Financial & Accounting

Outsourcing in USA An
Opportunity for SMEs & Accounting
Firms
Kshitij Jain, FCA
Director I MindSpace Outsourcing Services Pvt. Ltd.

MindSpace - Introduction
Founded in year 2005 with an aim to provide Value
Added Financial Outsourcing Solutions to Accounting
Firms in the US. We have domain expertise in US
Bookkeeping, US GAAPs and US Payroll. We act as
Bookkeeping & Accounting Process Owners in the
Engagement.
We are a client centric organization and our Value
proposition is Knowledge Based Approach, Quality
Deliverables leading to a effective
Value Based
Outsourcing.

Management Team
Kshitij Jain, FCA
Kshitij is cofounder of company. He is the Director & QB ProAdvisor 2010 and a
Fellow Member of Institute of Chartered Accountants of India. He has had vast
exposure with US GAAP and relevant tax laws. He is closely involved with the
Business Process Outsourcing industry and is associated with TIE Worldwide. He
maintains the high standards of the firm by training new recruits and overseeing
company best practices.
Manish Jindal, FCA,DISA
Manish is cofounder of company. He is the Director Operations and undertakes client
deliveries functions and a Fellow Member of Institute of Chartered Accountants of
India. He has also done a Diploma in Information Systems Audit. Manish has more
than 5 years exposure with US accounting and relevant tax laws. Manish plays a key
role in successful migration of processes and controls.
Team
Our team comprises CAs, MBAs, Software Engineer, Graduates who have adequate
experience in processing various tasks including Management reports, Bookkeeping,
AP & AR and Payroll. At the top is a collaboration of CAs and Managers at delivery
center.

Services Portfolio
Bookkeeping

& Payroll Services :

Maintenance of Nominal Ledgers to Trial Balance

Maintenance of Purchase Ledgers & Reconciliations - AP
Maintenance of Sales Ledgers & Reconciliations - AR
Payroll Process on Weekly or
preparing W-2 , 940, 941 etc.

Monthly

Basis

Processing Sales and Use Tax Returns and Form1099.

Management Reporting :
Monthly Management Accounts Preparations
Financial Plan Preparations & Data Modeling
Cash Flow Preparations

and

support in

Process Flows
The manner in which Outsourcing can take
place at Clients end :
- Offline Access Model
- Online Access Model
Process Standardization and Document Management
There is major Emphasis on Standard Operating
Processes before a activity gets migrated . In case
of Accounting Firms , Client Review Note etc are
inbuilt processes.

Offline Process

Remote Access

Online Process

Work Flow at
Delivery Centre
Back End Work Flow at Delivery Centre :
Clients scans the documents and intimates the Team Leader.
Team Leader reviews the data and confirms to the clients of no. of
documents received and a Client Review Note.
Team Leader assigns the tasks to the Bookkeepers .
Bookkeeper starts processing the documents , updates the status on a Day
end .
Team Leader updates the clients on
Status of work done and Clients
queries are also sent .
Once work completed, Team Leader randomly selects data and do QA /QC.
Client gets complete work .

Internal Management Levels :

Director Operations
Team Leader - Taking Care of Communications & Quality Checks
Bookkeepers - Responsible for Data inputting & Query preparation

MindSpace Advantages
Domain Expertise - The Team working on client projects are well versed
with US GAAPs and US Payroll and Sales & Use Tax Laws.
Standard Processes - End to End Process gets migrated only after approved
SoPs , prepared by MindSpace and approved by Client Firm. We adhere to
SLAs and deviations are reported to the Client.
Confidentiality - Work is done under secured environment and SLAs are
adhered. Physical , Network Security and Employee Security standards are
followed. We work under NDAs.
Good Communication Skills - The Team Leaders & Director Operations
are responsible for voice communication with clients. Clients can directly
contact them and discuss issues .
Control of Process - The Clients keep control on the whole
Accounting Processes.

