The Background
Mynd Solutions Finance and
Accounting (F&A) Outsourcing has pioneered 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 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.
Mynd operates in the
following Major areas in Retail Segment
·
DSR Audit
& Cash Pick up
·
Store/
Warehouse process Audit
·
Inventory
Audit
·
Cash
Management
Mynd has
provided exceptional service delivery for several retail clients in the past
few years in different service domains. Clients include leading Indian and Global brands in Apparel,
Restaurant and Fast Food Chain, Online retail Industries etc.
Petty Cash Process
The Client:
The client is an Indian e-commerce company, founded in 2007, and
headquartered in Bangalore, Karnataka. It is considered as
the e-commerce company that made online shopping popular in India. This
popular Indian online retailer offers books, apparels, fashion wear,
accessories, electronics, and appliances among many other offerings.
Cash Management Process Undertaken by Mynd
for Client:
Mynd Solutions started
Cash management process for the above client in May 2012. In this assignment,
Mynd is processing & managing their petty cash expense & related Imprest
management across all delivery hubs in India. We started this journey with 70
hubs in May-12 and are currently handling 200 + Hubs.
What’s Unique About
this Assignment?
Ø
Managing the Cash Processes for the largest
e-commerce Company in India.
Ø
First-ever e-commerce client of Mynd Solutions
Ø
Project was initiated in a very short span of time.
Ø
Dynamic nature of client requirements
Ø
High volumes of cash covered in the assignment
Initial
Challenges witnessed during this project:
Ø Several software
changes were made as per client’s exclusive requirements
Ø Automations
had to be introduced in many areas
Ø
Software Training was to be provided to Pan India Hub
Managers
Ø
Streamlining client’s conveyance expense was a major
challenge, which is 80 % of total hub expenses
Normal SLA
Delivery Provided to Client:
Ø
Processing
expense vouchers within 7 working days with 100 % accuracy.
Ø
Daily
MIS reporting on volume of vouchers created by hubs, processed by Mynd team,
pending for approval at different levels along with the ageing of pending
vouchers.
Ø
Weekly
MIS reporting & analysis on different expenses.
Ø
Timely
updation of portal which includes creation of new hubs, cash feeding to hubs
& addition / edition of users
Ø
Providing
Journal Voucher of all approved expenses & provisions in the desired format
for uploading in their Oracle software as month end reporting
Ø
Generation
of Petty cash Certificate by Monthly
Ø
Software
Training to Hub In charge.
Ø
Helpdesk
& Query Resolution
The Extra Mile Efforts made by Mynd Retail
Accounting Team to Improve Service Delivery:
Ø
Understanding
the nature of the client’s business
Ø
Spending
time in the delivery hubs to understand the ground level activities and
Challenges
Ø
Identifying
the areas where automation may be introduced
Ø
Identifying
the leakage points
Process Automation and Benefits
Several improvements
& automation features have been introduced in the Petty Cash process by
Mynd, since the beginning. The major automation features introduced by the Mynd
team include-
Ø
Weekly Expenses reports: We
implemented various real time automated reports in the software which
ultimately reduced manpower efforts & chances of any errors.
Ø
System validation & supporting attachment
: We made expense supporting’s attachment mandatory in the software so that
processing team is not dependent on hard copies to process the voucher & accordingly
processing time may be reduced.
Ø
New Conveyance Screen: We
introduced a new voucher screen for biker’s conveyance expense wherein the
users mention opening & closing kilometers of the bikers & rest all
conveyance calculation is done by the software on the basis of per K.M. rate (already
fixed in the software). This automation simplified the Hub Manager’s task, as
they don’t have to prepare manual excel file. It also helped Mynd team to
process the voucher quickly with enhanced control.
Benefits
Derived from Process Improvement:
Ø
Faster processing of Claims: Through regular MIS compilation, process set
up & Client support, Mynd was able to reduce the cycle time by 10 days.
Ø
Automation established in:-
·
Conveyance Claim Process
·
Real time reporting
·
System Validations
Ø
Improved Controls in Place: Controls have increased
because decision makers can take decision quickly by seeing real-time reports
online
Ø
Reduction of working capital: It also helped the
client to reduce their working capital lying within the hubs in the form of Imprest
balance in all hubs.
Ø
No follow up with Hubs for Claims hardcopies: Our
process improvement & automation reduced dependency on hard copies of the
vouchers and their receipt.
Ø
Real time cash balance : Our process provided online
tool to user to view individual / consolidated petty cash balance online in real
time, so that decisions on further cash feeding can be taken effectively &
quickly
Client Rewards Mynd’s Efforts
After successful
implementation & running of petty cash process for over 1 & ½ years we
have been awarded many more projects by this esteemed client. The summary of the projects won by Mynd are enumerated
below-
Ø
One time projects
–
Data conversion from Navision to Tally under
letsbuy.
–
Transporter POD’s Verification project
Ø
Regular projects
–
Hub Audits
–
Warehouse
Process Quality Audit
–
Inventory Verifications
–
Vendor Reconciliation
–
AR Reconciliation
–
Bank Reconciliation
–
Training ( Under Implementation)
No comments:
Post a Comment