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.

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.

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.