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Bookkeeping Process of a US 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 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 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 SoP’s
  • 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 60%

Payroll Function for a US Staffing Company

Payroll runs twice every month

Challenges Faced :

  • Delayed Payments to Employees
  • Staff Turnover has caused inaccurate salary payment
  • Bonus & Commission payment delayed due to calculation issues
  • Delays in Sending Regulatory returns
  • Accounting Reconciliations pendency of payroll was for more than 4 payroll cycle

Solutions :

  • MindSpace Team has domain expertise in US Payroll Processing
  • We understood the current process and prepared a process flow and migration plan.
  • The team at mindspace worked simultaneously with US Payroll manager for initial Payroll runs
    Approved timesheet received by India team is collated on spreadsheet and Payroll is process on aPayroll software.
  • Team connects remotely to the clients server and do the bookkeeping on QuickBooks

Benefits :

  • Timely Payments to Staff
  • Cost Cutting to the extent of 60%
  • Accurate and timely payments to staff
  • 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 up to date with payroll returns and accounting records.

Case study of an Accounting Firm

In today’s world managing work is a major issue for fast growing firm of accountants. They want to give their focus on core activities and on providing services to their clients. To create these services additional time is required which is the burden for them. Accountancy firm includes outsource bookkeeping services. These outsource bookkeeping services to India is fast and easy. Our bookkeepers can work with you in a way that suits you to best make the entire outsourcing process an incredibly pleasant experience.

Client

Client is defined as a party for which professional services are rendered. Client plays very important role in an accountancy firm.

Challenges

Clients faces challenges of complex regulations and the pressure to lower fees and prices. The clients were small businesses and has an tendency to come during last days only.

During the tax return season some challenges are faced by them while they are working.

To summarize challenges:

  • Staff turnover
  • Skewed work schedule
  • Clerical staff cost was high

Solutions

We provide solutions to the Accounting Firm by offering them resources who can do the bookkeeping & tax outsourcing services for their client. We offer them different facilities by which they can easily face their challenges and can achieve its goal.We used Software   Drake &Quickbooks for Tax and Bookkeeping processing.

The process that we used to follow :

– Used Remote Access Model

-using bookmark lists to access the immediate information

-provide secured FTP by which client send the client resource documents.

-provide different communication channels by which client can easily communicate.

The client could experience cost efficiencies , flexible working environment, US team could concentrate more on Value add services to clients. Work turnaround time also reduced.

       

Client Testimonials