Additional Services
- GRA Compliance Plus+
- Integrated Payroll & HR Compliance
- Guyana Business Launchpad
- Corporate Compliance & Governance Shield
- Business Owner Financial Blueprint
- Digital Accounts & Tax Transformation
- Strategic Data Insights
- Comprehensive Risk Shield
- Strategic Financial Steering
- Operations Edge
- Strategic Blueprint & Policy Crafting
GRA Compliance Plus+
Service Description:
This premium service goes beyond standard tax filing and offers proactive and comprehensive support to ensure clients maintain a stellar compliance record with the Guyana Revenue Authority (GRA). It includes:
- Proactive Tax Health Checks: Regular reviews of the client's financial records and business practices to identify potential GRA audit triggers and areas of non-compliance before they become issues. This includes PAYE, VAT, Corporation Tax, and other relevant taxes.
- GRA Audit Readiness & Support: Assisting clients in preparing for potential GRA audits by organizing records, reviewing documentation, and providing guidance on responding to GRA inquiries. Representation during GRA audits can also be an optional tier.
- Tax Clearance Certificate (TCC) Facilitation: Streamlined assistance in obtaining and renewing Tax Clearance Certificates, which are crucial for various business operations in Guyana (e.g., securing contracts, import/export, property transactions).
- Customized Tax Planning & Advisory: Developing tailored tax strategies to optimize the client's tax position legally, considering current GRA regulations, tax incentives, and recent changes in tax laws (e.g., recent personal and corporate income tax rate changes).
- VAT Advisory & Optimization: Specialized advice on VAT registration, de-registration, correct application of VAT rates (currently 14%), input VAT claims, and ensuring compliance with VAT invoicing and record-keeping requirements.
- Withholding Tax Management: Guidance and verification services for correct deduction, reporting, and remittance of withholding taxes on applicable payments (e.g., to contractors, non-residents).
Key Benefits for End-Clients:
- Reduced risk of penalties and interest from the GRA.
- Greater peace of mind knowing their tax affairs are in order.
- Improved ability to secure government and large private sector contracts.
- Potential for tax savings through legitimate planning.
- Efficient handling of GRA interactions and requirements.
Integrated Payroll & HR Compliance
Service Description:
A comprehensive service designed to help businesses in Guyana manage their payroll and related HR administrative functions efficiently while ensuring full compliance with GRA and National Insurance Scheme (NIS) regulations.
- Payroll Processing: Accurate calculation of salaries, wages, overtime, allowances, and deductions in line with Guyanese labor laws and GRA requirements.
- PAYE & NIS Compliance: Calculation, deduction, and timely remittance of Pay As You Earn (PAYE) taxes and NIS contributions. Includes preparation and filing of monthly and annual employer returns (e.g., Form 2, Employer's Annual Return).
- NIS Scheme Management: Assistance with NIS registration for new employees, claims processing guidance (e.g., sickness, maternity, injury benefits), and ensuring all contributions are correctly recorded and up-to-date.
- Employee Earnings Statements (Form 7B): Generation and distribution of accurate Form 7B slips to employees, potentially integrating with the GRA's 7B Generator tool.
- Labor Law Advisory (Basic): Providing general guidance on Guyanese labor laws concerning employment contracts, leave entitlements, termination procedures, and minimum wage requirements. (Note: Complex legal advice should be referred to a legal professional).
- HR Record Keeping Support: Advice on maintaining proper employee records as required by law.
Key Benefits for End-Clients:
- Ensures timely and accurate payroll, reducing employee disputes.
- Guarantees compliance with GRA and NIS regulations, avoiding penalties.
- Frees up client's time to focus on core business activities.
- Access to expertise on local payroll and basic HR requirements.
Guyana Business Launchpad
Service Description:
A holistic service to guide entrepreneurs and new businesses through the process of formally establishing their operations in Guyana, ensuring all initial regulatory requirements are met.
- Business Name Registration/Company Incorporation: Assistance with registering the business name or incorporating a company with the Deeds and Commercial Registries Authority.
- GRA Taxpayer Identification Number (TIN) Registration: Facilitating the application for a TIN for the new business entity and its directors/proprietors.
- NIS Registration: Guiding the new business through the process of registering with the National Insurance Scheme as an employer.
