Payroll Outsourcing and Bookkeeping Services - Mindspace

1
Financial Accounting Outsourcing in the UK
An Opportunity for SMEs Accounting Firms

• Manish Jindal , FCA
• Director I MindSpace Outsourcing Services
  Pvt. Ltd.

2
Introduction

• Founded in year 2007 with an aim to
  provide Value Added Financial Outsourcing
  Solutions to Accounting Firms in the UK . We
  have domain expertise in UK Bookkeeping, UK
  GAAPs and UK VAT Laws. 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.

3
Management Team

• Manish  Jindal  -  Sage Line  50   Level  1
   Certified 
• Director of the company , a Fellow member of the
  Institute of Chartered Accountants of India has
  an experience of more than 5 years in the UK
  Bookkeeping ,Corporation Tax Returns, VAT
  Accounting Payroll and as a Chartered
  Accountant for more than 8 years.
• Kshitij  Jain ,  FCA  
• Director of the company, a Fellow member of the
  Institute of Chartered Accountants of India, has
  done a Diploma in Information Systems Audit. A
  Key Industry Player with an experience of more
  than 7 years with Audit firms and more than 3
  years in the U.S Bookkeeping, US GAAP's, Payroll
  US Sales Tax .

4
Services

• Bookkeeping Payroll Services
• Maintenance of Nominal Ledgers to Trial
  Balances
• Maintenance of Purchase Ledgers
  Reconciliations - AP
• Maintenance of Sales Ledgers
  Reconciliations - AR
• Payroll Process on Week or Monthly Basis and
  preparing
• Processing VAT Returns
•  
• Management Reporting
• Monthly Management Accounts Preparations
• Financial Plan Preparations Data Modeling
• Cash Flow Preparations

5
Offline Process
6
Online Process
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Remote Process
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MindSpace Advantages

• Domain Expertise - The Team working on
  client projects are well versed with UK
  GAAPs and UK VAT 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 Outsource Accounting
  Processes.
• 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

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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.
• Own a Dedicated VPS server for secured Data
  Transfer.
• Data Backups taken on a every Day End.

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Security at MindSpace

• 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.
• Constant monitoring through the trackers
  installed on the workstations.

11
Case Study- Business

• Bookkeeping Process of a UK based Logistic
  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 for Bookkeeping Department due to
  staff turnover
• Delayed Bank Reconciliations and AR
  reconciliations
• Month Ends used to take place 2 to 3 months
• Solutions
• MindSpace Team has domain expertise in UK
  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 Sage 2011
• Benefits
• Month Ends completes with in 30 days
• Bank reconciliations with 7 days of Month End
• The clients has outsourced AR AP p
  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
  

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Case Study Accounting Firm

• Bookkeeping and VAT Support for London based
  Accounting FirmChallenges faced
• Timely Delivery of VAT returns and Accounts
  Production
• Skewed Work schedule
• Costs of Clerical staff was high
• Time spent on Low end work
• Standardized work delivery process was
  missing
• Solutions
• The client trained us on Sage Line 50 ,
  CCH Tax software and MYOB Accounts
  Production .
• Mindspace prepared a Standard Operating
  Procedures for migration of Bookkeeping
  Process
• Initially , Client worked in conjunction
  with MindSpace Team on Tax returns.
• Client used to scan data and upload it on
  there server. India Team leader ( TL )
  checks data on server sends us.
• Processing Team at MindSpace connects
  remotely via VPNs to client server and
  process VAT and Tax returns Any mails of
  deviations and issues are sent by the TL to
  the client.
• VAT and Corporate Tax returns gets reviewed
  at the Clients end and issues and
  discussed via Skype.
• Benefits
• Timely Payment to Employees
• Faster Turn around For BAS and Tax Returns
  Processing
• Clients Spends quality time on high end
  areas of consulting improvements

13
Contact Us
Phone [phone] E-mail
info_at_mindspaceoutsourcing.co.uk Facility at
247, Second Floor, Manish Mansion , Frontier
Colony Adarsh Nagar, Jaipur - 302004, Rajasthan,
India Phone [phone] Website www.mindsp
aceoutsorcing.co.uk