Docstoc

Financial _ Accounting Outsourcing in the

Document Sample
Financial _ Accounting Outsourcing in the Powered By Docstoc
					           Financial & Accounting  
           Outsourcing  in the UK  
    An  Opportunity  for SME’s & Accounting  
                           Firms


Manish Jindal , FCA
Director I MindSpace Outsourcing Services Pvt. Ltd.
                    Introduction




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.
                Management Team

            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 .
                               Services
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
Offline Process
Online Process
Remote Process
                 MindSpace  Advantages
•   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
    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
                  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.
•Own a Dedicated VPS server for secured Data Transfer.
•Data Backups taken on a every Day End.
                 Security at MindSpace
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.
                         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 
                                                  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
                                                Solutions :
 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
                                                 Benefits   
                                      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 
Accounting  Firm
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

Solutions :
•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.

Benefits :
•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%
           Contact  Us


                      Phone 
               +44(0) 845.5280.534

                    E-mail 
        info@mindspaceoutsourcing.co.uk 

                    Facility at 
247, Second Floor, Manish Mansion , Frontier Colony
  Adarsh Nagar, Jaipur - 302004, Rajasthan, India

                     Phone 
                +91-141-4023431 

                 Website
       www.mindspaceoutsorcing.co.uk

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:1
posted:7/15/2013
language:
pages:13