- VAT Registration Assessment & Application: Advising on VAT registration thresholds and obligations, and assisting with the VAT registration process if applicable.
- Business License Advisory: Providing information on general and industry-specific licenses required to operate legally in Guyana and guiding on the application process.
- Basic Business Plan Financial Projections: Assisting with the development of initial financial projections for business plans, often required for financing or strategic planning.
Key Benefits for End-Clients:
- Saves time and effort in navigating bureaucratic processes.
- Ensures all initial registrations are correctly completed, avoiding future complications.
- Provides a clear roadmap for starting a business in compliance with Guyanese regulations.
- One-stop-shop for essential start-up services.
Corporate Compliance & Governance Shield
Service Description:
Providing essential corporate secretarial services to ensure client companies meet their statutory obligations under the Guyanese Companies Act and maintain good corporate governance.
- Maintenance of Statutory Registers: Keeping and updating the company's statutory books, including the register of members, register of directors, and register of charges.
- Filing of Annual Returns: Preparing and filing the company's Annual Return with the Deeds and Commercial Registries Authority.
- Preparation of Board Resolutions & Minutes: Assisting with the drafting of standard board resolutions and minutes for key corporate actions.
- Registered Office Services: Offering the firm's address as the registered office for client companies (if permissible and practical).
- Advisory on Corporate Governance Best Practices: Providing guidance on basic corporate governance principles relevant to private companies in Guyana.
- Support with Changes to Company Structure: Assisting with documentation for changes in directors, shareholders, registered office, and amendments to company articles.
Key Benefits for End-Clients:
- Ensures compliance with the Companies Act, avoiding penalties for late or incorrect filings.
- Helps maintain good corporate standing.
- Provides administrative support, allowing directors to focus on the business.
- Access to expertise on corporate procedural matters.
Business Owner Financial Blueprint
Service Description:
A service focused on helping business owners link their business finances with their personal financial goals, particularly in the context of the Guyanese economic environment.
- Profit Extraction Strategies: Advising on tax-efficient ways for business owners to extract profits from their companies (e.g., salaries, dividends) in compliance with GRA rules.
- Business Loan & Financing Application Support (Financial Aspects): Assisting business owners in preparing financial statements, cash flow projections, and other financial documentation required for loan applications to local banks or financial institutions.
- Retirement Planning & NIS Integration (Advisory): Providing basic advice on the importance of retirement planning and how NIS benefits can integrate into a broader personal financial strategy. (Note: This is not investment advice, which may require separate licensing).
- Succession Planning (Introductory): Initiating discussions and providing basic frameworks for business succession planning, helping owners think about the long-term future of their business.
- Budgeting and Cash Flow Management for the Business: Working with business owners to develop robust budgets and cash flow forecasting tools to improve financial management and decision-making.
Key Benefits for End-Clients:
- Better understanding of how business performance impacts personal wealth.
- Improved chances of securing business financing.
- Proactive planning for long-term financial security and business continuity.
- Enhanced financial control and visibility within their business.
Digital Accounts & Tax Transformation
Service Description:
Assisting clients in leveraging technology to streamline their accounting, tax, and financial reporting processes, including adoption of GRA-friendly solutions.
- Accounting Software Selection & Setup: Advising on suitable accounting software (cloud-based or desktop) for the client's business size and needs, and assisting with initial setup and chart of accounts customization.
- Training on Accounting Software: Providing training to client staff on how to use the selected accounting software effectively for daily bookkeeping and reporting.
- Integration with GRA's eServices: Guiding clients on using GRA's Optimal eServices platform for online filing and payments. Assisting with understanding and utilizing new GRA tools like the "Padna" app and "7B Generator" where applicable to their clients.
- Digital Record Keeping Solutions: Advising on best practices and tools for digital document management and record keeping to meet GRA requirements and improve efficiency.
- Cybersecurity Awareness (Basic): Providing basic advice on protecting financial data and avoiding common cyber threats relevant to financial software.
Key Benefits for End-Clients:
- Increased efficiency and accuracy in bookkeeping and financial management.
- Easier compliance with GRA's digital initiatives.
- Better access to real-time financial data for decision-making.
- Modernized financial operations.
