MindSpace Outsourcing Services Pvt. Ltd.

Delayed Bookkeeping due to voluminous supplier invoices and remittances received weekly by the clientPoor Data Retrieval of accounting vouchersHigher Costs for Bookkeeping Department due to staff turnoverMonth Ends used to take place 2 to 3 monthsSolutions :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 serverMindSpace Team first organizes the scanned data into respective folders as per SoP’sTeam connects remotely to the clients server and do the bookkeeping on QuickBooks

Challenges Faced : Downloading bank-related information from multiple bank website loginsHigh quantity of outsourcing accounting data received in Google drive with 4 months backlogMultiple data sources to be extracted using numerous login websites for sales, suppliers, and banks from multiple locationsA huge pile-up of transactions with the same amount while reconciling bank account in QBO Solutions : Multiple location bank feeds converted into excel, then in .csv format and finally, uploaded in QBOPasswords managed via the last passTrained our outsource accounting team to work on the same project and catch up with the backlog on timeInternal cut control system for data management and bookkeepingUse the last pass for securityRules creation using online accounting services in QBO to categorize transactions with correct account codeBenefits : Saved time by the creation of effective bookkeeping processes for future goals on timeMonth-end work shared with clients on a regular basis100% accuracy achieved while working on accounts outsourcing such as bank transactions in QBExtended contract on outsourced accounting services including additional bookkeeping projects from the same client

Every event management firm carries out operations as per its business requirements. Usually, an event management business involves a huge number of transactions with several vendors. Therefore, clients as such, require an at-par level of security of transactions that is also helpful while importing the data to your accounting software.Challenges Faced : Delayed posting of payroll reports.Processing of overtime was being carried out ineffectively.Duplicate entries were being posted which made it difficult to get an accurate financial picture.Month-end bank and control account audits were being carried out at irregular intervals, making it difficult to reconcile.Petty cash expenses were being overlooked which resulted in incomplete financial data.Improper data retrieval made taxation even more difficult.Higher costs involved in hiring bookkeeping Mindspace Team. Solutions: Mindspace made outsource accounting work easier by automatically fetching the latest transactions and sorting them into your accounting system.Software accuracy – that helped save a tremendous amount of time that would otherwise be spent in reconciling and error-proofing.Mindspace’s team organized the scanned data entailing all vendor transactions and customer orders into respective folders as per the client’s SOP.The team connected remotely to clients via servers and the outsource accounting on QuickBooks so clients get any time access to their data. Benefits : Payroll was posted on time, motivating employees towards productivity.Overtime processed on time, encouraging employees and Mindspace Team to work without worrying about being compensated.Improved overall accounting performance by giving access to high-quality and error-free financial data that results in better decision making.

Challenges Faced :Delayed Bookkeeping due to voluminous supplier invoices and remittances received weekly by the clientPoor Data Retrieval of accounting vouchersHigher Costs for Bookkeeping Department due to Mindspace Team turnoverMonth Ends used to take place 2 to 3 monthsBenefits :Month Ends completes with in 30 daysBank reconciliations with 7 days of Month EndThe clients has outsourced AR & AP reconciliations process to Mindspace as wellThe F & A team concentrates more on Management reporting and regulatory Compliance IssuesCost Reduction of Accounting Department by 60% 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 serverMindSpace Team first organizes the scanned data into respective folders as per SoP’sTeam connects remotely to the clients server and do the bookkeeping on QuickBooks