Mynd "Global" Platform !

Integrate and Streamline your International Business Operations through Mynd Global Platform...

Mynd offers HRO and F&A services globally, thereby giving clients the advantage of having One Contract for their MULTI-COUNTRY OPERATIONS with One Service Provider. This would further help them achieve the following:

• ¨ Standardization of Processes across All Countries
• ¨ Improve Process Visibility
• ¨ Enhanced Business Agility

 MYND  specialises in providing integrated global outsourcing services with One Contact, One system, One contract worldwide via an internet based ‘Software as a Service’ application to international corporations.

At present, Mynd has service capabilities across the GLOBE. Mynd offers 24*7*365 services in local language through its service centers. Our superior efficiency and performance have helped us position ourselves as strong competitors to international service companies.

 All Mynd applications run on the SaaS platform and help induce standardization and efficiency in processes. The applications are scalable with an automated workflow that is easy to customize and implement. Hence, making these applications highly efficient for any customer situated anywhere across the globe.

 Mynd’s One GLOBAL Contract replaces all your existing contracts, across the world and also offers a single point of contact for customer service.

Mynd is SSAE-16 / ISAE 3402, Type II certified.

ISO 27001: 2005 certified from BSI

Leverage the “Mynd Advantage”:

• Ø GLOBAL Experience and Local Expertise offering LOCAL Best Practices and Proven Implementation Methodology
• Ø Multi-lingual, Multi-currency and Multi Time Zone
• Ø Audit & Control, Access & Capability
• ØReal-timeReporting Options:Standard reports, Query tools, Data Cubes, and Business Analytics

Mynd Solutions Pvt. Ltd. Official Blog: Easing the pain from Finance & Accounting- OUTSOUR...

Mynd Solutions Pvt. Ltd. Official Blog: Easing the pain from Finance & Accounting- OUTSOUR...: Finance and accounting (F&A) is among the very-first back-office processes to be outsourced by companies. Even today, the de...

Mynd Solutions Pvt. Ltd. Official Blog: Easing the pain from Finance & Accounting- OUTSOUR...

Mynd Solutions Pvt. Ltd. Official Blog: Easing the pain from Finance & Accounting- OUTSOUR...: Finance and accounting (F&A) is among the very-first back-office processes to be outsourced by companies. Even today, the de...

Easing the pain from Finance & Accounting- OUTSOURCE !

Finance and accounting (F&A) is among the very-first back-office processes to be outsourced by companies. Even today, the demand for FAO continues to flourish and grow year-on-year. In a quest for streamlining their FAO processes, corporates are on the lookout for outsourcing novelty in new areas of F&A. Even, new smaller sized companies and industry segments that have not used outsourcing are also trying out F&A Outsourcing.

The primary aim of outsourcing has shifted from cost-reduction to more strategic issues such as efficiency enhancement in technology and processes or even as a consequence in the entire company. The most frequently outsourced services in the F & A domain are accounts receivable, inventory accounting, vendor management and accounts payables etc.

Streamlining, standardizing and simplifying the Finance and accounting function is highly vital to the success of companies, especially large organizations with subsidiaries in order to maintain consistency and centralization across different processes and functions. In the corporate world these days; mergers, acquisitions and other financial transactions have become very frequent and the creation of subsidiaries lead to potential inconsistency and disparate systems and processes.

The easing out of F&A processes helps reduce the turnaround time to close books of accounts. Hence, companies are capable of developing improved benchmarks along with standard financial processes for complying with regulatory requirements.

A broader scope of outsourcing can manifold the benefits as well, owing to the transparency in processes that the outsourcing service provider gains while handling the entire Finance system. This way the provider could optimize and enhance the efficiency of internal process. Hence, these factors finally drive the various process enhancement benefits for any organization which outsources its F & A Function.

Outsourcers have bespoke technology and provide customers with their expertise through skilled Human Resources to simplifying processes irrespective of subsidiaries and/or geographies. Outsourcing providers now days, also understand and try to provision their services in line with customer’s strategic goals. 

