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Bookkeeping Process of a US Retail Company

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
  • 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%