Outsource

Flexibility to clients - MindSpace Keeps adequate bench strength to address

issues to Staff Turnover and Skewed works at the time of Month End.
Cost Savings more than 50% .
Improved Document Management and Retrieval

Infrastructure at MindSpace
2500 sq ft working space (Can be expanded to the extent
of another 1500 sq ft )
Two Lease line connections having 2 Mbps online
connectivity.
Secured FTP for Data Transfers, Biometric Access , CCTVs
24/7 Power Back up mechanism.
Different means of communication are available - Skype,
Vonage
Provision for 100% data redundancies.

Security at MindSpace
WORK STATION & NETWORK SECURITY
Access to workstations is restricted through Network, windows login, PC locking.
Dual-Monitor workstations for a paperless environment, restricted access printers are available
to any staff.
No access is available for fixing any external drive (CD Drives, Floppy Drives, and USB Ports) to
the workstation.
Workstations secured individually by Anti-Virus and Untangle Firewall Protection.
Limited internet access on need-basis Need Based ( client specific) emails access only
Individual domain accounts for each processor ensures that the access to source documents is
restricted to authorized employees only.
Segmented LAN with firewall protection.
Trackers installed on each workstation to keep a close tab on each employee. Screenshot of
Employee PC are Taken in every 15 minutes.
Static IP Based Data Transfer Facility via SSL Protected FTP Servers based in the US.
Own a Dedicated VPS server for secured Data Transfer.
Data Backups taken on a every Day End.
PHYSICAL SECURITY
Entry to the premises is restricted through secure access cards.
The Facility surveillance is done by CCTV.
Facility also manned with Security Staff .
EMPLOYEE CREDIBILITY
Employee recruitment after thorough background checks.
Employee sign non disclosure agreement with MindSpace before being inducted into the
company.
Core information shared only within a limited group of people.

Case Study Bookkeeping Process of a Retail

Company

Challenges faced :
Delayed Bookkeeping due to voluminous supplier invoices and
remittances received weekly by the client
Poor Data Retrieval of accounting vouchers
Higher Costs
turnover

for

Bookkeeping

Department

due

Delayed Bank Reconciliations and AR reconciliations

Month Ends used to take place 2 to 3 months

to

staff

Case Study Bookkeeping Process of a Retail Company

Solutions :
MindSpace Team has domain expertise in US Bookkeeping . We initially
studied the process of Bookkeeping and prepared a process flow
The client thereafter used to scan everything as a shoebox on FTP server
MindSpace Team first organizes the scanned data into
respective folders as
per SoPs
Team connects remotely to the clients server and do the bookkeeping on
QuickBooks

Benefits :
Month Ends completes with in 30 days
Bank reconciliations with 7 days of Month End
The clients has outsourced AR & AP reconciliations process to Mindspace as
well
The F & A team concentrates more on Management reporting and regulatory
Compliance Issues
Cost Reduction of Accounting Department by 50 -55 %

Case Study Payroll Function for a Staffing Company

The client
Employees

had

to

pay

Fortnightly

to

The client was facing issues of

-Delayed Payments to Employees
- Staff Turnover
- Delays in Sending Regulatory returns
- Accounting Reconciliations pendency of
payroll was for more than 4 payroll cycle

Case Study Payroll Function for a Staffing Company

Benefits :
-

Timely Payments to Staff

Cost Cutting to the extent of 60%
Client has a dedicated team to work on general issues raised
by staff which get replied from offshore centre.
Client Staff onshore can spend time on regulatory and
compliance issues more productively.
Reconciliation of payroll was made upto date with accounting
records.

Engagement Models
FTE Based
Activity Based
Transaction Based

Contact us
MindSpace Outsourcing Services Private Limited.
Suite# 201-202, Gurukripa Tower, Mahaveer Marg,
C- Scheme, Jaipur - 302001, Rajasthan, India
Telephone (India): +91-141-4023431
US Tel. : (01) 786.871.2066
E-mail : info@mindspaceoutsourcing.com
Visit us at : www.mindspaceoutsourcing.com
www.mindspaceoutsourcing.com
Skype: kshitij1010