Compliance Adminstration Services

Statutory compliance administration is very crucial today, because the tax and finance world is changing at a rapid pace. Government is continually changing the laws and creating new rules very frequently. Hence, staying updated on constantly changing tax laws and regulations, meeting strict government deadlines, and avoiding costly fines and penalties can be an administrative burden for a company of any size. 

Statutory Compliance Management by Mynd Solutions

Mynd has a strong partner network to ensure that global statutory compliance services are provided in line with the local rules and regulations. We specialize in statutory compliance management and help our clients in complying with the local laws and procedures and maintain regular compliance to prevent any non-compliance issues thereby streamlining business processes that adds up tangible and intangible financial benefits for our clients. Mynd provided a single point of contact for India compliances and also for global compliances.

To ensure that the local requirements are fully compliant, Mynd provides the following:

Mynd Prepares and submits monthly/quarterly/yearly payroll related documents to various government authorities under the required name as per local laws. Wherever applicable, Mynd handles monthly / quarterly / yearly tax computations and prepares relevant statutory reports. Wherever it's applicable, an ESS (Employee Self Service) panel is provided for employee’s tax declaration purpose. Mynd Prepares and communicates year end submission guidelines document after confirmation with Client.

Mynd’s retirement benefits platform provides a one stop solution to our clients, whether they are with the Government run RPFC or they have their own trust. The entire process runs on a PF platform which brings transparency and accountability to the entire process. Mynd helps companies address the need to mitigate pension expense volatility and enhance investment performance by utilizing sophisticated asset allocation, hedging, risk management strategies and every other compliance management aspects. We utilize a strategic approach to help clients manage all aspects of their employee’s retrials benefits.

The spectrum of Compliance Management Services we offer includes:

• Provision of tangible and in-tangible benefits by setting up an in-house Fund to Client’s organization and its employees
• Drafting of trust deed and rules including all legal activities in this regard
• Handling complex activities related to obtaining approvals from Income Tax Department, Provident Fund Office and any other department
• Day to day administration services for Fund including accounting, legal and transaction
• Processing Services with latest automation techniques
• Transparent and IT enabled Help Desk Services for Members

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

Mynd Solutions Pvt. Ltd. Official Blog: HR Process Outsourcing and Your Organization..

Mynd Solutions Pvt. Ltd. Official Blog: HR Process Outsourcing and Your Organization..: Business Process Outsourcing HR Outsourcing HR is a strategic business function in most organizations and hence outsourcing th...

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.

Mynd Solutions Pvt. Ltd. Official Blog: SMBs and Outsourcing...

Mynd Solutions Pvt. Ltd. Official Blog: SMBs and Outsourcing...: There is a general perception  among  small & medium business owners that third-party outsourcing of business functions such as HR i...

SMBs and Outsourcing...

There is a general perception among small & medium business owners that third-party outsourcing of business functions such as HR is essential for only large corporate. However, time and again it has been proven that streamlining business operations and cost-control strategies in the form of outsourcing is restricted not just to the large companies but also the SME’s.

Comprehensive Solutions for Every Client 

HR Process Management

 The evolution of outsourcing in destinations such as India, Vietnam and Philippines etc. and the development of high-quality service providers like Mynd Solutions have however driven a change. This change in the thought processes of Small/Medium business owners are driving more outsourcing operations and is primarily attributable to the below reasons:

    Local Payroll-related ccompliance and taxation: Small businesses normally find challenges in this area of business, owing to its strong financial and legal implications. Employee benefits compliance and taxation related laws are the specific areas that require immediate attention and any laxness on the part of the company can lead to major financial losses as well as harm the public reputation of the company. HR outsourcing can be very beneficial in this regard and help to avoid this tricky situation.

    High-end technology access at a relatively affordable price: Small and medium enterprises and/or newly formed companies normally have limited resources for spending on technology and infrastructure etc. In case the backend services are outsourced, the need for companies to own sophisticated and latest technology tools/ skilled manpower are actually eliminated. Hence, the Capex and Opex are decreased for the company.

    A comprehensive solution: SMBs can avail the benefits of a comprehensive HR solution by sub-contracting their entire HR function to a trusted third party vendor. Payroll, Statutory Compliance, Employee Lifecycle management can all be handled under the same service umbrella by the service provider.

Understanding the varied Benefits of Outsourcing..

The Essential Benefits of Outsourcing Your Non-Core Processes and Functions

Organizational Growth: Optimize Your HR

Improve Business Turn around

1. Real-time access. The nature of business is highly dynamic; there are continuous changes and fluctuations without any guaranteed stability. It is almost impossible to assess the circumstances of the business nature. Outsourcing offers a certain level of scalability to help solve the enviable situation of significant growth. If there is a strong team for handling the projects outsourced, then the organization’s growth can be achieved in a better manner.

