About the Accountancy Productivity Solutions Grant
The Accountancy Productivity Solutions Grant (PSG) aims to support SMPs in their digital transformation to scale up, improve productivity and offer greater value-added services to their clients. It was launched at the ISCA Tech Fair on 8 September 2023.
Application for the Accountancy PSG is now open for submission via the Business Grants Portal from 8 September 2023 to 7 August 2025. The funding scheme covers 7 digital solution categories specific to the accountancy sector - External Audit, Internal Audit, Tax, Corporate Secretarial, Practice Management, Data Analytics and Business Advisory.
SMPs that meet the eligibility criteria will be eligible for the grant when they adopt the pre-scoped digital solutions.
Find out how to apply below. Get started today!
SMPs may select the pre-approved solutions from any of these accountancy solution categories:
Business impact with details of overall impact and productivity gains
Ready to Apply?
If you are eligible for the Productivity Solutions Grant, submit your application from 8 September 2023 to 7 August 2025 on the Business Grants Portal.
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FREQUENTLY ASKED QUESTIONS (FAQS)
1. If I had previously received funding under PSG but not DTACT, would I be considered a repeat adopter?
Repeat adopters are firms that previously applied and received funding support under the Digital Transformation for Accountancy Programme (DTACT).
2. For previous DTACT adopters, if the applying firm is an affiliate firm, would the funding quantum be 30% or 50%?
Firms with the same UEN will be considered repeat adopters eligible for funding up to 30% of the total qualifying costs capped at $30,000 per firm.
3. One of the criteria is that the solution must be used in Singapore. Is my firm eligible if I have some staff working remotely from another country and using the solution?
The firm is eligible if their staff are using the solution in Singapore as well. The solution cannot be solely used overseas.
4. One of the criteria is that the firm must have not made any payment or entered a contract in relation to the solution. Is my firm eligible if we previously did a trial on one of the solutions?
The firm is eligible as long as there is no current or ongoing contract entered into in relation to the solution.
1. Can I decide not to continue with the solution after Year 1? If so, do I need to return the grant amount for Year 1?
Firms will need to sign a 2-year contract with the vendor and will be subject to the contractual agreement. Any requests not to carry on will be reviewed on a case-by-case basis.
2. Why is the funding quantum lower than before? It used to be 70%.
The previously-enhanced grant support levels were extended for a time-limited period given the exceptional disruptions brought about by the COVID-19 pandemic, to encourage the transformation of the economy and to help businesses emerge stronger from the pandemic.
3. Why is the funding quantum lower for repeat adopters?
While repeat adopters have already benefited from the funding previously, they are eligible for funding at a lower quantum under a different category to encourage adoption of digital solutions in new areas.
4. Is there a cap on the number of solutions that can be adopted under the Accountancy PSG?
There is no cap on the number of solutions that can be adopted.
5. If I receive funding under the Accountancy PSG, will this affect my funding application for other PSG approved solutions?
Funding received under the Accountancy PSG should not affect application for funding of solution under a different category. Funding available will be based on the quantum and cap for the category.
6. If I have already utilised the full funding in the first year, would I still need to submit a claim in the 2nd year?
Submission of the claim report will still need to submitted in the 2nd year.
1. Will there be more solutions that will be pre-approved? Should I wait for more solutions to be approved before I submit my application?
Tech vendors have up to end of 2024 to submit their applications to be pre-approved vendors under the PSG. New pre-approved solutions will be published on the GoBusiness platform and Business Grants Portal. Firms are encouraged to adopt solutions suitable for their needs.
2. How long is the pre-approval period for tech vendors?
The pre-approval period for tech vendors is a 1 year period from their approval date with an option to extend which will be reviewed.
3. Apart from the current 7 solution categories, will there be more categories in the future?
More solution categories under the Accountancy PSG could be introduced in the future if they are assessed to be suitable or relevant to the sector.
4. The application period is from 8 Sep 2023 to 7 Aug 2025. Will the subscription fees increase?
The subscription fee will remain the same during the 2 year funding period. When the funding has ended, the applicable subscription fee could be subject to inflationary price increase or changes by the vendor.