FAQs – Answers to Your Questions | XL Point Global

FAQ

Your Questions Answered

Welcome to FAQ Central, the go-to resource for all your queries! Here, we’ve compiled the most frequently asked questions to help streamline your experience and provide quick answers.

General Questions

Outsourcing these services can provide cost savings, access to specialized expertise, improved accuracy, reduced workload for in-house staff and better focus on core business activities. It can also enhance financial transparency and compliance.

Reputable outsourcing firms like us prioritize data security. We implement encryption, secure data transmission and strict access controls.

 

The process typically begins with an assessment of your accounting needs. Once you decide to partner with us, we will set up secure data-sharing channels. You can provide financial data and we will manage accounting and bookkeeping tasks remotely. Regular communication and reporting are essential parts of the process.

Yes, XLPoint's outsourcing services can be tailored to your unique requirements. We offer various engagement models to suit businesses of various sizes and nature. You can choose the type of model or level of service that suits you best.

The cost varies depending on the type of engagement model , work scope and complexity of the services you need. Outsourcing often proves to be cost-effective compared to maintaining an in-house accounting team due to reduced overhead and improved efficiency.

Outsourcing services are beneficial for a wide range of businesses, including small startups, mid-sized enterprises and large corporations. The specific services needed can be customized to suit the unique financial requirements of various industries and sectors.

It’s essential to choose a partner with experience in your industry or a willingness to invest time in understanding your business. Leaning on a XLPoint team with diverse expertise and decades of experience, Xpertiese specializes in delivering accounting and bookkeeping services across UK. 

Bookkeeping & VAT Returns​

These services generally encompass the recording of financial transactions, upkeep of ledgers, preparation of financial statements, and the precise calculation and submission of VAT returns to tax authorities.

By delegating these services to Xpertiese, you can save time and resources, minimize the risk of errors in your financial records, guarantee compliance with VAT regulations, and gain expert advice on how to optimize VAT-related expenses.

 

We have implemented strong data security measures, including encryption and secure data transmission, to safeguard your financial information. You can be confident that your financial data is entirely secure with us.

The submission frequency for VAT returns may differ depending on the size and specific needs of your business. In line with the service level agreement (SLA) established, XLPoint typically oversee the management of deadlines and ensure that submissions to tax authorities are made punctually, helping you steer clear of any penalties for late filings.

Yes, we can customize these services to match your unique business needs. We provide a variety of engagement models that you can select from, based on the scope of work and the level of team involvement needed. This allows you to choose options that best fit your business's size and industry.

Absolutely! We offer secure full access to our client portal that allows you to access your financial data and reports 24/7. This transparency is crucial for you to be able to monitor your financial health.

Turnaround times can vary based on the complexity of the tasks and your chosen engagement model. Depending on what model you have opted for, our service-level agreements (SLAs) will usually specify response and completion times, ensuring timely delivery.

 

XLPoint has inbuilt quality control measures in place to minimize errors. In the event of discrepancies, we work collaboratively with you to rectify the issue promptly and provide corrective actions to prevent future errors.

Payroll

Outsourcing payroll services generally includes activities such as computing employee wages, deductions, and tax withholdings, processing payments, ensuring compliance with payroll taxes, and supplying payroll reports.

Outsourcing payroll to XLPoint can save you time and resources, reduce the risk of payroll errors, ensure compliance with tax regulations and provide access to our expertise in payroll management, allowing you to focus on core business activities.

 

XLPoint prioritizes data security and employ encryption, secure data transmission and strict access controls to safeguard sensitive employee information. When you choose XLPoint for your payroll management, we also bring in our strong commitment to data protection to the board.

 

Certainly. XLPoint offers full flexibility in tailoring payroll services to your specific requirements, including the choice of pay frequency, benefits administration and options for additional services such as time tracking. Our various engagement models  also give you the flexibility to decide on the level of involvement you would prefer from our team by aligning our offerings with your needs. 

XLPoint will usually handle all aspects of payroll tax compliance, including filing necessary returns and reports to tax authorities, depending on the agreed-upon SLA. We will also keep up with changing tax regulations and ensure your business remains in compliance.

