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 CertifiedDirector 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 BusinessBookkeeping & 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

Services for Accounting FirmsBookkeeping & 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 :

• Monthly Management Accounts Preparations

• Financial Plan Preparations & Data Modeling

• Cash Flow Preparations

Offline Process

Online Process

Remote Process

MindSpace Advantages• 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 MindSpaceWORK 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 MindSpacePHYSICAL 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 vouchersHigher Costs for Bookkeeping Department due to staff turnover

Delayed Bank Reconciliations and AR reconciliationsMonth 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 flowThe 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’sTeam 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 EndThe clients has outsourced AR & AP p reconciliations process to Mindspace as well

The F & A team concentrates more on Management reporting and regulatory Compliance IssuesCost Reduction of Accounting Department by 50 -55 %

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 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 :• 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

Websitewww.mindspaceoutsorcing.co.uk