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Accounting

ABOUT CLIENT

This company is located in London, United Kingdom and belongs to the Electronic Shopping and Mail-Order Houses Industry. Across all of its locations, it generates USD 34,927 in sales annually.

 

CHALLENGES

As a new business and with few employees, the client had a limited set up of accounting with Xero and thus, the client couldn’t keep accounting records with just a few employees. The client hired us to maintain UK bookkeeping as well as payroll setup. We faced challenges setting up a pay run in Xero and needed to perform research and development on calculating the net pay amount.

 

JOURNEY

The client has been working with us for over one year. We have been responsible for keeping records and categorizing the credit card, bank, and bill transactions. We have also been responsible for resolving VAT and filing VAT returns.  To maintain our books, we have made a proper categorization of the expenses. We also maintain payroll and withholding tax records, and run the payroll on time.

 

SOLUTION

We helped them with payroll tax liability issues after discussing with HMRC and NEST customer service over the phone. We reviewed CT-600 for the year 2020 to file their tax returns.

 

RESULTS

After discussing payroll tax liability issues over the phone with HMRC and NEST customer service, we reviewed CT-600 to file their tax returns for 2020. Now, the client is stress-free and can focus on his business, since all the pressure of maintaining book-keeping, VAT liability records, and Payroll is taken away from them. Now, the client is more capable of expanding the business.

ABOUT CLIENT

The client is engaged in the business of “delivering affordable golf equipment geared for beginners and casual players”, incorporated in 2019, located in California, United States.

 

CHALLENGES

The client’s business is based on Golf, and he has a great idea, a great vision, and is determined to succeed. In terms of challenges, we were facing several items such as SKU-code-specific inventory management, proper item-level sales invoicing, vendor inventory item-level bills, analysis of product profitability, sales updating portal, and sales tax returns. It was essential to calculate COGS and Inventory at the end of every month.

 

JOURNEY

Our client has been in business with us for more than 1.5 years. We help the client classify transactions from credit cards, banks, and PayPal, record sales from multiple platforms such as Shopify and Amazon, and maintain quantity-wise bills from the settlement platform. We are also responsible to review and reconcile VAT amounts and filing quarterly California VAT returns.

 

SOLUTION

The client outsourced the bookkeeping process to us. We provide him with proper bookkeeping services and share the financial information with him every month. We maintain good communication with this client by mail. Our suggestion was to integrate the Shopify sales platform with QBO which automatically records SKU-code-wise sales in the books and saves the client time.

 

RESULTS

As of now, we are providing monthly financials to the clients so he no longer has to worry about the record-keeping of his business. The client can spend more time on his expansion plans. Even though we had taken a huge burden off his shoulders, we will also receive extra work from them, and in this situation, they can also refer us to others.

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