financial and accounting outsourcing services in usa

8/9/2019 Financial and Accounting Outsourcing Services in USA

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Financial & AccountingOutsourcing in USA AnOpportunity for SMEs & AccountingFirms

Kshitij Jain, FCADirector I MindSpace Outsourcing Services Pvt. Ltd.


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MindSpace - Introduction

Founded in year 2005 with an aim to provide Va ue!dded Financia Outsourcing So utions to !ccountingFirms in the "S. #e have domain e$pertise in "S

%oo&&eeping' "S (!!P)s and "S Payro . #e act as%oo&&eeping * !ccounting Process Owners in the+ngagement.

#e are a c ient centric organi,ation and our Va ueproposition is -now edge %ased !pproach' ua ity/e ivera es eading to a e11ective Va ue %asedOutsourcing.


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Management TeamKshitij Jain, FCA-shiti is co1ounder o1 company. 3e is the /irector * QB ProAdvisor 2010 and aFe ow Mem er o1 Institute o1 4hartered !ccountants o1 India. 3e has had vaste$posure with "S (!!P and re evant ta$ aws. 3e is c ose y invo ved with the%usiness Process Outsourcing industry and is associated with I+ #or dwide. 3e

maintains the high standards o1 the 1irm y training new recruits and overseeingcompany est practices.Manish Jindal, FCA,DISAManish is co1ounder o1 company. 3e is the /irector Operations and underta&es c ientde iveries 1unctions and a Fe ow Mem er o1 Institute o1 4hartered !ccountants o1India. 3e has a so done a /ip oma in In1ormation Systems !udit. Manish has more

than 5 years e$posure with "S accounting and re evant ta$ aws. Manish p ays a &eyro e in success1u migration o1 processes and contro s.ea!

Our team comprises 4!s' M%!s' So1tware +ngineer' (raduates who have ade7uatee$perience in processing various tas&s inc uding Management reports' %oo&&eeping'!P * !8 and Payro . !t the top is a co a oration o1 4!s and Managers at de ivery

center.


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Services ortfolioBoo""ee#in$ % Pa&roll Services 'Maintenance o1 9omina Ledgers to ria %a anceMaintenance o1 Purchase Ledgers * 8econci iations : !PMaintenance o1 Sa es Ledgers * 8econci iations : !8Payro Process on #ee& y or Month y %asis and support inpreparing #:2 ' ;


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rocess Flo!s

The manner in which Outsourcing can takeplace at Clients end :

- Ofine Access Model

- Online Access Model

Process Standardization and Document Management

There is ma or !mphasis on Standard OperatingProcesses "e#ore a acti$it% gets migrated & 'n caseo# Accounting (irms ) Client *e$iew +ote etc arein"uilt processes&


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O"ine rocess


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#emote Access


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Online rocess


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MindSpace AdvantagesDo!ain )-#ertise : he eam wor&ing on c ient pro ects are we versedwith "S (!!P)s and "S Payro and Sa es * "se a$ Laws.Standard Processes : +nd to +nd Process gets migrated on y a1ter approvedSoP)s ' prepared y MindSpace and approved y 4 ient Firm. #e adhere toSL!)s and deviations are reported to the 4 ient.Con.identialit& : #or& is done under secured environment and SL!)s areadhered. Physica ' 9etwor& Security and +mp oyee Security standards are1o owed. #e wor& under 9/!)s./ood Co!! nication S"ills : he eam Leaders * /irector Operationsare responsi e 1or voice communication with c ients. 4 ients can direct ycontact them and discuss issues .

Control o. Process : he 4 ients &eep contro on the who e Outsource!ccounting Processes.Fle-i ilit& to clients : MindSpace -eeps ade7uate ench strength to addressissues to Sta11 urnover and S&ewed wor&s at the time o1 Month +nd.Cost Savin$s more than 50? .I!#roved Doc !ent Mana$e!ent and 8etrieva


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Infrastructure at MindSpace

2500 s7 1t wor&ing space @4an e e$panded to the e$tento1 another =500 s7 1t A

wo Lease ine connections having 2 M ps on ine

connectivity.Secured F P 1or /ata rans1ers' %iometric !ccess ' 44 V)s

2B Power %ac& up mechanism.

/i11erent means o1 communication are avai a e : S&ype'Vonage

Provision 1or =00? data redundancies.


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'ase Study -1ookkeeping Process o# a *etail

Compan%

Challen$es .aced C

/e ayed %oo&&eeping due to vo uminous supp ier invoices andremittances received wee& y y the c ient

Poor /ata 8etrieva o1 accounting vouchers

3igher 4osts 1or %oo&&eeping /epartment due to sta11turnover

/e ayed %an& 8econci iations and !8 reconci iations

Month +nds used to ta&e p ace 2 to D months


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'ase Study -1ookkeeping Process o# a *etail Compan%

Sol tions 'MindSpace eam has domain e$pertise in "S %oo&&eeping . #e initia ystudied the process o1 %oo&&eeping and prepared a process 1 ow

he c ient therea1ter used to scan everything as a Eshoe o$ on F P serverMindSpace eam 1irst organi,es the scanned data into respective 1o ders as

per SoP)seam connects remote y to the c ients server and do the oo&&eeping onuic&%oo&s

Bene.its ' Month +nds comp etes with in D0 days%an& reconci iations with B days o1 Month +nd

he c ients has outsourced !8 * !P reconci iations process to Mindspace aswe

he F * ! team concentrates more on Management reporting and regu atory4omp iance Issues

4ost 8eduction o1 !ccounting /epartment y 50 :55 ?


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'ase Study -Pa%roll (unction #or a Sta ng Compan%

he c ient had to pay Fortnight y to+mp oyees

he c ient was 1acing issues o1

:/e ayed Payments to +mp oyees

: Sta11 urnover-

/e ays in Sending 8egu atory returns- !ccounting 8econci iations pendency o1

payro was 1or more than < payro cyc e


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'ase Study -Pa%roll (unction #or a Sta ng Compan%

Bene.its ': ime y Payments to Sta11 - 4ost 4utting to the e$tent o1 G0?-

4 ient has a dedicated team to wor& on genera issues raisedy sta11 which get rep ied 1rom o11shore centre.

- 4 ient Sta11 onshore can spend time on regu atory andcomp iance issues more productive y.

- 8econci iation o1 payro was made upto date with accounting

records.


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Engagement Models

(T! 1ased

Acti$it% 1ased

Transaction 1ased


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'ontact us

MindSpace Outsourcing Services rivate ,imited &Suite;

financial and accounting outsourcing services in usa

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