Offering our services on a Shared Service Centre model...Mynd SSC

Mynd believes in creating Real Business Impact by integrating it’s Analytics & Technology Competencies with Comprehensive Business Management Solutions

Continuous improvement is an essential element in any effective business strategy. Whether these improvements are large or small in scale, achieved on the factory floor or in the back office, the goal is the same—to better leverage the resources of the organization to create optimal value for customers and other key stakeholders. Enabled by rapid advances in technology, the drive to achieve world-class performance standards is resulting in innovative structures, strategies, and solutions to complex business problems. Shared services centres (SSCs) are being created in organization after organization as the optimal solution to the need to both reduce the cost and improve the performance of Mynd Solution' s Shared Service Centre(SSC) can standardize and automate process work activities, while at the same time delivering greater value through process innovation, reducing risk and revealing new sources of revenue for stakeholders.

As a Shared service centre, we can handle specific operational tasks that include various services in the Finance and Accounting and Human Resources. We work as multi-functional unit that is dedicated to a centralized point of service. It involves multiple business units to consolidate one or more than one operation into a shared one.

Our Shared Service Centre also customizes our processes with a focus to improve efficiency taking cost-effective measures. Its accuracy is focused with the help of technology on the platform of Business Process Management (BPM). We aspire to deliver our services with unique industry demands with a set of expert team working under us. Our platform stands as SaaS (Software as a Service) which complements the service delivered to suit diverse needs of customers globally also.

Benefits of Shared Services Model:

• Agreed upon service levels
• Standardization of Processes-Best Practices
• Common Technology Platform
• Economies of Scale
• Flexibility
• Scalability

Business Process Management Services by Mynd Solutions

BPM Solutions by Mynd

Business and technology are in constant evolution, as are we. Global markets have created new opportunities for change and growth. Change requires agility, speed and innovation. You need to sense change and opportunity before your competition does, make smart decisions and take rapid action. You need software applications that are powerful and flexible enough to help you constantly re-invent, while preserving the unique competitive advantages of your organization.

Mynd Solutions is a new way – better and faster – to deliver innovative business applications that improve decision-making, mobilize key data and processes, and unite business and IT in driving bottom-line performance. We help overcome functional silos and roadblocks, enabling business managers to improve services offered to stakeholder, customers, and process owners.

We are a leading Business Process Management (BPM) service provider looking after the value-added services of our clients with a proper strategic plan. Our expertise in this domain is towards making an organization more effective to adapt as per changes of the corporate world. The corporate world.We have developed multiple industry frameworks that empower clients to achieve improved business value from integration investments and help them realize the benefits of greater scalability, increased flexibility, and reduced total cost of ownership.

We have collaborated extensively with product vendors to develop solutions in banking, insurance, e-commerce and other industry verticals.

We enrich the experience of all our customers with our valuable services with an aim to increase the visibility of business. As a result, it provides an enterprise, an edge over the competitive environment of corporate sector. Our aim is to impart impactful changes with different tools of process management.

Platform solutions to solve real problems faced by businesses, solution provider and productivity enabler. The Platforms are uniquely blended with customized services suitable for Global Business Environments.

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

Improving Profitability with Mynd's Finance & Accounting Services..

Improve your bottom line with Mynd’s finance and accounting outsourcing solutions, built to achieve high-performance business results

Ongoing pressures to optimize business performance have prompted many finance executives to look for new approaches, including outsourcing finance & accounting functions of the organization. Financial organizations worldwide are facing the impact of higher volatility, uncertain business as well as regulatory and socio-political environments putting pressure on them to make their bottom-line more predictable and sustainable. Chief Financial Officers (CFO) of leading organizations are leveraging finance and accounting outsourcing as a strategy to change their operating models.

Mynd integrates domain expertise, global delivery network and technology solutions to assist clients in identifying, transitioning, transforming, executing and continuously adding value to finance and accounts outsourcing processes through a low-cost BusinessProcess 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 as well. We are offering Accounting Outsourcing Services globally and provide tailor-made solutions to our clients.

Mynd Solutions provides best solutions for outsourcing your Finance& Accounts outsourcing requirements. 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 Telecom, Retail and e-Commerce, BFSI, Infrastructure, Healthcare etc. 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.

The Advantages of Outsourcing Bookkeeping for Small Business Owners

The Advantages of Outsourcing Bookkeeping for Small Business Owners

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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