Financial and Accounting Outsourcing in USA - PowerPoint PPT Presentation

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Financial and Accounting Outsourcing in USA


Mindspace Outsourcing provides value added financial outsourcing solutions to accounting firms in the USA. Here one can avail the benefits of finance & accounting outsourcing, bookkeeping service, tax return process, accounting management, overhead & expense analysis in effective way. – PowerPoint PPT presentation

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Title: Financial and Accounting Outsourcing in USA

Financial Accounting Outsourcing in USA An
Opportunity for SMEs 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
GAAPs 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
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 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.  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.
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 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
Process Flows
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.
Offline Process
Remote Access
Online Process
Work Flow at Delivery Centre
  • Back 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. of documents received
    and a Client Review Note.
  • Team Leader assigns the tasks to the
    Bookkeepers .
  • Bookkeeper starts processing the documents
    , updates the status on a Day end .
  • Team Leader updates the clients on
    Status of work done and Clients queries 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

MindSpace Advantages
Domain Expertise - The Team working on
client projects are well versed with US
GAAPs and US Payroll and Sales Use Tax Laws.
Standard Processes - End to End Process
gets migrated only after approved 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 are followed.
We work under NDAs. 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 , CCTVs 24/7 Power Back up
mechanism. Different means of communication are
available - Skype, Vonage Provision for 100 data
Security at MindSpace
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. 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
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
Solutions 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 SoPs Team
connects remotely to the clients server and
do the bookkeeping on QuickBooks Benefits
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
  • The client had to pay Fortnightly to
  • 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

Case Study - Payroll Function for a Staffing
  • Benefits
  • - Timely Payments to Staff
  • Cost Cutting to the extent of 60
  • Client has a dedicated team to work on
    general issues raised by staff which get
    replied from offshore centre.
  • Client Staff onshore can spend time on
    regulatory and compliance issues more
  • Reconciliation of payroll was made upto
    date with accounting records.

Engagement Models
FTE Based Activity Based Transaction Based
Contact us
MindSpace Outsourcing Services Private
Limited. Suite 201-202, Gurukripa Tower,
Mahaveer Marg, C- Scheme, Jaipur - 302001,
Rajasthan, India Telephone (India)
91-141-4023431 US Tel. (01) 786.871.2066 E-mail Visit us at www.mindspaceoutsourc Skype kshitij1010
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