger and a calculator. While this method is effective, analysing the data you've gathered could take many days. By automating these activities, you may produce more detailed reports in a fraction of the time it takes to do so manually.

What are the benefits we get by using PSG?

Improvements to business procedures

Why waste time and effort on accounting when you might be utilizing it to improve the productivity of your company? 

With the Xero PSG grant platform, you can work smarter, not harder. You can save half an hour of processing time by removing time-consuming computations from your daily to-do list. This allows you to keep your books current while without taking up too much space in your office. You'll also be able to streamline your operations by eliminating the need to run numbers through multiple programs because everything will be displayed on a single screen.

Improved precision

When starting a business in Singapore, it is critical to keep accurate financial records to track progress. The Xero accounting PSG can assist you in simplifying error-prone accounting tasks. Many systems may perform calculations automatically when you enter data, make payments, or transfer assets.

Furthermore, it may produce analyses with fewer errors, and you can easily check for and correct problems in your data before submitting results. Some even have commenting capabilities, allowing you to jot down ideas for later use.

Accounting software also makes taxes easier, which makes it even more convenient. It might be exhausting to deal with the amount of taxes you owe. But calculating the number and physically filing your returns is a lot more work.

Reduce your operational expenses

Surprisingly, just a small percentage of businesses outsource accounting. As a result, the vast majority of companies retain their money and related paperwork in-house, restricting the amount of time available for critical tasks. Cost savings is one of the numerous benefits of outsourcing.

Installing software that is specific to your company's start-up. The Singapore platform's requirements allow you to reduce outsourcing costs while still generating high-quality accounting reports. In addition, whether you use cloud-based or on-premise software, you may be able to save money on printing and paper while also reducing your carbon impact.

Database security

Financial data is the lifeblood of any company. As a result, it should be safeguarded from any potential or loss damage. Data backup is one of the most successful ways. On the other hand, manually accomplishing it can take a long time and effort.

PSG can be extremely beneficial; it is meant to keep your data safe while allowing for quick and easy retrieval anytime you need it.

Files that are synchronized

When you start a business in Singapore, the number of documents you must manage and the Singapore accounting services method will become more difficult. With the Xero PSG grant platform, you can easily access and filter electronic data across multiple platforms. The grant's flexibility in combining online and offline databases facilitates data transfer. Other applications provide real-time status updates, allowing you to keep on top of things as they happen.

Automated record-keeping may save you a lot of time and money

Financial management needs thorough record-keeping, which can be time-consuming and laborious. You can combine data from many apps using some software solutions, reducing the amount of work you have to do. It is capable of monitoring business activities and recognising cash flow patterns, as well as combining them into a single full operational system when you start a business in Singapore. The application next examines your financial statements, identifying places and periods when you generate more money, as well as where aspects of your business require further investment.

Accounting information is available at all times and from any place

The most obvious advantage of cloud accounting software over any other type of accounting system is the ability to access your data from any device and at any time. The online accounting software grants Singapore platform can be accessed via a personal computer, laptop, tablet, or mobile phone. All you need to get started is an internet-connected device and a browser or mobile app.

This has several advantages for businesses of all sizes. You can, for example, prepare and submit invoices using your mobile device. With a few mouse clicks, you may produce, analyse, and download financial statements and reports.

In a nutshell, when starting a business in Singapore, the PSG Singapore platform of the Xero PSG grant accounting system may be more useful and convenient than you realise. As a result, many people have expressed interest in utilising the Xero PSG grant system. So now, it is your decision to make.