Tired of managing your back-end accounting function: Adopt Mynd's Bookkeeping & Accounting Services

Accounting Outsourcing Services by Mynd

Outsourcing of complete book keeping & accounting operations is an ideal selection for most small to mid-sized businesses as well as newly formed companies. Such businesses do not have the time and resources as well as the critical mass available to keep them updated with dynamic and complex Taxation & Corporate Laws. Hence to alleviate the above issues, Mynd offers complete Accounting services that encompass an array of transactional and controllership functions for F&A services across multiple industry verticals in a completely scalable model.

Our Bookkeeping & GL Accounting services are capable of facilitating companies of any scale to accomplish their core business goals with minimum cost involvement while getting the benefits of specialists in a shared services model. The Scope of services offered by Mynd as part of its GL Accounting & Bookkeeping offering is as below:

• Book keeping & Accounting as per applicable GAAP/IFRS
• Inventory and COGS Accounting
• Vendor Payment
• Employee Expense Reimbursement
• Invoicing & Collection from customer
• Fixed asset accounting
• Reconciliations

• Month End/Period Closing
• Management Reporting
• Cash flow Statement & forecasts
• Audit Support
• Consolidations of financials statement.
• Controllership activities
• Virtual CFO Services

Mynd Solutions delivers accounting services through a mix of Onsite and Offsite Models. The onsite teams are stationed at the client’s office to perform the frontend accounting tasks; while the backend support & reporting functions are delivered by our Central facility in India. The other model is wherein we are servicing the entire accounting function of clients through an Offsite model and all processing is completed at Mynd’s premises.

Mynd proposes many advantages to clients seeking to outsource their Accounting Functions, as per below details-

• Availability of large pool of trained and speciallized manpower
• Knowledge pool through specialized cells. Eg: Direct Tax/Indirect Tax/Company Law
• Scalibility of operations

• Adoption of industry best practices and automation of processes leading to standardization
• Clients get the advantage of Virtual CFO/ Controller at highly affordable costs
• Handover of accounting processes to Mynd, enables the client to maintain their focus on the core business functions

http://www.myndsolution.com/finance-accounts-outsourcing.html

Effective Vendor Management by Mynd Solutions

Mynd understands that while making payments efficiently, cost-effectively and accurately are pivotal to every well-managed account payables function in the organization; simultaneously Supplier and Vendor’s satisfaction is measured by the ease of process offered in handling invoices and turnaround time for payment. Keeping the above concept in mind, our accounts payable service offering aims at striking a balance between process optimization and supplier satisfaction.

Organizations that have been in business operations for some duration of time are often completely occupied with several service providers and vendors facilitating their functions. Of the many vendors that service Global companies, some might be strategic however the majority are largely utilizing for executing routing tasks only. 

Irrespective of the number of vendors being on a lower side or even in larger organizations having multiple vendors numbering in the hundreds; the entire process of managing vendors is essentially a laborious and costly affair. The time-consuming process of managing multiple vendors leads to wastage of manpower resources, which might have been allocated to more strategically useful processes. 

A huge amount of leadership time and energy is wasted in the quest to manage multiple providers, thus deviating the attention from core focus areas including- management of overall infrastructure and operations of the organization. It is a well-known fact that as the vendors associated with a firm increase, in the same order the challenges associated with managing them grow. 

Mis-management often leads to Loss in Value Chain. Ill-managed vendor  relationships  create  increased expenses along with inadequacies in operations. The primary reasons for loss in value chain due to mis-managed vendors include:

• The vendor’s service delivery is effected over some time and is not as per customer’s needs
• No competition between vendors
• There is a lack of partnership for innovation across the different provider types and relationships

The Advantages of Outsourcing Bookkeeping for Small Business Owners

The Advantages of Outsourcing Bookkeeping for Small Business Owners

---

The advent of the Internet era has changed the way in which businesses are conducted. The Internet has enabled our Businesses to run smoothly and become more profitable by enhancing relationship management and real-time connectivity.

Bookkeeping is a critical business piece for all small to mid-sized businesses & companies. Outsourcing this activity can be a big reliever and facilitate seamless operations for businesses:

Primary advantages of outsourcing Bookkeeping Operations to Mynd:

·         Expertise at a Lower Cost: Outsourcing offers companies a good way to have full-time expert devoted to managing your books without requiring paying them a full-time salary. This helps companies not just to save money but also enhance their efficiency levels by leaps and bounds.

·         Money Savings: Outsourcing bookkeeping operations can help with enormous money savings as compared to sustaining a full time In-House Accounting team. Opportunity and Lost Productivity Costs are negligible while outsourcing your business functions as compared to hiring a third party vendor.

·         Time Savings.  Outsourcing bookkeeping processes helps free the management’s valuable time which could be utilized in organizational development & strategic activities.  Administering your Backend office functions is a potential time waster and adversely affects company growth and progress.

·         Higher Resource Allocation & Focussed Staff. When a backend task like Bookkeeping is restricted to In-house, usually one resource is allocated and hence the process can be prone to errors. However, usually an outsourcing company allocates a team of resources to one particular task and thereby the chances of errors substantially decrease. This also drives more focussed staff and dedicated resources.

·         Ease and Scalability. Growth in business or cut backs all are accountable when it comes to outsourcing. Outsourcing offers the option of flexibility and scalability which can help companies adapt as per changing time & business requirements.

·         Access to Top of the line Technology and Systems.  Bookkeeping outsourcing enables companies to access the latest state-of-the-art technology and tools through their vendors, without having to bother paying for dynamic technology up gradations. It is challenging for small business owners to afford these rapid changes in technology and also be informed about any upcoming revisions in regulations and laws.

Trends in Finance & Accounting Outsourcing Services

A Brief Introduction to Finance & Accounting Outsourcing Services

The current era of commercialization and globalization are witnessing the adoption of outsourcing as an integral fragment of the core business strategies. With numerous companies getting on the outsource mode, the market is exhibiting a lot of growth in this sector.

Latest market studies point out that a huge chunk of existing outsourcing industry clients plan on growing their investment pooled into outsourcing. Lately, process outsourcing for finance & accounting is steadily growing and majority of the firms are undertaking the same.

Accounting Outsourcing is basically subcontracting some/all accounting operations and processes to an external vendor. The outsourced functions include Purchase to Pay, Fixed Asset Management, Order to Cash, Employee Reimbursements, GL Accounting etc.

Current F & A Outsourcing trends

• Management of Transactional services is the largest opportunity in the F&A BPO space, whereas payables are amongst the highest outsourced function in F&A.
• Earlier companies used to only outsource certain parts of their accounting processes such as AP/AR and some reconciliation processes. In the current scenario however, companies are sub-contracting the full gamut of activities involved in their financial processes. A probable reason for the same is that companies have understood the significance of being at the centre of strategic activities rather than transactional.
• Service providers are in the process of improving skills and polishing capabilities in process execution and their clients are accordingly trying to achieve the best from that.
• Stringent federal regulations in the European &US markets are driving corporates to adopt outsourcing in order to save their time, efforts and cost.
• SMB’s offer a plethora of business opportunities for Financial Outsourcing domain.
• Some recent market statistics have also revealed that companies these days are primarily adopting finance and Accounting Outsourcing  to save their expenditure, as well as to migrate the F&A function from being a cost exhaustive support function to a dynamic core business function.

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.

AccountsPayable Outsourcing

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.

AccountsReceivable Outsourcing

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