# What
does Sapphire stand for?
Sapphire is a BPO company based in India. BPO is an
acronym for Business Process Outsourcing.
Traditionally, Business Process Outsourcing has been
a management tool available only to large companies.
These companies saved millions of dollars by
outsourcing their non-core functions, such as
accounting, finance and Human Resources to
specialized service providers. Sapphire provides
outsourcing of these back-office functions to small,
mid-size practicing Chartered Accountants ( CAs) and
accounting firms based in UK.
# Does
Sapphire provide non-accounting services?
Sapphire
provides other "back office" services such as data
entry. It can consist of any data entry service in
standard MS office formats, stand alone software or
web-based software.
# How
much does Sapphire cost?
The cost is dependent on many factors, such as the
number of hours involved, the number of entries to be
keyed in, the volume of non-accounting data, the
function to be staffed, the project to be completed,
etc. Sapphire always ensures that the scope and the
timing of the assignment are clearly defined and a
budget established. Sapphire always offers an hourly
or a fixed price arrangement. We feel strongly believe
that our advice, experience and work ethic will result
in savings and efficiencies that greatly exceed the
fee paid to Sapphire.
#
How can
Sapphire complete financial statements at 50% of the
cost?
The cost of Sapphire offshore team is
significantly less than UK based accountants. High
caliber accountants are available at lower costs. We
leverage these costs to your advantage.
# Does
a CA have to tell his clients that their financial
statements are being processed by Sapphire?
Sapphire
operates as an extension of your organization and the
preparation of financial statements may be seamless to
your clients. Your team is responsible for final
reviews and approvals prior to delivery to your
clients.
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# What
accounting software do I have to use?
Sapphire will use the software of your choice
including SAGE , VT Final and others.
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# How
does Sapphire maintain the confidentiality of client
data and financial statements?
The original documents are scanned at our offices in
London and scanned images are uploaded on our FTP
servers. On upload of the documents at the FTP servers
the original documents are returned back to your
office. The Sapphire team subscribes to a code of
professional ethics that mirror those of the ICAEW.
Sapphire is bound by comprehensive non-disclosure
agreements that require complete confidentiality.
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#
How do I
benefit by Choosing Sapphire for my tax processing
needs?
The Chief benefits that you would derive from
using Sapphire for your tax processing needs are;
Reduce tax preparation costs.
Improved turnaround time and client services.
Access to a dependable and trained back office team
there by reducing the need to increase your staff
during the busy season.
Processes and workflow are improved through the use of
technology.
All documents are captured and stored digitally. You
can turn over to working in a paperless mode and save
office space and related costs.
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# Can
Sapphire give an example of savings I can achieve by
using Sapphire's services for my tax preparation work?
Typically
Sapphire saves you over 70% of the cost of tax
preparation. Here is an example which illustrates the
savings one could achieve by outsourcing tax
preparation to Sapphire.
Assume a professional staff earns an average annual
salary of ₤25,000 with an additional 25 percent for
payroll tax and benefits. Most staffers would be
billable for 75 percent of the time, giving them 1,500
hours per year. This means their direct salary cost
per billable hour is approximately ₤16.67 (₤25,000
divided by 1,500 billable hours). To this must be
added such costs as employee recruitment and training,
along with the cost of equipment and other overhead.
These items can amount to another ₤5,000 per year,
which adds about ₤3.33 per billable hour in expenses
(₤5,000 divided by 1,500 billable hours). This makes
the total cost for one professional staff person with
one workstation at about ₤20 per billable hour.
It is estimated that on an average the tax input and
preparation time is of 4.5 hours,. Partner/manager
review time of 2.0 hours and administrative time of
1.25 hours.
There fore the cost to prepare the tax work papers and
input the client’s data averages ₤90 per return. (₤40
per hour X 4.5 hours). Sapphire can prepare tax work
papers and input in average cost of ₤25.A savings of
over 72%.
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#
How does Sapphire offshore team stay informed of
current UK accounting practices & tax laws?
Sapphire
offshore team is regularly updated on any changes in
UK tax laws. In addition, Sapphire trains their teams
based on client needs and client specific software.
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# How
do I forward the documents to Sapphire and collect the
returns after they are processed?
Your clients
original records are converted to electronic files and
stored on servers located at a state-of-the-art data
facility so that they can be accessed from anywhere on
the Internet. Completed returns are ready for review
within two working days in a file format compatible
with your tax software. If changes are necessary you
or Sapphire can easily modify the returns prior to
client delivery.
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#
What are
the deliverables from Sapphire on submission of my
client’s information for tax processing?
Sapphire will create separate electronic
files for each type of source document. These
documents will be placed into electronic folders
organized to follow the flow of a tax return. The
information on the source documents will then be keyed
into your tax processing system. Once completed,
Sapphire’s accountant will send you an email informing
you that the electronic tax returns are ready for you
to download and review. If changes are necessary, you
or Sapphire can easily modify the returns online prior
to client delivery.
Frequently
asked questions (faq's)