Enhance Productivity Solutions Grant

productivity solutions grant

Enhance Productivity Solutions Grant with enhanced maximum support of up to 80% will end 31 March 2022 as mention in Budget 2022. Therefore it is the last chance SME can get to enjoy up to 80% coverage for digital solutions they want to adopt. Does it mean the Productivity Solutions Grant will end? No. It will fall back to 70% coverage after the deadline unless there is a change after this. 

From 1 April 2022 onwards, the maximum support level will be up to 70%. For eligible pre-scoped solutions, enhanced support level of up to 80% will be extended from 1 April 2022 to 31 March 2023 for Food Services and Retail sectors.

Should you be considering going digitalisation by adopting some solutions like Moneyworks accounting software, you should do it before 31 March 2022 as thereafter, the grant coverage will likely to drop to 70%. You may think 10% is not a lot, but if the project cost $10,000.00, your out of pocket original was $2,000 may turn to $3,000. That is a 50% increase in your cost.

As SME ourselves, we do encourage SMEs to quickly take this last month to decide, apply and get it approved first. You have 1 year to implement the project and claim back your cost. 

Digitalisation with Moneyworks does cut down you effort in many ways:

1. Attachment of source documents (quotation, supplier bills, cheque receipts) can be attached to your transactions thereby reducing your extra time, effort and space to file physical copy.

2. Accessing it anyway, even though it is an on-premise solutions as it runs efficiently over internet from remote to your office computer.

3. Enhance with Moneyworks automation and customisation for integration with your POS, ecommerce or other solutions to reduce your manual and repetitive task.

4. InvoiceNow ready so that you can reduce your work of re-keying in your supplier invoices and at the same time save your customer’s effort to key in same entries. (Your invoice is your customers’ purchase bills while your supplier invoices becomes your purchase bills)

There are more examples of how Moneyworks can enhance your business productivities in our dedicated Moneyworks articles here.

Call us at +65 6589 8878 now for a demo session and act fast before the enhance Productivity Solutions Grant support is over!

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