Small business owners form the heart of the Singaporean Economy. According to a report by InvoiceInterchange, SMEs make up 99% of total businesses and 44% of the total contribution to the GDP in 2021, they have emerged as one of the core drivers of the country's growth. Yet, they struggle to compete with industry leaders. Why?
The Problem:
As a cloud service provider specializing in Xero, one of the most common questions we get is - Are there any support or grants available? This portrays a fundamental financial mismatch between solutions available vs affordability that SMEs face.
Traditionally, with technological advancements, solutions and software come across as expensive and not affordable for SMEs who are in need of these solutions.
The lack of affordability, alongside a lack of understanding and professional help, has created a barrier for many SMEs to adopt the digital solution.
To highlight the same, larger SMEs have access to a wide range of choices of accounting software as they are able to withstand price elasticity. However, small businesses do not have such luxuries but still require a solution to manage their finances. Some of them even have to perform their bookkeeping processes manually, leading to ineffective use of their time, effort, and resources without the proper help of an accounting software.
The Solution:
An attainable accounting software like Xero, which automates bookkeeping and reporting while simplifying reconciliation procedures and year-end statement preparations ticks the boxes for them.
Additionally, the Singapore Government strongly supports local businesses and IMDA launched the Productivity Solutions Grant (PSG) in 2018 under its SMEs Go Digital campaign to provide financial support to business owners and encourage the adoption of digital solutions.
Moreover, since April '22, the maximum support level has been increased to 70% across all industries except food and retail, where it was increased to 80%.
Who is eligible?
SMEs meeting the following criteria are eligible to apply for the grant:
1. Registered and operating in Singapore
2. Purchase/lease/subscription of the IT solutions/equipment/consultancy service must be used in Singapore
3. (For selective solutions only) Have a minimum of 30% local shareholding
4. (For consultancy service solutions only) Have at least three local employees at the point of application
How can Xero help you?
Xero is a versatile cloud-based accounting software that helps automate routine tasks of invoicing, billing, and bookkeeping while providing a holistic insight into the financial health of your business and simplifying year-end preparations.
How can D Next Stop help you?
With D Next Stop, a pre-approved PSG Vendor and Xero Silver Partner that specializes in implementing and integrating various add-ons within the Xero Ecosystem, you can leverage on the PSG Grant to boost productivity of your business processes.
Whether it is automated bookkeeping and inventory or customized reporting solutions, we deliver solutions for all things accounting. As a pre-approved vendor, we help you leverage digitization through Xero to upgrade your productivity efforts and maximize efficiency across all spheres.
How to apply?
1. Get a quotation from our team of experts.
2. Submit an application on the Business Grants Portal (BGP). You need to register for a CorpPass account to transact on the portal.
Reach out to our professionals today!
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