Fixed Assets Verification and Management

Fixed Assets Management, Verification & Audit

Mynd facilitates its clients in Fixed Assets Management, a process that helps track a company’s fixed assets for the purposes of financial accounting, theft avoidance and preventive maintenance. Mynd recognizes Capitalization & Fixed Asset Management as a disciplined project solution that is prioritized for maximum impact with a clear Return on Investment (ROI) for our client. We have inventoried & capitalized fixed assets ranging from those owned by a small scale unit to multi-billion dollar organizations with numerous businesses and sites spread across varied geographical regions.

Several activities are carried out under fixed asset management with a broad scope of activities mentioned as below-  

• Preparation and maintenance of fixed asset register.
• Running depreciation calculations as per statutory laws and US GAAP.   
• Monthly capitalization and inventory reconciliation.   
• Physical verification and tagging of Assets.  

Under capitalization primary activities carried out are:

• Creation of location Ids in sync with client 
• CWIP (Capital work-in-progress) analysis to initiate capitalization process 
• Provisional Capitalization (in cases where information is not available) 
• Capitalization process for a particular month would be completed on a pre-decided date in subsequent month 
• Identification & Physical verification of customer assets across all locations to match the physical records with the book records.
• Tag assets with bar code labels for easy identification of assets.
• Implementing Internal Controls systems over expenditure on fixed assets

One of the major challenges witnessed by Companies is to have a regular verification of the Fixed Assets owned by them. Many times it happens that the management is not sure of the existence of all the Fixed Assets that reflect in records, the only answer is to conduct comprehensive fixed assets and inventory verification exercise. Mynd facilitates clients to carry out fixed assets and inventory verification.

Payroll Outsourcing Benefits

THE IMPORTANCE OF PAYROLL OUTSOURCING FOR CONTEMPORARY BUSINESSES

Business owners have to invariably deal with the complexities that exist around managing the payroll for their employees. This tedious task is essentially considered a futile active reluctant to spend their precious time and resources for managing the same. Mynd Solutions has offered outsourcing benefits to its clients for more than a decade now. The payroll specialist teams at Mynd, help businesses deal with this task of payroll processing in an efficient manner.

There are many good reasons to outsource your payroll such as-

     Cost-efficiency is a major reason to opt for outsourcing of payroll operations. In-house payroll services are often quite a money draining activity, especially for SME’s. Saving money wherever possible is crucial for all businesses and outsourcing payroll, helps substantially reduce this major avoidable expenditure.

2  Payroll Outsourcing enables companies to free up vital management time. Hence, the leadership and operations teams are available to handle other crucial strategic decision tasks instead of back end administrative operations. Mynd’s experienced Payroll Service teams have received appreciation of clients through a well-earned expertise and a commitment to personalized service, allowing you that free time to apply to other areas of your business.

 Mynd payroll can provide you peace of mind by handling everything in an accurate and timely manner. With advanced technology and experience that Mynd offers, efficient payroll functioning is just a phone call away.

A Case Study on Prevention of Duplicate Claims and Related Automation Undertaken for Enhanced Reconciliation Processes

The Client:

The customer is the world’s largest telecom tower Company, which is enabling communications revolution into a significant new phase. The client is an independently managed Company offering passive infrastructure services to all telecom operators and other wireless services providers such as broadband service providers. Incorporated in November 2007, our customer offers passive infrastructure services to telecom service providers.

The client was incorporated with an objective to provide shared telecom infrastructure to telecom operators on a non-discriminatory basis. The client is also committed to innovation for the enhancement of operational efficiencies to provide substantial cost savings for its customers.

Preventive Care Analysis (PCA)

Mynd is well- known for its vigilant approach in picking duplicate claims. This is our USP and separates us from competition, due to direct savings given to client.

One of the teams in this particular SHARED SERVICE CENTER (SSC) project is engaged in the process of Preventive Care Analysis (PCA) for reconciling the invoices of our esteemed client

The team follows the below Phases (Steps) under PCA:

• Ø  Identification of Probable Duplicate Invoices  

Alerts-

·         Invoice Date, before 1 year from date of punching.