2. Better Gains: We are all under constant pressure to deliver more productivity and establish new benchmarks. Through the usage of outsourcing services, the existing staff of the company can be aligned in order to handle the outsourced projects. The company’s staffs take care of the outsourced team, and thereby enhancing the productivity and output of each and every member of the team.

3. Attention to the core issues: The growth of a business is quite dependant on the success of your products/services. Companies need to keep ramping up their support infrastructure, in order to witness their desired growth levels. Organizations need to maintain their focus on growing their customer base and conducting relevant market study on the same for driving even more growth and profitability. An efficient strategy to go about this is to outsource part/whole of the non-core business functions to a responsible third-party such as Mynd Solutions.

4. Generating greater value per person due to higher flexibility: Generating optimal profitability through a limited number of employees is a vital tactic. The reason being that with very little staff you stand the chance of delivery failure and on the other side, with higher number of employees there is a possibility of overcrowding and wastage of resources.

On the other end of the spectrum, Outsourcing offers the flexibility to determine and forecast approximate staff levels needed. This flexibility allows you to keep the FT’s at a stable rate of utilization across the year. As a result, the non-productive team of each team member gets decreased.

HRO Driving Enhanced Business Outcomes…

                     HRO Driving Enhanced Business Outcomes…

With growing intricacies in HR management and shift in management trends, companies are now looking at outsourcing majority of the business function in HR. Contemporary backend processes in HR outsourcing including benefits and compensation administration are now leading the way for much larger assignments wherein the entire HR function may be outsourced to a third party.

Most HR leaders and the senior management teams of organizations have adopted the concept of HR outsourcing. Moreover, every size and kind of company have accepted and realized the credibility and requirement of Human Resources Outsourcing. This service, which was earlier used primarily by large corporate is now of equal significance for small and midsize companies as well.

HR Outsourcing Services

It is an evident fact that HR Outsourcing has gained its share of loyalists not being merely restricted to adopters from large enterprises.

• ·         Better and proactive solutions and resolutions
• ·         Relativelylesser hurdles of administrative tasks
• ·         Strategic counselling and advise to senior leadership
• ·         Improved workforce management

Considerations and Guidelines While Outsourcing Services..

Of an on, we have been highlighting the varied advantages and service specifications of different domains of HR and Finance & Accounting Outsourcing. However, today we would like to take an opportunity to present some Considerations that must be assumed before arriving at the decision to Outsource:

·         Examining the corporate culture- Assessing the level of readiness in the organization with respect to transferring some control/confidential information to a third party vendor in order to enhance business motives.

·         Evaluate current processes in different business verticals that are under planning to be outsourced. Companies must determine the efficiency of their processes and also whether they could be managed in a better manner by an external service provider.

·         Performance measurements- ensure adequate determining metrics are in place to assess the vendor's performance and check whether there are any workflow and process improvements or not.

Sometimes, the staff of a company such as the HR or Finance & Accounting team might be reluctant to adopt outsourcing due to fear that their role within the company will get side-lined. However, the very opposite of the same is most likely to be true. There is indeed a change in responsibilities due to the outsource partnership, but it is definitely for the positive.

The positive changes include development of the talent pool of the company teams’ to add skills such as vendor management, vendor performance management, leadership and team management. Additionally, outsourcing would enable your current HR and/or Finance & Accounting staff emphasize on the advancement of their strategic efforts rather than focussing on fulfilment of core administrative objectives. Industry statistics suggest that the outsourcing advantages offset a few of the challenges that may arise, such as a cultural shift.

Moving ahead on the decision to outsource, there are a Few Guidelines that must be followed in order to contract out your organization’s services in a secure manner. Enclosing them below-

Shortlisting the Appropriate Outsourcing Services Provider:

Selection of the right company is among the most critical steps to be followed while outsourcing. The selected vendor must have a stringent security policy. Organizations should cross check if the prospective outsourcing provider has adequate security policies for data protection, privacy and against any vulnerabilities/ threats that may arise from the same.

Well documented and complied Security Policy:

A proper security policy detailing standards and procedures applicable must be in place. The policy should have the capability to maintain the confidentiality of vital client data and must also be regularly validated by a third-party security assessment company. The privacy policies must also be clearly defined and outlined.

Data Protection Policies

Companies should select vendors that employ VTA (Vulnerability Threat Assessment) and ensure the absolute protection and privacy of their client data. Taking the above security considerations in mind will facilitate any company in selecting a reliable, secure and efficient Outsourcing vendor to execute their processes.

Mynd Solutions Pvt. Ltd. Official Blog: Human Resources Outsourcing: An Organizational Per...

Mynd Solutions Pvt. Ltd. Official Blog: Human Resources Outsourcing: An Organizational Per...:                                                         HR Outsourcing With increasing complexities in HR and the department’s ser...

