Productivity Solutions Grant for the Accountancy sector

The Productivity and Solutions Grant (PSG) for the Accountancy Sector supports Small- and Medium-sized Practices (SMPs) in their digitalisation journey. Under the ambit of PSG, the grant will provide funding to SMPs in the adoption of digital solutions areas such as Audit Management,  Data Analytics, and Business Advisory.

Eligibility

1. The applicant must be a registered business entity in Singapore.
2. The applicant’s purchase /subscription of the IT solution must be used in Singapore
3. The applicant must be a SMP with group annual sales turnover of not more than S$100 million or group employment size of not more than 200 workers.
4. The applicant’s primary or secondary Singapore Standard Industrial Classification (SSIC) code must start with 692.
5. The applicant must have at least 30% local shareholding
6. The applicant must not have:
   • Made any payment to a supplier, vendor or third party in relation to the purchase/ lease/ subscription of the IT solution.
   • Signed or confirmed any contract or purchase order with a supplier, vendor or third party in relation to the purchase/ lease/ subscription of the IT solution.

Eligible Areas

• External Audit Management
• External Audit Management (Audit Confirmation)
• Internal Audit Management
• Taxation Management
• Corporate Secretariat Management
• Practice Management
• Data Analytics
• Business Advisory Tools

Funding

• 50% funding capped at $30K for applicants who have not adopted digital solutions under the Digital Transformation for Accountancy (DTACT) programme.
• 30% funding capped at $30K for applicants who have adopted digital solutions under the DTACT programme but is applying under a different solution category for the PSG.
• No funding for applicants who have adopted digital solutions under the DTACT programme and is applying under the same solution category for the PSG.

Application Process

1. Identify relevant solutions and vendor that best suit your business needs from the PSG website.
2. Get a quotation from the pre-approved vendor.
3. Submit application on Business Grants Portal (BGP).
   • As a Corppass account is needed, please sign up if you do not have an account. More help below:
     • Corppass Guide
     • BGP Guide

Documents / Information needed 

1	Contact Details Main contact person Letter of Offer addressee (CEO or Managing Director as registered with ACRA, or other authorised individuals.)
2	Proposal Vendor name and details of equipment/ IT solution Vendor’s quotation and other supporting licences or documents Deployment location/Tenancy agreement
3	Cost Details of project cost
4	Business Impact Detailed description of overall impact Details of productivity gains

You may refer to the PSG Application Checklist for the documents and information that you will need.

Claims Submission

You can submit claims for reimbursement by submitting all claim documents on the Business Grants Portal. Please ensure that your solution:

• is purchased or subscribed as approved in the application
• has been used for at least 1 month
• has been paid in full (for first year or second year subscription)

Please complete and submit the 6-month (WORD, 30KB) and 18-month (WORD, 30KB) report along with the first year claim and second year claim respectively.

Disbursements

• Disbursements can only be made after claims have been approved.
• Funds will be disbursed through PayNow Corporate. Please register for PayNow Corporate with your UEN through your respective banks.