Financial & Accounting
Outsourcing in the UK
An Opportunity for SME’s & Accounting
Manish Jindal , FCA
Director I MindSpace Outsourcing Services Pvt. Ltd.
Founded in year 2007 with an aim to provide Value Added
Financial Outsourcing Solutions to Accounting Firms in the UK .
We have domain expertise in UK Bookkeeping, UK GAAP’s and
UK VAT Laws. 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.
Manish Jindal - Sage Line 50 Level 1 Certified
Director of the company , a Fellow member of the Institute of Chartered
Accountants of India has an experience of more than 5 years in the UK
Bookkeeping ,Corporation Tax Returns, VAT Accounting & Payroll and as a
Chartered Accountant for more than 8 years.
Kshitij Jain , FCA
Director of the company, a Fellow member of the Institute of Chartered
Accountants of India, has done a Diploma in Information Systems Audit. A
Key Industry Player with an experience of more than 7 years with Audit
firms and more than 3 years in the U.S Bookkeeping, US GAAP's, Payroll &
US Sales Tax .
Bookkeeping & Payroll Services :
•Maintenance of Nominal Ledgers to Trial; Balances
•Maintenance of Purchase Ledgers & Reconciliations - AP
•Maintenance of Sales Ledgers & Reconciliations - AR
•Payroll Process on Week or Monthly Basis and preparing
•Processing VAT Returns
Management Reporting :
•Monthly Management Accounts Preparations
•Financial Plan Preparations & Data Modeling
•Cash Flow Preparations
• Domain Expertise - The Team working on client projects are well versed with UK
GAAP’s and UK VAT 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
• 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
• 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
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
•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.
•Own a Dedicated VPS server for secured Data Transfer.
•Data Backups taken on a every Day End.
Security at MindSpace
•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- Business
Bookkeeping Process of a UK based Logistic Company
Challenges faced :Delayed Bookkeeping due to voluminous supplier invoices and remittances received weekly by
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
MindSpace Team has domain expertise in UK 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 Sage 2011
Month Ends completes with in 30 days
Bank reconciliations with 7 days of Month End
The clients has outsourced AR & AP p 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 – Accounting Firm
Bookkeeping and VAT Support for London based
Challenges faced :
•Timely Delivery of VAT returns and Accounts Production
•Skewed Work schedule
•Costs of Clerical staff was high
•Time spent on Low end work
•Standardized work delivery process was missing
•The client trained us on Sage Line 50 , CCH Tax software and MYOB Accounts Production .
•Mindspace prepared a Standard Operating Procedures for migration of Bookkeeping Process
•Initially , Client worked in conjunction with MindSpace Team on Tax returns.
•Client used to scan data and upload it on there server. India Team leader ( TL ) checks data on server sends us.
•Processing Team at MindSpace connects remotely via VPN’s to client server and process VAT and Tax returns
Any mails of deviations and issues are sent by the TL to the client.
•VAT and Corporate Tax returns gets reviewed at the Client’s end and issues and discussed via Skype.
•Timely Payment to Employees
•Faster Turn around For BAS and Tax Returns Processing
•Clients Spends quality time on high end areas of consulting improvements
•Clients are in full Control on Processes and Documents
•Cost reductions to the extent of 50%
247, Second Floor, Manish Mansion , Frontier Colony
Adarsh Nagar, Jaipur - 302004, Rajasthan, India