Human Resources Outsourcing: An Organizational Perspective

                                                        HR Outsourcing

With increasing complexities in HR and the department’s service delivery mechanism changes, companies have broadened the scope of HR services that are being outsourced. Traditional, payroll and benefits administration back office transactions have given way to large HRO and BPO (Business Process Outsourcing) wherein the complete HR departments are moved to the third party outsource provider.

HR leaders and senior management have adopted the model of outsourcing of HR. All types and sizes of organizations have recognized the appeal of HRO. Previously considered as a business functioning alternative by Fortune 100 global firms, HRO outsourcing is now readily utilized by SME’s also.

Evidently, HR Outsourcing has gained its share of popularity with the company size not being a limitation any more for adopting or not adopting this service. Today many companies are addressing the requirements of small to medium employees with headcount ranging between 1000-10,000 employees because the advantages of outsourcing are becoming more and clearer now days.

Enlisting some benefits of Outsourcing your HR operations-

·         Improved strategic management of employees

·    Betteradvice to senior management/leadership of the organization on businessmanagement and best practices in HR

·         Lesser administrative hassles

·         Proactive problem resolution of employee issues and escalations

Experts opine, that it is best for companies to outsource their non-core functions and shift all focus on the more strategic aspects of HR such as competency mapping and management, traininginitiatives and organizational development, performance management and workforcemanagement.

Through the outsourcing of non-value added activities and inking business alliances with the respective third party outsource provider, organizations can solely devote their efforts in accomplishing the strategic initiatives that support the objectives, vision and mission of the company. This shift primarily contributes to the improved positioning of HumanResources function as a Strategic Business Partner in the company, which iscapable of providing value-added information. 

                                                Visit http://www.myndsolution.com/

Mynd Solutions Pvt. Ltd. Official Blog: Optimize Your Resource Utilization: Mynd’s Varied ...

Mynd Solutions Pvt. Ltd. Official Blog: Optimize Your Resource Utilization: Mynd’s Varied ...: Optimize Your Resource Utilization: Mynd’s Varied Outsourcing Services MyndSol Services There are many businesses that want to reduc...

Optimize Your Resource Utilization: Mynd’s Varied Outsourcing Services

Optimize Your Resource Utilization: Mynd’s Varied Outsourcing Services

MyndSol Services

There are many businesses that want to reduce their company’s overhead costs, increase profits and meet regulatory requirements. If yes then why not take benefits of expert financial services and increase your return on investment. 

By hiring expert accountants and book keepers experts such as Mynd Solutions can help handle the financial documentation of your company. In this way companies can concentrate on their core competencies, increase profitability and target specific markets. Mynd Solutions helps companies manifold the benefits for your organization through finance and accounts outsourcing (FAO).

Even when you go for data management service provider, the concept is quite simple because the firms need to access high–quality, relevant data which is provided in a cost-effective and timely manner. One should understand that accurate data is needed for effective trade execution, investment decisions, risk management, securities pricing, regulatory compliance, measurement and portfolio valuation.

Data management is more than just technology because it involves coordinating with people and business, keeping technological innovation in the pipeline. In fact, it is a holistic approach to data management to coordinate people and business process including technological innovation. The firms need to consider some key elements like metadata, security, storage and architecture of the data.

Most multinational companies need to maintain their expense which is possible through employee expense reimbursement software. This eliminates the need for time-consuming and complicated spreadsheets. You also need to take control of your organization expenses and ensure compliance of the company policy. With one click you can streamline expense report. You can also time of data entry through accounting software. This means that it gives a paperless solution for the expenses incurred.

Data management and CAF Processing Services

Whether your business is in start-up phase or just a mid-sized one, accounts is one thing which you need to think about. Many people do not know that accounting outsourcing services can save money and relieve the need to hire a full time accounting managers to maintain their books.

In this way when you go for accounting solutions, you get a range of individual services like monthly book keeping services with the help of virtual accounting office packages. They offer services which best fits their needs. All accounting services are scalable during the peak hours of activity and they can be scaled back when not in use.

When you go for accounts payable outsourcing, the non-core functions of business are handled by third party. In this way you can concentrate your efforts in maximizing your core functions which is essential for your business. One should understand that outsourcing accounting services not only saves time and money but ensures that you have accuracy in your accounts. This results in compliance with all governmental including other rules and regulations.

As a mid-sized business owner your time is focused on your core business instead of wasting time looking at your accounting books. It is a matter of concern when most of your time is spent in maintaining your books rather than spending it with your clients. Therefore to make best use of your time, you should focus on growing your business and leave all kinds of accounting services to an expert. In fact this costs lesser than the amount spent on a dedicated accounting staff. Outsourcing your tax preparation services also ensures error tax free accounting and timely payment of bills.