Financial & Accounting Outsourcing in USA An Opportunity for SME’s & Accounting Firms. Kshitij Jain, FCA Director I MindSpace Outsourcing Services Pvt. Ltd. MindSpace - Introduction.
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Financial & Accounting Outsourcing in USA An Opportunity for SME’s & Accounting Firms
Kshitij Jain, FCA
Director I MindSpace Outsourcing Services Pvt. Ltd.
MindSpace - Introduction
Founded in year 2005 with an aim to provide Value Added Financial Outsourcing Solutions to Accounting Firms in the US. We have domain expertise in US Bookkeeping, US GAAP’s and US Payroll. We act as Bookkeeping & Accounting Process Owners in the Engagement.
We are a client centric organization and our Value proposition is Knowledge Based Approach, Quality Deliverables leading to a effective Value Based Outsourcing.
Kshitij Jain, FCA
Kshitij is cofounder of company. He is the Director & QB ProAdvisor 2010 and a Fellow Member of Institute of Chartered Accountants of India. He has had vast exposure with US GAAP and relevant tax laws. He is closely involved with the Business Process Outsourcing industry and is associated with TIE Worldwide. He maintains the high standards of the firm by training new recruits and overseeing company best practices.
Manish Jindal, FCA,DISA
Manish is cofounder of company. He is the Director Operations and undertakes client deliveries functions and a Fellow Member of Institute of Chartered Accountants of India. He has also done a Diploma in Information Systems Audit. Manish has more than 5 years exposure with US accounting and relevant tax laws. Manish plays a key role in successful migration of processes and controls.
Our team comprises CAs, MBAs, Software Engineer, Graduates who have adequate experience in processing various tasks including Management reports, Bookkeeping, AP & AR and Payroll. At the top is a collaboration of CAs and Managers at delivery center.
Bookkeeping & Payroll Services :
Maintenance of Nominal Ledgers to Trial Balance
Maintenance of Purchase Ledgers & Reconciliations - AP
Maintenance of Sales Ledgers & Reconciliations - AR
Payroll Process on Weekly or Monthly Basis and support in preparing W-2 , 940, 941 etc.
Processing Sales and Use Tax Returns and Form1099.
Management Reporting :
Monthly Management Accounts Preparations
Financial Plan Preparations & Data Modeling
Cash Flow Preparations
The manner in which Outsourcing can take place at Clients end :
- Offline Access Model
-Online Access Model
Process Standardization and Document Management
There is major Emphasis on Standard Operating Processes before a activity gets migrated . In case of Accounting Firms , Client Review Note etc are inbuilt processes.
Work Flow at Delivery Centre
Back End Work Flow at Delivery Centre :
Internal Management Levels :
Team Leader - Taking Care of Communications & Quality Checks
Bookkeepers - Responsible for Data inputting & Query preparation
Domain Expertise - The Team working on client projects are well versed with US GAAP’s and US Payroll and Sales & Use Tax Laws.
Standard Processes - End to End Process gets migrated only after approved SoP’s , prepared by MindSpace and approved by Client Firm. We adhere to SLA’s and deviations are reported to the Client.
Confidentiality - Work is done under secured environment and SLA’s are adhered. Physical , Network Security and Employee Security standards are followed. We work under NDA’s.
Good Communication Skills - The Team Leaders & Director Operations are responsible for voice communication with clients. Clients can directly contact them and discuss issues .
Control of Process - The Clients keep control on the whole Outsource Accounting Processes.
Flexibility to clients - MindSpace Keeps adequate bench strength to address issues to Staff Turnover and Skewed works at the time of Month End.
Cost Savings more than 50% .
Improved Document Management and Retrieval
Infrastructure at MindSpace
2500 sq ft working space (Can be expanded to the extent of another 1500 sq ft )
Two Lease line connections having 2 Mbps online connectivity.
Secured FTP for Data Transfers, Biometric Access , CCTV’s
24/7 Power Back up mechanism.
Different means of communication are available - Skype, Vonage
Provision for 100% data redundancies.
Security at MindSpace
WORK STATION & NETWORK SECURITY
Access to workstations is restricted through Network, windows login, PC locking.
Dual-Monitor workstations for a paperless environment, restricted access printers are available to any staff.
No access is available for fixing any external drive (CD Drives, Floppy Drives, and USB Ports) to the workstation.
Workstations secured individually by Anti-Virus and Untangle Firewall Protection.
Limited internet access on need-basis – Need Based ( client specific) emails access only
Individual domain accounts for each processor ensures that the access to source documents is restricted to authorized employees only.
Segmented LAN with firewall protection.
Trackers installed on each workstation to keep a close tab on each employee. Screenshot of Employee PC are Taken in every 15 minutes.
Static IP Based Data Transfer Facility via SSL Protected FTP Servers based in the US.
Own a Dedicated VPS server for secured Data Transfer.
Data Backups taken on a every Day End.
Entry to the premises is restricted through secure access cards.
The Facility surveillance is done by CCTV.
Facility also manned with Security Staff .
Employee recruitment after thorough background checks.
Employee sign non disclosure agreement with MindSpace before being inducted into the company.
Core information shared only within a limited group of people.
Constant monitoring through the trackers installed on the workstations.
Case Study - Bookkeeping Process of a Retail
Challenges faced :
Delayed Bookkeeping due to voluminous supplier invoices and remittances received weekly by the client
Poor Data Retrieval of accounting vouchers
Higher Costs for Bookkeeping Department due to staff turnover
Delayed Bank Reconciliations and AR reconciliations
Month Ends used to take place 2 to 3 months
Case Study - Bookkeeping Process of a Retail Company
MindSpace Team has domain expertise in US Bookkeeping . We initially studied the process of Bookkeeping and prepared a process flow
The client thereafter used to scan everything as a “shoebox” on FTP server
MindSpace Team first organizes the scanned data into respective folders as per SoP’s
Team connects remotely to the clients server and do the bookkeeping on QuickBooks
Month Ends completes with in 30 days
Bank reconciliations with 7 days of Month End
The clients has outsourced AR & AP reconciliations process to Mindspace as well
The F & A team concentrates more on Management reporting and regulatory Compliance Issues
Cost Reduction of Accounting Department by 50 -55 %
Case Study - Payroll Function for a Staffing Company
The client had to pay Fortnightly to Employees
The client was facing issues of
- Staff Turnover
Case Study - Payroll Function for a Staffing Company
- Timely Payments to Staff
MindSpace Outsourcing Services Private Limited.
247, Manish Mansion , Second Floor, Frontier Colony
Adarsh Nagar, Jaipur - 302004, Rajasthan, India
Telephone (India): +91-141-4023431
US Tel. : (01) 786.871.2066
E-mail : [email protected]
Visit us at : www.bookkeeping.co.in