SIMPLY COVERED LIMITED
SIMPLY COVERED LIMITED
End to End Remote Bookkeeping & Accounting services for Business Owners & Accounting firms
SIMPLY COVERED LIMITED is a professional accounting firm that specializes in offering comprehensive outsourced bookkeeping and accounting services.
Our main focus is providing support to CPAs and small to medium-sized businesses throughout the United Kingdom.
We aim to help our clients efficiently manage their financial records and ensure compliance with accounting regulations. With our expertise and dedication, we strive to deliver excellent solutions that meet the unique needs of each client.
Our team at SIMPLY COVERED LIMITED offers a comprehensive range of bookkeeping services to businesses across various industries. One of our key areas of expertise is providing regular management accounts tailored to the specific needs of your business.
Management accounts are essential for monitoring the financial performance of your business and making informed decisions. By outsourcing this task to us, you can focus on running your operations while we handle the detailed financial reporting. Our experienced bookkeepers will ensure accuracy and timeliness in generating these reports.
Furthermore, we understand that different industries have unique requirements when it comes to accounting and financial reporting.
Our team has expertise in serving a wide range of industries, including but not limited to retail, hospitality, manufacturing, healthcare, and technology. This enables us to tailor our services to meet your industry-specific needs and challenges.
Partnering with us for your bookkeeping needs will not only save you time and effort but also ensure that your financial information is accurate, reliable, and readily available. Contact us today to discuss how our regular management accounts services can benefit your business.
- 1Pre-assessment:
- Gather all necessary information and documents from the client, including their company details, financial statements, and any historical data.
- Schedule a meeting with the client to discuss their requirements and goals for the switch to Xero. - 22. Set up your Xero account:
- Create a Xero account or sign in to an existing one.
- Set up the client's organization by entering their company details, including name, industry, contact information, and preferences. - 3Chart of Accounts:
-Review the client's current chart of accounts from their legacy software.
- Create a new chart of accounts in Xero that matches their existing one or make necessary changes if required. - 3Contacts:
- Import or manually add the client's customers, suppliers, and other contacts into Xero.
- Ensure that all contact details, including names, addresses, and payment terms, are accurately entered. - 3Bank accounts and transactions:
- Set up the client's bank accounts in Xero by connecting them to their online banking if available.
- Import or manually enter outstanding transactions, such as invoices, bills, and payments, from the legacy software into Xero. - 3Inventory:
- If the client manages inventory, set up their product inventory items in Xero.
- Enter stock levels, cost prices, selling prices, and any other relevant information for each item. - 3Payroll:
- If the client requires payroll processing, set up their payroll details in Xero.
- Import employee data, set up tax rates, and configure leave policies and pay schedules. - 3Reports and templates:
- Customize report templates in Xero to match the client's preferred format and branding.
- Set up any required recurring reports or schedules.
That's great to hear! It's essential to ensure compliance with the tax regulations of each country when handling payroll for businesses operating globally. Working with multiple tax authorities such as the Internal Revenue Service (IRS) in the United States, Her Majesty's Revenue and Customs (HMRC) in the United Kingdom,demonstrates your commitment to following the necessary tax formalities. This level of expertise and global compliance can be highly valuable to businesses with an international presence.
1. Centralize your payables: Establish a centralized accounts payable department or designate a single person responsible for managing all invoices and payments. This will ensure that all payables are properly tracked and reported.
2. Implement an automated system: Invest in accounts payable software or utilize cloud-based accounting solutions that automate the invoice processing and payment workflows. These systems can help streamline the entire accounts payable process, from invoice receipt to approval and payment.
3. Digitize and standardize invoices: Encourage suppliers to submit invoices electronically, either through email or an online portal. This eliminates the need for manual data entry and reduces the chances of errors or discrepancies. Establish clear invoice submission guidelines to ensure consistency and accuracy.
4. Validate invoices against purchase orders and contracts: Implement a three-way matching process that compares the invoice details with the corresponding purchase order and receiving documents. This helps identify any discrepancies or pricing errors and minimizes the risk of fraudulent invoices.
5. Enforce a robust approval process: Define a clear approval hierarchy and require proper authorization before any invoice is processed for payment. Implement automated workflows that route invoices to the appropriate approvers based on predefined rules. This helps ensure that all invoices are reviewed and approved in a timely manner.
6. Leverage data analytics: Utilize data analytics tools to monitor and analyze your accounts payable process. Use key performance indicators (KPIs) such as invoice cycle time, invoice accuracy rate, and dispute resolution time to identify areas for improvement and measure your performance.
7. Communicate and collaborate with suppliers: Establish clear communication channels with your suppliers to address any invoice discrepancies promptly. Encourage them to provide accurate invoice details and to address any issues directly with your accounts payable team. Promptly resolve any disputes or discrepancies to maintain good relationships with your suppliers.
