Tuesday, November 25, 2014

Finance & Accounting Services by Mynd Solutions

Finance and Accounts Outsourcing Services

It is critical that transaction processing is handled with greater reliability and timeliness at a much lower cost. As a result Shared Services and BPO have fast become proven sourcing approaches for most finance processes and finance and accounts outsourcing process is seen as the most convenient and valuable solution. Initially they focused on the high-volume activities associated with Procure to Pay, Order to Cash and Plan to Report processes. Their scope has steadily increased to include areas of more specialist skills such as Management and Regulatory Reporting, Consolidation, Budgeting, Tax and Treasury Management.

Mynd’s Finance and Accounting Outsourcing has pioneered the finance and accounting solutions by integrating domain expertise, global delivery network and technology solutions. Mynd assists in identifying, transitioning, transforming, executing and continuously adding value to finance and accounts outsourcing processes through a low-cost Business Process Outsourcing (BPO) services model, without compromising on quality and compliance. We believe in delivering the right information at the right time.

We provide our clients managed Finance and Accounting Outsourcing Services at the lowest possible costs so that they can focus on their core business activities while saving a significant amount of overhead costs on these activities.

We are offering Accounting Outsourcing Services worldwide and providing tailor-made solutions to our clients. We have our offices inIndia, UAE and Singapore. We are catering our services in India, Asia, UnitedKingdom (UK), USA, and other countries of Europe. We have a very strong partner network in more than 60 countries to offer you smooth outsourcing services.

Mynd Solutions provides best solutions for outsourcing your accounts payables. The services offered aims to meet client’s business objectives as well as cost-optimization goals. We deal with global clients and provide customized solutions for many industries namely Media & Entertainment, Health, Telecom, Banking and Finance, Foreign Exchange etc. Delivering them our services of accounts payable enables them to focus on their core strategies. Reduction in operational costs has helped our clients’ boost their business. We provide great control over finances, which in turn enhance profits of the company. 

Our services of accounts payable include Data Capture, Data processing, suspecting its duplicity and disbursement. This is presented in the form of reports, utility bills, tax reporting, travel and expenses. Furthermore, this will help reduce invoice discrepancies and build clients’ relationship stronger. Mynd Solutions has established itself as one of the leading accounts payable outsourcing company in India. It has been able to centralize archiving all sorts of receivable data in a form of document.

Mynd Solutions also deals globally as a one of the largest accounts receivable outsourcing company in India. It is an essential part of a business activity that improves cash flow directly, through extensive account reporting. The customers must consistently follow-up on outstanding invoices and facilitate quicker payments. Accounts receivable outsourcing services includes billing, making entries of transactions received, and record revenue, prepare periodic statements, preparing reports of receivables etc. Our specialized functional area provides best value to the customers as per their investment plans. All the services are mostly presented in the form of documents, as a result, easy retrievals of data is accessible on a common platform. Each account entry gets detailed handling through our customer service representatives efforts and hard work. We provide customized services to our clients, as per the nature of business they are dealing in, and their core strategies.

Vendor helpdesk (VHD) assists companies in tracking each and every vendor invoice as it travels through different departments in the company for approvals, while monitoring the SLA committed to the vendor for payment. This is mainly set up to handle large volumes of vendor invoices or as a support to a centralized payable process running in corporate.
While mostly the VHD is customized to suit client requirements it broadly aims to achieve the following:     
  • ·     Centralize the vendor bill receipt / track checked invoices for relevant support and provide email confirmation to vendors for receipt of invoices.
  • ·         Forward to departments for approvals
  • ·         Forward to Finance for cheque preparation
  • ·         Cheque issuance to vendor with details
  • ·         Monitor turn-around-time (TAT) for payment
  • ·         MIS
  • ·         Handling all correspondence with vendors

Saturday, November 1, 2014

HR Process Outsourcing and Your Organization..

Business Process Outsourcing
HR Outsourcing

HR is a strategic business function in most organizations and hence outsourcing the processes related to it is a task that requires ample thought and decision. There are several concerns that most HR decision-makers normally have with regards to confidentiality of employee information, loss of control over their internal resources and knowledge also the quality of work delivered remains a major concern.
Several organizations in the employee range of 1,000-5000 are outsourcing their Human Resource processes as a cost-control strategy. HR is primarily a non-profitable cost centre in the organization, and hence qualifies itself as the best area to be outsourced to a third party. More and more companies are now subcontracting the backend HR functions including compensation and benefits administration, recruitments, expense management, payroll and statutory compliances.
As per market statistics, HR is one of the most aggressively growing segments in the Business Process Outsourcing (BPO) market. The primary driving factors behind the increasing adoption of HRO (for not just the redundant backend tasks but even for performance management, talent management, training etc.)-
Efficiency Enhancement: Efficiency is undoubtedly a primary driver in the outsourcing business. Mostly, efficiency depends upon the outsourcing service provider’s capability to enable technology additions to the usual HR platforms and processes.
Cost Benefits: Majority of the outsourcing decisions are intended at direct cost benefits to the company. However, one needs to know that solely basing an outsourcing decision on price benefits does not guarantee success.