PSG Grant Accounting- Xero
Save on Xero with
Productivity Solutions
Grant up to 50%
Run your business accounting online with xero. Easy to use Accounting software, designed for your small business
Ace's Xero Accounting Solution Package is recognized as a Pre-approved Digital Solution by the Infocomm Media Development Authority (IMDA) and qualifies for the Productivity Solutions Grant (PSG). This grant supports small businesses by covering up to 50% of the costs, allowing them to access state-of-the-art cloud and digital solutions at a reduced price.
Who is eligible for PSG?
Registered company and operating in Singapore
Minimum 30% Singaporean shareholding
Have a minimum of 30% local shareholding;
with Company’s Group annual sales turnover less than S$100 million,
OR less than 200 employees (for selected solutions only)
SAVE MORE WITH SFEC!
What is SFEC
(SkillsFuture Enterprise Credit)?
​To foster business and workforce development, two transformative initiatives have been introduced. The Enterprise Transformation initiative aims to enhance business productivity, while the Workforce Transformation focuses on job redesign and curated training programmes by SkillsFuture Singapore and Workforce Singapore.
Eligible employers can benefit from a one-off $10,000 SkillsFuture* Enterprise Credit (SFEC), covering up to 90% of out-of-pocket expenses for supportable initiatives, supplementing existing support schemes.
*Enterprise Transformation (up to $7,000 only) – Schemes by various agencies hosted on the Business Grant Portal (BGP);
Workforce Transformation (up to the full $10,000) – Training courses aligned to the various Industry Skills Frameworks by SkillsFuture Singapore (SSG), Job Redesign initiatives, and Career Conversion Programmes etc. by Workforce Singapore (WSG)
Package C
$3664
With PSG(50%)
-$1832
Payable After PSG
$1832
If Eligible for SFEC, Claim 90% on out of pocket expenses
*For Illustration Purposes,
what would be possible with the grants
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Who is eligible for PSG GRANT?Registered and operating in Singapore Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore Have a minimum of 30% local shareholding; with Company’s Group annual sales turnover less than S$100 million, OR less than 200 employees (for selected solutions only)
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The grant covers 50% of the costs. Does this mean i only need to pay ACE half the price upfront?Regrettably, that is not the case. It is a prerequisite to remit 100% of the project fee to ACE upon the culmination of the project. Following the full settlement, your company is then eligible to apply for the 50% reimbursement through the PSG grant. This reimbursement procedure usually spans a duration of 1 to 2 months. Hence, we kindly advise enterprises to plan their financial resources judiciously to accommodate this payment structure. It is in the best interest of ensuring a fluent transaction process.
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How do i check if i am eligible for Singapore's SkillsFuture Enterprise Credit(SFEC)?During the recent 2022 Budget announcement, Finance Minister Lawrence Wong said that more companies will be able to benefit from the SkillsFuture Enterprise Credit (SFEC) scheme, thanks to relaxed requirements. Here's what SMEs need to know: If your SME meets the new, easier-to-meet criteria during the specific qualifying time, it can get a one-time credit of up to $10,000 from the SFEC scheme. This $10,000 should be seen as a special fund to help you improve your business and train your team at the same time. You can use up to $7,000 of this fund to help pay for approved business growth programs, including the PSG. This can cover up to 90% of the extra costs that you'll incur in these programs. At least $3,000 of the fund should be set aside to enhance the skills and capabilities of your workforce. We hope this helps your SME take full advantage of the extended SFEC scheme to grow both your business and your team.
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Who is responsible for providing services related to XERO’s cloud-based accounting system?The following XERO groups are responsible: Executive Management: Oversees operations, including the Chief Product Officer, Chief Financial Officer, and other executives. Platform Engineering: Provides consulting services for AWS architectural design decisions. Architecture & Integration: Leads architectural leadership and technical engagements. Engineering Delivery: Oversees engineering practices and the Xero application modernization program. Delivery and Operations: Develops technology strategy and ensures smooth operations. Platform as a Service (PaaS): Builds and maintains infrastructure for Xero. Commercial Operations/Technology: Tracks and optimizes cloud spending. Reliability: Ensures the reliability of the Xero cloud platform. Enterprise Technology: Supports Xero’s sales, marketing, and internal IT systems. Ecosystem: Builds and grows Xero’s open API and works with app and developer partners. Data Team: Manages data platforms, enrichment, applications, and strategy. Product Team: Divided into business and partner product portfolios. Sales and Marketing: Responsible for marketing and sales initiatives globally. Finance: Ensures financial reporting compliance.
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What is Xero’s Service Level Agreement (SLA)?Xero provides free online support 24/7 via the XERO customer support team. Start by searching the support articles on Xero Central. If you need further assistance, you can use the "Contact Xero Support" button to raise a case. Access XERO Central here.
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How does Xero ensure confidentiality and security of customer data?Xero commits to the following: Maintaining technical and organizational measures to protect customer data. Ensuring protection of data at rest and in transit. Preventing unauthorized access to information systems. Continuous communication about Xero platform service availability. Ability to recover and restore customer data in case of disruptions. Keeping customer data confidential and removing it upon request or after a seven-year retention period post-termination.
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What security practices are in place at Xero?Xero’s security practices include: Background checks for employees before employment. Mandatory security awareness training for employees upon hire and annually. Defined roles and responsibilities for employees with access to confidential data. Access control policies based on the principle of least privilege. Software Development Lifecycle (SDLC) policies for production environment changes. Risk assessment practices to manage potential risks. Incident management processes for data breaches and security events. Disaster recovery and business continuity plans.
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How does Xero handle data backups?Xero’s production infrastructure resides in AWS environments, with high availability across multiple regions. The backup system is automated to perform daily backups, encrypted at rest, with copies migrated to Amazon Glacier for long-term storage. Backup copies are tested annually, and disaster recovery procedures are in place to ensure service restoration during outages.
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How do I terminate my Xero subscription?You may terminate your Xero subscription by providing a one-month notice via official written notice to xero@acebizservices.com. During this period, all users will continue to have access, and billing will continue. It is recommended to export your data before the end of the cancellation period, as access will be lost after cancellation.
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Can I stop my cancellation request?Yes, you may stop your cancellation request if you are still within the notice period. Alternatively, you may switch to a reduced subscription fee plan if ongoing access to your Xero subscription is needed.
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Will I receive a final invoice after cancellation?Yes, depending on when you cancel, your final invoice may be received outside of your usual billing date.
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What happens if my Xero organization is suspended before cancellation?If your organization is suspended, any outstanding amounts must be paid before cancelling the subscription.
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How can I contact ACE Business for enquiries?You can contact ACE team at care@acebizservices.com or call the hotline at +65 6262 0402 for any enquiries. You can contact us during our working hours from 9AM to 6PM, Monday to Friday not inclusive of holiday or weekends.