Financial & Accounting
Outsourcing in the UK
An Opportunity for SME’s & Accounting
Firms
Manish Jindal , FCA
Director I MindSpace Outsourcing Services Pvt. Ltd.
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 GAAP’s and
UK VAT Laws. We act as Bookkeeping , Accounts Production &
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
Manish Jindal - Xero Certified, 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 - Quickbooks Certified
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 .
Services for Business
Bookkeeping
& Payroll Services :
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Maintenance of Nominal Ledgers to Trial; Balances
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Maintenance of Purchase Ledgers & Reconciliations - AP
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Maintenance of Sales Ledgers & Reconciliations - AR
•
Payroll Process on Week or Monthly Basis and preparing
•
Processing VAT Returns
Management Reporting :
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Monthly Management Accounts Preparations
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Financial Plan Preparations & Data Modeling
•
Cash Flow Preparations
Services for Accounting Firms
Bookkeeping
& Payroll Services :
•
Maintenance of Nominal Ledgers to Trial; Balances
•
Maintenance of Purchase Ledgers & Reconciliations - AP
•
Accounts Production
•
Payroll Process on Week or Monthly Basis and preparing
•
Processing VAT Returns
Management Reporting :
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Monthly Management Accounts Preparations
•
Financial Plan Preparations & Data Modeling
•
Cash Flow Preparations
Offline Process
Online Process
Remote Process
MindSpace Advantages
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Domain Expertise - The Team working on client projects are well versed with UK
GAAP’s and UK VAT Laws.
•
Standard Processes - End to End Process gets migrated only after approved SoP’s ,
prepared by MindSpace and approved by Client Firm. We adhere to SLA’s and
deviations are reported to the Client.
•
Confidentiality - Work is done under secured environment and SLA’s are adhered.
Physical , Network Security and Employee Security standards are followed. We work
under NDA’s.
•
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
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.
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.
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 SoP’s
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 %
Case Study – Accounting Firm
Bookkeeping and VAT Support for London based
Accounting Firm
Challenges faced :
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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 :
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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 VPN’s 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 Client’s end and issues and discussed via Skype.
Benefits :
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Timely Payment to Employees
Faster Turn around For BAS and Tax Returns Processing
Clients Spends quality time on high end areas of consulting improvements
Clients are in full Control on Processes and Documents
Cost reductions to the extent of 50%
Contact Us
Phone
+44(0) 845.5280.534
E-mail
info@mindspaceoutsourcing.co.uk
Facility at
247, Second Floor, Manish Mansion , Frontier Colony
Adarsh Nagar, Jaipur - 302004, Rajasthan, India
Phone
+91-141-4023431
Website
www.mindspaceoutsorcing.co.uk