Strategic Data Insights
Service Description:
This service helps clients leverage their business data to gain actionable insights, improve decision-making, and identify opportunities for growth and efficiency. It moves beyond basic financial reporting to provide deeper analytical perspectives.
- Data Integration & Cleaning: Assisting clients in consolidating data from various sources (e.g., accounting software, sales platforms, operational systems) and ensuring data accuracy and consistency for analysis.
- Key Performance Indicator (KPI) Dashboard Development: Designing and implementing customized dashboards that visualize critical business KPIs, allowing clients to monitor performance at a glance.
- Sales & Profitability Analysis: Analyzing sales trends, customer purchasing patterns, product profitability, and regional performance to identify top performers, areas for improvement, and potential new markets.
- Cost Optimization Analysis: Examining expenditure patterns, identifying cost drivers, and pinpointing areas where costs can be reduced without impacting quality or output.
- Cash Flow Forecasting & Predictive Analytics: Developing more sophisticated cash flow models that incorporate predictive elements based on historical data and anticipated market changes.
- Customer Segmentation & Behavior Analysis: Segmenting customer bases to understand different customer groups, their value, and their behavior, which can inform targeted marketing and service strategies.
- Operational Efficiency Analysis: Analyzing operational data to identify bottlenecks, inefficiencies, and opportunities to streamline processes and improve productivity.
Key Benefits for End-Clients:
- Data-driven decision-making for strategic growth.
- Clearer understanding of business performance beyond traditional financial statements.
- Identification of hidden opportunities and potential risks.
- Improved operational efficiency and cost control.
- Enhanced competitive advantage through deeper market and customer understanding.
Comprehensive Risk Shield
Service Description:
This service provides a systematic approach for businesses to identify, assess, mitigate, and monitor various risks that could impact their operations, financial stability, and reputation in the Guyanese business environment. It aims to build resilience and ensure business continuity.
- Financial Risk Assessment: Analyzing risks related to cash flow, debt, credit, interest rates, foreign exchange, and profitability, including potential impacts from GRA compliance issues.
- Operational Risk Review: Identifying risks within day-to-day operations such as supply chain disruptions, technology failures, process inefficiencies, and human error.
- Compliance & Regulatory Risk Assessment: Evaluating the client's adherence to relevant Guyanese laws and regulations, including GRA, NIS, labor laws, and industry-specific regulations, highlighting potential penalties or legal issues.
- Strategic Risk Identification: Assessing risks related to business strategy, market changes, competition, economic shifts, and new legislation.
- Reputational Risk Analysis: Identifying factors that could damage the client's reputation, suchs as compliance failures or service issues.
- Internal Control Review: Evaluating the effectiveness of existing internal controls to safeguard assets, ensure accuracy of financial reporting, and promote operational efficiency.
- Risk Mitigation Strategy Development: Collaborating with the client to develop practical strategies and action plans to reduce or eliminate identified risks.
Key Benefits for End-Clients:
- Proactive identification and mitigation of potential threats to the business.
- Reduced exposure to financial losses, penalties, and operational disruptions.
- Enhanced decision-making through a clearer understanding of risk exposure.
- Improved compliance and adherence to legal and regulatory requirements.
- Greater peace of mind and increased business resilience.
Strategic Financial Steering
Service Description:
This service moves beyond traditional compliance and historical financial reporting to provide forward-looking insights and tools that empower business owners and managers in Guyana to make informed decisions, improve performance, and achieve strategic objectives. It focuses on internal financial management for operational excellence and growth.
- Cost Accounting & Analysis: Helping clients understand and control their costs by analyzing direct and indirect costs, fixed and variable costs, and providing insights into product/service costing, break-even analysis, and cost reduction opportunities.
- Budgeting & Forecasting: Assisting in the development of robust operational budgets and financial forecasts (e.g., sales, production, expenditure, cash flow) to set performance targets and anticipate future financial needs.
- Performance Measurement & Reporting: Designing and implementing customized internal management reports and dashboards that track key operational and financial performance indicators relevant to the client's specific business goals, beyond standard financial statements.
- Variance Analysis: Comparing actual performance against budgets and forecasts, identifying significant variances, and investigating their root causes to facilitate corrective actions.
