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Financial & Accounting Outsourcing in the Australia An Opportunity for SMEs & Accounting Firms Kshitij Jain, FCA Director I MindSpace Outsourcing Services.

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Presentation on theme: "Financial & Accounting Outsourcing in the Australia An Opportunity for SMEs & Accounting Firms Kshitij Jain, FCA Director I MindSpace Outsourcing Services."— Presentation transcript:

1 Financial & Accounting Outsourcing in the Australia An Opportunity for SMEs & Accounting Firms Kshitij Jain, FCA Director I MindSpace Outsourcing Services Pvt. Ltd.

2 Introduction Founded in year 2007 with an aim to provide Value Added Financial Outsourcing Solutions to Accounting Firms in Australia. We have domain expertise in Australia Bookkeeping, AU GAAPs and Australian GST Laws. We act as Bookkeeping & 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.

3 Management Team Manish Jindal, FCA Manish is heading MindSpace Outsourcing. He is a Member of ICAI since 2000. He has in depth understanding on Australian tax laws and has vast experience in setting up accounting and internal control system. He is a cricket enthusiast and an avid swimmer. Kshitij Jain, FCA Kshitij is cofounder of company along with Manish. He is the Director & CEO and a Fellow Member of Institute of Chartered Accountants of India. He has had vast exposure with UK and Australian GAAP and relevant tax laws. He is closely involved with the Business Process Outsourcing industry and is associated with TIE Worldwide. He maintains the high standards of the firm by training new recruits and overseeing company best practices.

4 Services Bookkeeping & 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 BAS Returns Management Reporting : Monthly Management Accounts Preparations Financial Plan Preparations & Data Modeling Cash Flow Preparations

5 Offline Process

6 Online Process

7 Remote Process

8 MindSpace Advantages Domain Expertise - The Team working on client projects are well versed with Australia GAAPs and Australia VAT Laws. Standard Processes - End to End Process gets migrated only after approved SoPs, prepared by MindSpace and approved by Client Firm. We adhere to SLAs and deviations are reported to the Client. Confidentiality - Work is done under secured environment and SLAs are adhered. Physical, Network Security and Employee Security standards are followed. We work under NDAs. 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

9 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.

10 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.

11 Case Study For QuickBooks Bookkeeping Process of a Australia based Logistic Company in QuickBooks 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 Australia 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 SoPs. Team connects remotely to the clients server and do the bookkeeping on MYOB. 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 %

12 Challenges faced : Timely Delivery of BAS returns 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 HandiTax and Handiledger. Mindspace prepared a Standard Operating Procedures for migration of Tax and 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 VPNs to client server and process BAS and Tax returns Any mails of deviations and issues are sent by the TL to the client. BAS and Tax returns gets reviewed at the Clients 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% Melbourne based Accounting Firm in MYOB / QB / XERO

13 Contact Us Contact us : Phone +61-­870708565 E-mail Facility at 247, Second Floor, Manish Mansion, Frontier Colony Adarsh Nagar, Jaipur - 302004, Rajasthan, India Phone +91-141-4023431 Website

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