MindSpace Outsource Bookkeeping Service USA

8/12/2019 MindSpace Outsource Bookkeeping Service USA

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Financial & Accounting Outsourcing in USAAn Opportunity for SMEs & Accounting Firms

Kshitij Jain, FCA

DirectorI MindSpace Outsourcing Services Pvt. Ltd.


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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 GAAPs and US Payroll. We act asBookkeeping & Accounting Process Owners in the

Engagement.

We are a client centric organization and our Value

proposition is Knowledge Based Approach, QualityDeliverables leading to a effective Value Based

Outsourcing.


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Management Team

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 theBusiness Process Outsourcing industry and is associated with TIE Worldwide. He

maintains the high standards of the firm by training new recruits and overseeingcompany best practices.

Manish Jindal, FCA,DISA

Manish is cofounder of company. He is the Director Operations and undertakes clientdeliveries 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 insuccessful migration of processes and controls.

Team

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.


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Services Portfolio

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 inpreparing 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


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Process Flows

The manner in which Outsourcing can takeplace at Clients end :

- Offline Access Model

- Online Access Model

Process Standardization and Document Management

There is major Emphasis on Standard OperatingProcesses before a activity gets migrated . In case ofAccounting Firms , Client Review Note etc are inbuiltprocesses.


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Offline Process


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Remote Access


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Online Process


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Work Flow at

Delivery CentreBack End Work Flow at Delivery Centre :Clients scans the documents and intimates the Team Leader.

Team Leader reviews the data and confirms to the clients of no. ofdocuments received and a Client Review Note.

Team Leader assigns the tasks to the Bookkeepers .

Bookkeeper starts processing the documents , updates the status ona Day end .Team Leader updates the clients on Status of work done and Clientsqueries are also sent .

Once work completed, Team Leader randomly selects data and do QA/QC.

Client gets complete work .

Internal Management Levels :Director Operations

Team Leader - Taking Care of Communications & Quality Checks

Bookkeepers - Responsible for Data inputting & Query preparation


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MindSpace Advantages

Domain Expertise - The Team working on client projects are wellversed with US GAAPs and US Payroll and Sales & Use Tax Laws.

Standard Processes - End to End Process gets migrated only afterapproved SoPs, prepared by MindSpace and approved by Client Firm.We adhere to SLAs and deviations are reported to the Client.

Confidentiality - Work is done under secured environment and SLAs are

adhered. Physical , Network Security and Employee Security standards arefollowed. We work under NDAs.

Good Communication Skills - The Team Leaders & Director Operationsare responsible for voice communication with clients. Clients can directlycontact 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 toaddress issues to Staff Turnover and Skewed works at the time ofMonth End.

Cost Savings more than 50% .

Improved Document Management and Retrieval


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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 , CCTVs

24/7 Power Back up mechanism.

Different means of communication are available - Skype,Vonage

Provision for 100% data redundancies.


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Security at MindSpaceWORK 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-basisNeed 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.

PHYSICAL SECURITY

Entry to the premises is restricted through secure access cards.

The Facility surveillance is done by CCTV.

Facility also manned with Security Staff .

EMPLOYEE CREDIBILITY

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.


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Case Study -Bookkeeping Process of a Retail

Company

Challenges faced :

Delayed Bookkeeping due to voluminous supplier invoicesand remittances received weekly by the client

Poor Data Retrieval of accounting vouchers

Higher Costs for Bookkeeping Department due to staffturnover

Delayed Bank Reconciliations and AR reconciliations

Month Ends used to take place 2 to 3 months


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Case Study -Bookkeeping Process of a Retail Company

Solutions :MindSpace Team has domain expertise in US Bookkeeping . We initiallystudied the process of Bookkeeping and prepared a process flow

The client thereafter used to scan everything as a shoebox on FTPserver

MindSpace Team first organizes the scanned data into respective

folders as per SoPsTeam connects remotely to the clients server and do the bookkeepingon QuickBooks

Benefits :Month Ends completes with in 30 days

Bank reconciliations with 7 days of Month EndThe clients has outsourced AR & AP reconciliations process toMindspace as well

The F & A team concentrates more on Management reporting andregulatory Compliance Issues

Cost Reduction of Accounting Department by 50 -55 %


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Case Study -Payroll Function for a Staffing Company

The client had to pay Fortnightly to

Employees

The client was facing issues of

-Delayed Payments to Employees

- Staff Turnover

-Delays in Sending Regulatory returns-Accounting Reconciliations pendency of

payroll was for more than 4 payroll cycle


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Case Study -Payroll Function for a Staffing Company

Benefits :

- Timely Payments to Staff-Cost Cutting to the extent of 60%

-Client has a dedicated team to work on general issues raisedby staff which get replied from offshore centre.

- Client Staff onshore can spend time on regulatory and

compliance issues more productively.

- Reconciliation of payroll was made upto date with accounting

records.


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Engagement Models

FTE Based

Activity Based

Transaction Based


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Contact us

MindSpace Outsourcing Services Private Limited.247, Manish Mansion , Second Floor, Frontier Colony

Adarsh Nagar, Jaipur - 302004, Rajasthan, IndiaTelephone (India): +91-141-4023431

US Tel. : (01) 786.871.2066E-mail : [email protected]

Visit us at : www.bookkeeping.co.in

www.mindspaceoutsourcing.comSkype: kshitij1010
http://www.bookkeeping.co.in/http://www.bookkeeping.co.in/

MindSpace Outsource Bookkeeping Service USA

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