Case Study
Australia Case Studies:
Dubai Case Studies:
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 Mindspace Team turnover
- 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%
