Timcole is a Xero Certified Partner and Pre-approved IMDA Digital Solution Vendor for PSG funding.

Receive government grants upto 80% when you engage us for the implementation of and migration to the accounting software

We Provide Xero Cloud Accounting Solution Upto 80% Productivity Solutions Grant (PSG)

Timcole’s Xero Accounting Solution Package is a Pre-approved Digital Solution under Infocomm Media Development Authority (IMDA) for the PSG grant. With up to 80% funding support, PSG enables small business to leverage the use of cloud and digital solutions at a fraction of the total cost.

ELIGIBILITY:
To be eligible to apply for PSG, SMEs must fulfil the following criteria:

• Registered and an operating Company in Singapore
• Purchase / subscription of the IT solutions must be used in Singapore
• Have a minimum of 30% local shareholding

DRB - Digital Resilience Bonus

DIGITAL RESILIENCE BONUS – DRB F&B and Retail enterprises can get additional S$2500 bonus by implementing Xero Accounting system.
To be eligible to apply for DRB, the company must be:

  • incorporated on or before 26 May 2020 with a Food Service or Retail SSIC code, and
  • using the digital solutions between 1 June 2020 and 30 June 2021.

SFEC - SkillsFuture Enterprise Credit

The SkillsFuture Enterprise Credit (SFEC) encourages employers to invest in enterprise transformation and capabilities of their employees. Eligible employers will receive a one-off S$10,000 credit to cover up to 90% of out-of-pocket expenses on qualifying costs for supportable initiatives, over and above the support levels of existing schemes.

ERG - E-Invoicing Registration Grant

The E-Invoicing Registration Grant is a new scheme from to help businesses to digitalise by enabling the e-invoicing features on their Accounting Solutions. This grant provides businesses with a one-time payment of $200 per UEN, upon first registration to the E-Invoicing Network on or before 31 December 2020. (for businesses which are active and registered before 25 March 2020).

Our Pre-Approved Packages

Package 1

$109 After 80% PSG / Exclude GST
  • Usual Price: $545
  • 1 year Subscription of Xero (Standard Edition)
  • Send Invoices + Quotes
  • Enter Purchase Order + Bills
  • Reconcile bank transactions
  • Capture bills and receipts with Hubdoc

Package 2

$143 After 80% PSG / Exclude GST
  • Usual Price: $715
  • 1 year Subscription of Xero (Premium Edition)
  • Send Invoices + Quotes
  • Enter Purchase Order + Bills
  • Reconcile bank transactions
  • Capture bills and receipts with Hubdoc
  • Handle multiple currencies

Package 3

$350.80 After 80% PSG / Exclude GST
  • Usual Price: $1745
  • Everything in Package 1
    +
    Essential Configuration & Setup services
  • User Training
  • 30 Days Email Support

Package 1

$669 After 80% PSG / Exclude GST
  • Usual Price: $3345
  • Everything in Package 2
    +
    Comprehensive configuration & setup services
  • User Training
  • Data Migration Services.
  • 30 Day Email Support

Sample Calculation of What You will Pay/Receive after Government Subsidy

Xero Cloud-based Accounting Software

Xero is a widely used cloud-based accounting software for small to medium-sized organizations.
Timcole is one of the few PSG-approved Xero partners in Singapore. It’s Xero Implementation packages are designed to help small businesses improve their back-office productivity, especially in the area of enabling small business owners to keep track of their accounts in a proper and more accurate manner.

Benefits of using Xero

By implementing the Xero Solution, SMEs can perform the following functions in an easier and effective way:

– Auto-generation of sales quotes and invoices.
– Including the tracking and monitoring of the payment status and sending of reminders for payment
– Capturing of all receipts and supplier invoices in a digital method, without having to keep all the physical documents forever.
– Using Xero to track Inventory Management for Trading and e-Commerce Companies
– Xero to automatically perform accounting double entry, such that a user (without Accounting Knowledge) can maintain and track their own books.
– Generation of management reports for decision making purpose.
– Xero also provides a basic Payroll Management system to track and manage monthly payroll processing.
– Xero provides auto bank feed from all local bank to facilitate easier bank reconciliation
– Xero connects to the Peppol E-invoicingnetwork in Singapore to speed up your invoicing process. It also helps you get paid faster and helps with having healthier cash flow for your business.

FAQs on Xero PSG and Grants

What is the Productivity Solutions Grant?

The Productivity Solutions Grant (PSG) is a joint initiative by the Infocomm Media Development Authority (IMDA) and Enterprise Singapore. The grant aims to promote and support companies in adopting IT solutions and equipment that can enhance business processes.

How do a company apply for the PSG Grant?

To apply for any PSG funding, a company can:

  1. Visit Tech Depot and get access to a list of supportable solutions and choose the relevant solutions to their businesses.
  2. Obtain a quotation from the listed approved vendors under the grant. If you need an accounting software, Timcole is one of the few pre-approved vendor to provide the Xero PSG 80% government subsidy.
  3. Submit an application on the Business Grants Portal (BGP). A CorpPass account is required for the login.

Who is eligible for the PSG?

SMEs can apply for the PSG if the meet the following criteria:

  • Registered and operating in Singapore
  • Subscription of the IT solutions or equipment must be used in Singapore
  • Have a minimum of 30% local shareholding (for selected solutions only)

How long does it take to process and disburse the claim?

The claims are normally processed within 4-6 weeks upon the submission.

How will a company be notified of the claim disbursement?

Upon approval and confirmation of the claim transaction, an email will be sent to the email address stated on the BGP.

Go Digital with Up To 80% funding for your Xero Cloud Accounting Solution