8. Regularly reconcile accounts payable: Conduct regular reconciliations of your accounts payable records with your suppliers' statements or statements from your accounting system. This will help identify any discrepancies or outstanding balances and ensure that all invoices are properly recorded and accounted for.
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By effectively conducting BAS (Business Activity Statement), VAT (Value Added Tax), GST101A (Goods and Services Tax), Sales Tax, and other related activities, attribution errors and costs can be minimized, and the accurate handling of indirect taxes can be ensured. These tasks involve careful analysis and compilation of financial data, verifying tax compliance, and submitting accurate tax returns to relevant authorities.
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The reduction of attribution errors is important in avoiding discrepancies and inaccuracies when attributing taxes to specific transactions or activities. This includes ensuring that the correct tax rates and regulations are applied, and that the appropriate tax credits and deductions are considered.
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By handling indirect taxes correctly, businesses can prevent penalties, fines, and audits that may result from non-compliance. This helps maintain a good reputation with tax authorities and avoids potential legal issues. Additionally, accurate tax handling ensures that businesses are not paying more taxes than necessary, optimizing their financial performance.
Moreover, effective tax management can contribute to cost reduction. By avoiding errors and penalties associated with indirect taxes, businesses can save money that would have otherwise been spent on fines, late fees, or unnecessary tax payments.
Proper tax planning and compliance also help identify potential tax benefits, exemptions, or incentives that can reduce overall tax liabilities. In summary, performing BAS, VAT, GST101A, Sales Tax, and other relevant tax-related tasks play a crucial role in reducing attribution errors and costs, while ensuring accurate handling of indirect taxes and compliance with tax regulations.
Outsourcing bookkeeping services is the practice of hiring an external company or freelance professionals to handle the financial recording and management of a business.
By outsourcing bookkeeping services, businesses can benefit from specialized expertise, reduced costs, increased efficiency, and more time to focus on core business activities.
Outsourced bookkeeping services typically include tasks such as recording transactions, preparing financial statements, reconciling bank accounts, managing accounts receivable and accounts payable, and ensuring compliance with financial regulations.
The three-way matching process involves comparing three key documents: the invoice, the purchase order, and the receiving documents. This ensures that the details on the invoice match the corresponding purchase order and receiving documents. The process typically includes the following steps:
1. Gather all relevant documents: Collect the invoice, purchase order, and receiving documents associated with a particular transaction.
2. Match invoice details with purchase order: Compare the information on the invoice, such as the vendor name, item description, quantity, unit price, and total amount, with the corresponding details on the purchase order. Make sure that all the details align and there are no discrepancies.
3. Match receiving documents with purchase order: Now, compare the receiving documents (such as delivery notes or packing slips) with the purchase order. Verify that the quantity and description of the received goods match with what was originally ordered.
4. Compare all three documents: The final step involves cross-checking all three documents for consistency. Ensure that the purchase order, receiving documents, and invoice match each other accurately. Any discrepancies or variations in pricing, quantities, or product descriptions should be flagged and resolved. By implementing a three-way matching process, organizations can minimize the risk of paying fraudulent invoices or encountering pricing errors. This process ensures that purchases are properly authorized, goods are received as expected, and invoices are accurate. Additionally, it helps maintain transparency in financial transactions and improves overall financial control.
By outsourcing tasks such as bookkeeping, payroll processing, tax preparation, and financial reporting to our team of skilled professionals, CPAs can not only save time and resources but also ensure accuracy and efficiency in these processes. Our experts are well-versed in various accounting software and can handle these routine tasks with precision. Handling bookkeeping involves maintaining accurate financial records, including recording transactions, reconciling accounts, and producing financial statements.
Our team can ensure that these tasks are done accurately and in a timely manner, allowing CPAs to have a clear and up-to-date picture of their clients' financial health. Payroll processing can be a complex and time-consuming task involving calculations, tax withholdings, and compliance with labor laws and regulations. Our team can handle this process efficiently, ensuring accurate and timely paychecks for employees and compliance with all legal requirements. Tax preparation is another crucial task that requires expertise and knowledge of tax laws and regulations. Our professionals stay updated with the latest tax laws and can prepare tax returns accurately, helping clients maximize deductions and minimize tax liabilities.
Financial reporting is essential for businesses to track their financial performance and make informed decisions. Our team can generate customized financial reports, including balance sheets, income statements, and cash flow statements, providing CPAs and their clients with valuable insights into their financial position.
By outsourcing these routine tasks to our team, CPAs can free up their time and resources to focus on more strategic and high-value activities. This can include providing advisory services to clients, helping them streamline their operations, optimize their finances, and make strategic business decisions. Additionally, CPAs can dedicate more time to business development, acquiring new clients, and expanding their practice. Overall, outsourcing routine tasks to our team of skilled professionals can enhance the efficiency and effectiveness of CPAs, allowing them to provide better services to their clients and grow their practice.