Mindspace Outsourcing Services

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%