Management Accounts

XLPoint offers access to offers access to specialized expertise, ensures timely and accurate reporting and allows in-house staff to focus on core business activities. 

The frequency of management accounts can be customized to suit the business’s needs, but they are often prepared monthly or quarterly. Our team can adjust the reporting schedule as per your requirements.

 

Management accounts can include various financial data, including income statements, balance sheets, cash flow statements and KPIs. The content can be customized to align with your specific industry or business. We also offer analytical services, helping you understand the implications of the data and providing recommendations for business improvements based on the insights.

 

Yes, outsourcing can be cost-effective, especially for smaller businesses. It eliminates the need to hire and train in-house accounting staff and ensures expert financial reporting at a predictable cost.

 
Yes, with our's multiple engagement models , it is easy to bundle management accounts outsourcing with other financial services and create a comprehensive financial management solution for your business.

Company Secretarial​

Company secretarial outsourcing covers tasks related to corporate governance and compliance, such as maintaining statutory records, handling annual filings, managing board meetings and shareholder communications, and ensuring legal and regulatory compliance.

We maintain strict data security protocols and ensure the confidentiality of sensitive company information.
 

Yes, you can choose from our various engagement models  to align our services with your specific requirements. Our models can be tailored to suit your industry, business size and compliance needs.

 
 

Our team makes sure to stay updated on regulatory changes and ensure that your business remains compliant with the law, assisting in avoiding legal issues and penalties.

Providing regular updates and reports is inbuilt into our service, ensuring you are always informed about the status of compliance, upcoming deadlines and regulatory changes.

Year End Accounts & Corporate Tax​

Our Year End Accounts & Corporate Tax outsourcing services encompass the preparation and submission of financial statements and corporate tax returns to meet annual compliance requirements. Outsource these services for saving time, reducing the risk of errors and getting access to expert tax advice. 

Outsourcing these to us  can lead to potential cost savings as you can lean on our team for accurate tax filings, eliminating the need for in-house tax professionals and reducing the risk of penalties. We have even be able to identify many tax-saving opportunities for our clients on a regular basis.

 

The team believes in staying updated on tax laws and regulations, identifying opportunities to reduce tax liability legally and providing advice to maximize tax efficiency.

 

Of course! Our team has multiple experts who can handle complex tax matters, including international tax compliance, transfer pricing and tax planning strategies. All you need to do is ask!

Non-compliance can lead to financial penalties, legal consequences, and damage to a company’s reputation. Partner with us today to help mitigate these risks.

Accounts Payable & Accounts Receivable

Accounts Payable outsourcing services encompass the handling of all aspects of a company’s supplier invoices and payments, including data entry, invoice processing, payment processing and vendor management.

Outsourcing Accounts Receivable services, on the other hand, typically includes managing customer invoices, tracking payments, following up on overdue accounts and maintaining accurate records of all transactions.

Outsourcing Accounts Payable can lead to cost savings, reduced manual data entry errors, improved efficiency, enhanced vendor relationships, and better control over cash flow. On the Accounts Receivable side, it can lead to faster payment collection, reduced days sales outstanding (DSO), improved cash flow, and a more efficient and organized receivables process.

 

The turnaround time can vary based on your business’s requirements and our agreed-upon SLAs. With our engagement models based on fixed hourly rates, XLPoint promises timely deliveries with superior quality.

 

Yes, we offer full  transparency and control by providing access to real-time reports and dashboards, allowing you to monitor and track the status of your payables and receivables. You can maintain visibility while benefiting from the efficiency and expertise of our team.

The timeline for realizing improvements in cash flow varies depending on the specific processes and challenges within your business. Most businesses start seeing positive results within a few months of partnering with us.

Self-Assessment Returns

A Self-Assessment Return is a tax form required by HM Revenue and Customs (HMRC) in the UK. It is used by individuals to report their income, gains, and claim tax reliefs or allowances. Filing one is necessary to ensure you pay the correct amount of tax.

XLPoint will need details about your income, expenses, deductions and any relevant supporting documents, such as receipts or investment statements.

 

The deadline is usually January 31st following the tax year. Outsourcing to XLPoint can help ensure your return is filed accurately and on time to avoid penalties.

