Growmax Resources

Our Services include:

1) Business Consultancy

We specialize in the retail and manufacturing sectors.

Our Consultancy services include:

a) Business Start Up Advice

At Growmax Resources we welcome start-up businesses to come and talk to us. We can help you from day one to find the best methods of bookkeeping.

Our advices include:

• Business Incorporation
• Company secretarial
• Business structure
• IT structure
• Cash flow projections

b) Business Administration

Whether you are starting or running a small- or medium-sized business, business administration includes an understanding of entrepreneurship: tax structures for small businesses along with personnel issues at that level, inventory and cash flow, and all the other small matters that make a big difference to a new, small- or medium-sized business.

Our services includes:

• Conduct a walk through of the current operations of any new or existing business
• Provide a user friendly administration system with proper internal controls
• Marketing solutions

c) Systems Implementation

What is a "System"?

An organized way to accomplish an objective. A system consists of missions, leadership, goals, objectives, metrics, policies, procedures, education, training, organization, personnel, tools — it is not primarily a computer project, even though modern business systems tend to be dependent upon computer technology.

A successful implementation relies upon a sound plan and methodology, but there is no substitute for experience. We will be there, step by step, to guide and implement your solution by planning, analyzing, executing and adapting to the changing needs of the businesses.

We specialize in the implementation of accounting software, POS system, retail management system and manufacturing system.

Our systems implementation services include:

System Selection – In the event that a solution has not been identified, we can perform a non-biased vendor selection. Our industry expertise and experience as well as our proven vendor selection process will help you make the right decision.

System Planning – Core to any system implementation is the planning effort involved to guarantee a successful execution. We will assess the current systems and business needs, and we develop planning documents to support the functionalities required for implementation. Additionally, we help to identify and address both technical and organizational challenges prior to the implementation.

System Installation and Support - Project management is a crucial factor when it comes to system installation and support. We will guide the team through the implementation process and ensure that training and support are top priorities.

d) Management Accounting

Management accounting involved designing and evaluating business processes, budgeting and forecasting, implementing and monitoring internal controls, and analyzing, synthesizing, and aggregating information—to help drive economic value.

Management accountants are valued business partners, directly supporting an organization's strategic goals. With a renewed emphasis on good internal controls and sound financial reporting, the role of the management accountant is more important than ever.

We provide customize management reports to cater to the needs of any businesses.

e) Cost Controlling

Your business works, but does it operates with minimum resources? We have experiences in handling complicated product costing issues. We are able to advise any businesses to control their direct cost as well as their overhead expenses.

Our advices include:

• streamline business processes and improve productivity
• review current costing system and identify problems
• assess organizational effectiveness
• develop strategies and plans to reduce business costs

f) Inventory Management

Do you face difficulties to implement operational improvements in your inventory management?

We specialize in retail & manufacturing inventory management. At Growmax Resources, we assist small to mid-sized companies in quickly improving inventory, manufacturing, and warehousing operations through process evaluation, procedure definition, technology application, and employee training.

2) Bookkeeping

Growmax Resources' Accountants can provide accurate and comprehensive small business bookkeeping services tailored to suit your small business or advise you on the methods of bookkeeping best suited to you.

All businesses are required to keep accurate records for both taxation, good & services tax and annual return fling purposes.

The advantage of proper bookkeeping:

• the information can be used to control the finances of your business.
• the accounts that need to be produced in order to calculate your tax liability, can be completed in a more efficient way, thus saving on your accountancy charges.

Our bookkeeping services provide the following reports:

• Profit & Loss, Trial Balance & Balance Sheet
• Free consultation and advice on your company performance
• Audit schedules required by auditors
• Budget and forecast reports
• Bank reconciliation
• Cash Management

3) GST filing

What is Goods and Services Tax (GST)?

GST is a broad-based consumption tax levied on the import of goods, as well as nearly all supplies of goods and services in Singapore. The only exemptions are for the sales and leases of residential properties and most financial services. Export of goods and international services are zero-rated. In some countries, GST is known as the Value Added Tax (VAT).

How does GST work?

GST is a self-assessed tax. Businesses must come forward to register for GST when their turnover exceeds $1mil per year. After registration, businesses must charge and account for GST at the prevailing rate. This is known as output tax. GST registered businesses can also claim the GST incurred on their goods and services purchased assuming certain conditions are met. This is known as input tax.

GST is also levied on the import of goods from overseas. Singapore Customs is responsible for collecting the import GST. The GST incurred on imports can also be claimed as input tax, if the goods are used for business. GST is designed such that the end consumer (be it an individual or a business) pays this tax.

For more detail information, please read the Inland Revenue Authority of Singapore website at http://www.iras.gov.sg

Our Services include:

Our Services include:

GST Registration Review

GST is a cost to your business if you are not GST registered. We will review your business activities to determine whether you should be GST registered. In addition, we will provide all the necessary assistance to complete the GST Registration form efficiently, accurately and attend to all enquiries by the IRAS.

GST Planning

We provide extensive planning service in all areas, such as the application of the GST law to business transactions to ensure correct compliance and maximise entitlements to input tax credits. Most importantly, we can review your business operations and advise you on the most appropriate GST scheme to minimise cash flow impacts and identify planning opportunities.
 
With our understanding of the various business sectors, we can provide appropriate advice as well as assist you to handle queries from the tax authority.

GST De-Registration

De-registration from GST can result in your business accounting tax to the authority. We can ensure that the process of your de-registration is smooth and has no tax impact.

4) XBRL filing

What is XBRL?

XBRL is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data.

XBRL stands for eXtensible Business Reporting Language. It is one of a family of "XML" languages which is becoming a standard means of communicating information between businesses and on the internet.

XBRL is being developed by an international non-profit consortium of approximately 450 major companies, organisations and government agencies. It is an open standard, free of licence fees. It is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world. (Source: http://www.xbrl.org/)

Affected Singapore Incorporated Companies

Singapore incorporated companies which are either limited by shares or unlimited are required to file their financial statements in XBRL on or after 1 November 2007 in respect of financial periods ending on or after 30 April 2007.

For more details, please read the ACRA website at http://www.acra.gov.sg

At Growmax Resources, we will assist you to prepare the XBRL financial statements required by ACRA.