[Media Release - Tues 27 Feb 2018]
Professional services firm PwC Australia and cloud accounting software provider Xero, today announced a collaboration on Nifty Grants, an online platform designed to simplify the process of accessing government grants and incentives for small businesses and start-ups.
PwC Australia launched Nifty Grants over four years ago with the goal of making the R&D Tax Incentive more accessible to startups. PwC believes that two out of three small to medium sized companies who are eligible to receive the R&D Tax Incentive do not submit a claim. Since then Nifty Grants has worked with Xero on a technology integration to enable mutual customers to seamlessly input financial statements from Xero accounts into their Nifty Grants claims.
Nifty Grants, which has helped Australian small businesses and start-ups access more than $30 million in grants and incentives benefits like the R&D Tax Incentive and the Export Market Development Grant, can now also be used to apply for an Early Stage Innovation Company (ESIC) ATO private rulings.
PwC Digital Ventures Director and Nifty Grants founder, Mark O’Neill said: “A common concern for many small businesses and emerging companies is cash flow. Over 30 percent seek finance or funding to survive, however, only 1.6 percent receive a government grant or incentive.
“Company owners are not aware of the specific grants and incentives they’re eligible for and the application processes are tedious. Nifty Grants makes it easier to confirm eligibility and apply. Through our collaboration with Xero, we hope to smooth the claims process for thousands more small businesses and startups.
“Using the Nifty Grants platform, Xero customers will also be able to access the expertise of PwC specialists directly or via their Xero accredited accountant and complete their claims with ease and confidence of compliance. Overtime we hope to use data from both parties to identify and inform interested Xero customers of their eligibility for specific grants and incentives,” Mr O’Neill said.
Trent Innes, Managing Director of Xero Australia, said: “Traditional methods of accessing capital can be cumbersome and many startups are actually unaware of some of the grants available to them or the processes to be selected are difficult. We are removing one more layer of friction by seamlessly connecting the startup to new opportunities for funding, helping them find the cash they need to grow and allowing them more time to focus on growing their business.”
For more information on Nifty Grants visit: niftygrants.com.au
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Xero is a beautiful, easy-to-use global online platform for small businesses and their advisors. The company has over one million subscribers in more than 180 countries. Xero seamlessly integrates with more than 600 apps. It was ranked No. 1 by Forbes as the World's Most Innovative Growth Company for two years running, won Technology Provider of the Year for the British Small Business Awards, and was rated by Canstar Blue as Australia’s best accounting software three consecutive years from 2015-2017.