 

Absolutely, that is actually one of the primary reasons why you should outsource to XLPoint! Our tax experts can help identify potential savings and ensure you claim all eligible deductions.

Missing the deadline may result in penalties and interest charges, making timely filing crucial. Letting XLPoint handle filing of self-assessment returns can help you avoid such penalties.

No, our services do not bound you geographically. We offer remote services, allowing individuals living abroad to comply with UK tax requirements.

Fund Management

Fund Management involves overseeing investments and assets on behalf of clients. Outsourcing this service to us can provide professional expertise, diversification and cost-efficiency.

With XLPoint, take advantage of our strong track record, a transparent fee structure, expertise in various investment strategies and a clear understanding of your financial goals.

XLPoint can manage a wide range of funds, including mutual funds, hedge funds, pension funds, and exchange-traded funds (ETFs).

 

We do not have a specific lower bandwidth, however, minimum investment requirements vary by industry and business. So an ideal solution would be to reach out to us so that we can align our services with your financial capacity and objectives.

 

We base investment decisions on your risk tolerance, financial goals and market conditions, aiming to achieve the best possible returns.

Yes, we offer regular reporting and communication, allowing you to track the performance of your investments and maintain control over your financial goals.

We usually employ diversification strategies to spread risk across various assets and asset classes, reducing the impact of market volatility.

Inventory Management

Companies across diverse sectors, such as retail, manufacturing, and e-commerce, can enhance their supply chain operations by outsourcing Inventory Management to XLPoint. This service is designed to help businesses of all sizes optimize their inventory processes.

 

Yes, XLPoint uses data analytics and forecasting to optimize inventory levels, minimizing the risk of stockouts and overstock situations.

 

Certainly! XLPoint offers real-time visibility into inventory levels and end-to-end tracking, allowing for better decision-making and reduced lead times.

 

XLPoint employs automated systems to manage reorder points, supplier relationships and ensure timely restocking of inventory.

Outsourcing to XLPoint by opting for any of our multiple engagement models can reduce carrying costs, warehousing expenses and costs associated with excess inventory, ultimately improving your bottom line.

Audit Support Services

Audit Support services provide assistance and documentation to help companies prepare for and navigate financial audits conducted by external auditors. It can benefit businesses of all sizes, as it helps ensure financial transparency and compliance, which is essential for both small and large companies.

Our Audit Support services can assist with document preparation, financial analysis, evidence gathering and responding to auditor inquiries, among others.

 

Yes, we do required access to your financial records and systems to be able to perform our duties effectively and efficiently. However, do rest assured that XLPoint prioritizes data security and compliance, ensuring that sensitive financial information is protected throughout the audit process.

 

Our processes have built-in quality control measures, reviews and cross-checks at every step to ensure that all documentation is accurate and complete.

The timeline can vary depending on the complexity of the audit and the readiness of the client’s financial records. It’s essential to start the process well in advance of the audit.

Absolutely! We do offer post-audit services to help address any audit findings, remediation and implementation of recommended improvements. Please reach out to us and we’d be happy to help.

Accounting System Integration

Commonly integrated systems include ERP, CRM, payroll, and other financial software, ensuring seamless data flow across the organization.

The choice of software and platform depends on your business needs, but popular choices include QuickBooks, Xero, NetSuite and Microsoft Dynamics.

 

When you reach out to us for accounting system integration services, we will assess your current systems and workflows to recommend the most suitable integration scope for your business.

 

Rest assured, all your financial data and sensitive information will be protected through security measures that are built-in in all our processes. We ensure complete data security and compliance. 

Training may be required in some cases – the team at XLPoint will offer support and training as part of their integration services.

Data migration is a critical step, and our processes ensure complete data accuracy and continuity during the transition.

Post-integration support at XLPoint includes troubleshooting, updates and assistance with any issues that arise.

Yes, such integrations can enable real-time data access and reporting, helping you make informed decisions based on up-to-date information.

Challenges may include data inconsistencies, system compatibility issues and user adoption. However, the experts at XLPoint have strategies to mitigate these challenges, leaving you stress-free during the entire process.