- Pricing Strategy Support: Providing financial analysis to support strategic pricing decisions for products and services, considering costs, market conditions, and desired profit margins.
- Profitability Analysis: Deeper analysis of profitability by product line, service, customer segment, or project to identify high-margin areas and optimize resource allocation.
- Investment Appraisal Support: Assisting with the financial evaluation of potential capital investments, expansion projects, or new ventures by conducting analyses such as Net Present Value (NPV), Internal Rate of Return (IRR), and payback period.
Key Benefits for End-Clients:
- Enhanced ability to make data-driven strategic and operational decisions.
- Improved cost control and increased profitability.
- Clearer understanding of business performance against set targets.
- Better allocation of resources to high-value areas.
- Proactive identification of financial trends and potential issues.
- Support for growth initiatives and capital expenditure decisions.
Operations Edge
Service Description:
This service is designed to help businesses in Guyana streamline their internal processes, improve productivity, reduce waste, and enhance overall operational efficiency. It focuses on analyzing current operational workflows and implementing best practices to achieve tangible improvements.
- Process Mapping & Analysis: Documenting current operational processes (e.g., order-to-cash, procure-to-pay, production workflow) to identify bottlenecks, redundancies, and inefficiencies.
- Workflow Redesign & Improvement: Recommending and implementing optimized workflows and procedures to improve efficiency, reduce cycle times, and minimize errors.
- Lean Principles Implementation: Advising on and assisting with the adoption of lean methodologies to reduce waste (e.g., overproduction, waiting, unnecessary transport, over-processing, excess inventory, unnecessary motion, defects) and improve value delivery.
- Inventory Management Optimization: Analyzing inventory levels, turnover rates, and ordering processes to recommend optimal inventory strategies that reduce carrying costs while ensuring sufficient stock availability.
- Supply Chain Efficiency Review: Assessing the client's supply chain to identify areas for improvement in sourcing, logistics, and supplier relationships to enhance reliability and cost-effectiveness.
- Technology Integration Advisory (Operational Focus): Advising on and supporting the implementation of operational software solutions (e.g., inventory management systems, project management tools, CRM integration) to automate tasks and improve data flow.
- Performance Metrics & Monitoring: Developing key operational performance indicators (OPIs) and setting up monitoring systems to track improvements and ensure sustained efficiency gains.
Key Benefits for End-Clients:
- Reduced operational costs and increased profitability.
- Improved productivity and faster service/product delivery.
- Enhanced customer satisfaction due to improved efficiency and quality.
- Better utilization of resources (labor, materials, equipment).
- Streamlined internal processes and reduced waste.
- Greater adaptability and responsiveness to market changes.
Strategic Blueprint & Policy Crafting
Service Description:
This service assists both startups and established companies in Guyana by professionally composing essential business plans and policy documents. These documents are crucial for strategic direction, fundraising, operational clarity, and compliance.
- Business Plan Creation: Developing comprehensive business plans for startups seeking funding, strategic direction, or market entry, including executive summary, company description, market analysis, organization & management, service or product line, marketing & sales strategy, financial projections, and funding request.
- Strategic Plan Development: Assisting established companies in articulating their long-term vision, mission, strategic objectives, and action plans to achieve growth and sustain competitive advantage.
- Operational Policy & Procedure Manuals: Drafting clear and concise policy documents and standard operating procedures (SOPs) for various departments (e.g., finance, HR, procurement, sales) to ensure consistency, efficiency, and compliance.
- Compliance Policy Development: Creating policies specifically designed to ensure adherence to Guyanese regulatory requirements, such as internal GRA compliance policies, NIS contribution procedures, or general data handling policies.
- Investor Deck & Pitch Document Support: Translating key elements of a business plan into compelling investor decks and pitch documents for presentations to potential investors or lenders.
- Feasibility Studies (Documentation Aspect): Compiling findings from feasibility studies into structured reports that assess the viability of new projects, products, or market entries.
Key Benefits for End-Clients:
- Clearly articulated business vision and strategic direction.
- Increased chances of securing financing or attracting investors.
- Improved operational efficiency and consistency through standardized procedures.
- Enhanced internal control and compliance with regulations.
- Professional documentation for internal and external stakeholders.
- Time-saving for management by outsourcing documentation needs.