As an aircon repair and servicing company, there’s a lot to do. There’s a lot to track with accounting and you have to constantly manage how your employees’ time is spent travelling between homes and the cost of tools and equipment needed for each project.
Many companies struggle with managing such costs which is why it’s important to have a good accounting system. The problem is that accounting softwares is often pricey and may not have the features that aircon repair service companies need. But that’s where government grants like the PSG Grant comes in.
What’s the PSG Grant?
The PSG Grant is a government grant launched by Enterprise SG that pays for 70% of the cost of any pre-approved digital service. It’s only eligible for small businesses in Singapore and can be used by small businesses for accounting software or eCommerce website design.
The accounting PSG Grant is the PSG government grant for pre-approved accounting software like Xero and Quickbooks. But note that you’ll have to apply for the accounting PSG Grant through a local accounting firm and engage their services. A lot of accounting firms even offer Xero online courses to show you how to use the software on your own after!
The PSG Grant is not only for accounting. It’s also for other industries and B2B services like website design and developing eCommerce platforms. And this isn’t just a covid relief program either. Most covid restrictions in Singapore have been lifted and this PSG Grant is still available to SMEs. A lot of shops have taken this opportunity to use government grants to help pay for their transformation into an eCommerce online store. Website maintenance and hosting is much more affordable than expensive rental costs and you can even use the government grant to streamline your distribution and shipping with technology like delivery tracking and robots!
Benefits of the accounting PSG Grant
- Convenience – A cloud accounting software allows businesses to manage all their financial data and facilitate efficient business transactions. Moreover, PSG accounting software also simplifies taxes. In other words, PSG grant accounting software decreases an enterprise’s stress by keeping everything needful in a straightforward interface.
- Cost-efficiency – Features such as automated calculations, data storage, and administrative operations allow PSG grant accounting software to reduce printing and distribution costs. Thus, it would not be erroneous to assert that accounting software is the quintessential companion to the PSG eCommerce Grant.
- Accuracy – Recurring human errors like miscalculations and data report mistakes often result in massive financial losses. Even worse, they can lead to bankruptcy. Thus, a PSG grant accounting software fosters accuracy and mitigates many business risks.
- Security – Your eCommerce platform needs security, which pre-approved accounting software can offer. PSG grant accounting software allows you to see the real-time financial status for better planning and preparedness. In addition, the PSG grant accounting software can ensure safe data backup, ensuring easy and time-efficient retrieval whenever you need them.
- Better Customer Relationship – Faster and more communicative invoicing helps build customer trust and customer retention. With software like Xero, you can expect fewer delays and errors. Thus, pre-approved PSG software can help your business create an image of credibility and professionalism.
What to expect from accounting software
Xero is super easy to use and there’re tons of Youtube videos and Xero online courses that you watch to learn to use Xero.
Filling up the PSG Grant application may seem like a lot of work for using a software specially made for accounting. But some features of accounting software include:
- Oversee the company’s financial and inventory management processes.
- Real-time management dashboards
- Accounts financial reporting
- Support multi-company transactions and reporting
- Supports multi-currency transactions and reporting
- Role-based and customizable data access security
- Flexibility of modifying transactions and much more
If you’re looking for more help or to have an instructor guide you through Xero, you can always take a Xero online course that will cover everything in detail. There are tons of online training schools that offer helpful courses. You can even learn in a group with others thanks to Zoom breakout rooms!
Looking for a more “custom” solution?
Most SMEs don’t need custom accounting software unless you’re in a really niche industry with a lot of accounting rules specific to that industry. Complex accounting usually occurs in multinationals with thousands or millions of transactions a day. They therefore typically need custom software development services and an entire team of website designers to develop an ERP, website interface and accounting software from scratch.
Please note that we’ve only talked about the PSG Grant in this post. Government grants are not available to multinationals and the PSG Grant is exclusively for small businesses. But a lot of accountants, software engineers and web developers can advise you on whether you need a custom-built accounting software. Just make sure to go around and get a couple of opinions!
