FREEPORT, Grand Bahama - "Creating a vision to make your business successful" is the mission statement of a new consultancy firm on Grand Bahama. Remaining true to its motto, Visionary Business Consultants, Limited (VBCL), which recently began operating in downtown Freeport, is already offering much-needed assistance to business owners.
As part of its services, VBCL specializes in accounting, bookkeeping, property management, corporate, outsourcing and recruitment services. Additionally, with the introduction of value-added tax (VAT), the company is capable of serving as an official VAT representative, or liaison between businesses and the VAT Department.
According to a company spokesperson, VBCL Office Assistant Natalie Coakley, "with the implementation of VAT, it became evident that some micro, small and medium-sized enterprises were not prepared to meet the challenge as it relates to its impact on their relevant business and accountability with respect to the details of what should be captured for reporting to the VAT Department, as well as how their records should be maintained."
Therefore, VBCL wanted to do its small part by sponsoring 11 businesses to attend this week's "VAT & Small Business Seminar", slated to be held at The Grand Bahama Chamber of Commerce on Thursday, January 22.
"On the whole, when a new policy is adopted, there will be the usual fears and misconceptions," Coakley added. "These seminars will hopefully bring light and clarity to those misconceptions and place the attendees in a perfect setting to glean the correct and appropriate knowledge in addition to gathering amongst other attendees who are experiencing the same challenges where they can feed from each other."
While presenting the complimentary seminar registrations to the appreciative recipients, Coakley encouraged other members of the business community to take part in the invaluable 90-minute sessions scheduled for 9:30 am and 5:30 pm at The Chamber of Commerce, to transform their mind set and chart their course forward.
"We encourage persons to register for such events and also to contact us with their VAT enquiries," she said. Some businesses are confused as to whether they should be maintaining a separate bank account to hold the taxes collected on behalf of the government amidst learning a brand new point-of-sale system that may have been implemented because it was recommended that this was required to account for these transactions. Visionary Business Consultants, Limited can provide the necessary consultation required to ease those fears as to whether or not a separate bank account should be maintained, how records should be kept for future possible audits by the VAT Department and the oversight of business processes to ensure complete compliance.
Along with providing assistance for business owners, prospective employees are also encouraged to take advantage of VBCL's services as the company is actively engaged in building a complete database of applicants interested in registering for future full-time or part-time employment. The database will be available to potential employers who are seeking to fill various positions.
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