·         Service Period, before 1 year from date of punching

• Ø  Application of audit checks on the invoices identified

Investigate-

·         Search similar invoice No. in Oracle in same Vendor using “%” sign.

·         Check descriptions for invoices booked near to service period

·         Check site ID booking for similar services for other invoices booked

• Ø  Intimation to Client

Communicate-

·         Any probable duplicity noted during audit is communicated to client in specified format, with detailed reasons of doubt.

The Achievements of Mynd at a glance due to Preventive Care Analysis offered to Client

PCA Outcomes
Status	No of Cases	Savings to Client
Confirmed Savings	42	INR 5.11 Million
Probable Duplicity Reported	89	INR 11.39 Million
Under Investigation	39	INR 5.25 Million

Automated Macro for BRS

The other team in this SSC project has introduced Automated Macro for BRS Preparation, thereby reducing the dependency on Manual Labor, improving efficiency as well as decreasing human errors. The journey from Manual to Automated, illustrated below with detailed steps-

Detailed Laborious Steps of Manual BRS Preparation Prior to Automation (Total 43 steps of manual copy, paste and deletion of data)

·         1.) Consolidating GL reports (Main Bank & Cash clearing GL)

·         2.) Calculating Net Amount (Subtracting Credit amounts from Debit)

·         3.) Creating unique combination of transactions (Concatenating GL date, Transaction No. & Net Amount)

·         4-5.) Identifying new transactions to consider (applying “vlookup” with previous consolidated data & Selecting # N/A cases)

·         6.) Deselecting System cleared transactions ( Filtering out “Reconciled Payments”)

·         7-16.) Plotting transactions into relevant Open Annexures             (total 10 times copy & paste of data )

·         17-26. ) Plotting transactions from Bank statement into relevant open Annexures (total 10 times copy & paste of data )

·         27-30.) Applying vlookup between annexures to find transactions to be knocked off in BRS.

( Annexure I & II, I & IV, III & IV, II&III)

·         31-38.) Copying the knocked off transactions from Open Annexures to Knocked off  Annexures (Total 8 times copying of data from Open Annexures to knocked off annexures)

·         39-43.) Deleting the transactions knocked off from Open Annexures ( total 4 times row deletion)

Detailed Steps of Automated Macro (Total 16 steps of manual copy, paste and deletion of data)

·         1.) Consolidating GL reports (Main Bank & Cash clearing GL)

·         2.) Clicking  “GL Dump Work”

·         3.) Clicking  “GL Data Plot”

·         4.) Clicking  “SOA Plot”

·         5.) Clicking  “KO I&II”

·         6.) Clicking  “KO Data Plot I&II”

·         7.) Clicking  “KO I&IV”

·         8.) Clicking  “KO Data Plot I&IV”

·         9-10.) Applying vlookup between annexures to find        transactions to be knocked off in BRS. (Annexure III & IV, II & III)

·         11-14.) Copying the knocked off transactions from Open Annexures to Knocked off  Annexures ( total 4 times copying of data from Open Annexures to knocked off annexures)

·         15-16.) Deleting the transactions knocked off from Open Annexures ( total 2 times row deletion)

Subsequent to the introduction of Automation Macro, Mynd helped its customer to achieve the below benefits-

Benefits of BRS ( Automation Macro):

·         Error free deliveries due to reduced human efforts

·         Continuous improvement in service delivery

·         Timely deliveries

·         Value added deliveries

Achievements of BRS ( Automation Macro) :

·         Successful Automation-Out of total 226 BRSs total 120 recons covered under automation.

·         Successful Compliance-Of stiff SLAs under BRS.

·         Reduced Human Efforts-Reduced pressure on Mynd team members

·         Improved and Reliable Quality of Work-Quality assurance done for deliveries under BRS.

·         Time Saving in Processes-Almost 40% of time saving done for any particular activity.