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Accounts Payable

Mynd understands that while making payments efficiently, cost-effectively and accurately are pivotal to every well-managed account payables function in the organization; simultaneously Supplier and Vendor’s satisfaction is measured by the ease of process offered in handling invoices and turnaround time for payment. Keeping the above concept in mind, our accounts payable service including petty cash management offering aims at striking a balance between process optimization and supplier satisfaction.

Mynd Integrated Solutions boasts of a wide range of service offerings that help clients manage end-to-end accounts payable function. A quick look at the below scope of services provided by us will help understand the 360°approach adopted by Mynd in managing the accounts payable function:-

Clients are offered the unique advantage and flexibility to opt for the entire function-encompassing full service line or simply select a single module out of the above.

Mynd Account Payables Outsourcing service offers clients best in class performance and costs by facilitating smooth transactions and optimized payable processes. Clients are offered the capability to transform AP process via an automated system and hence result in better controls, improved service levels and efficiency. Our Accounts Payable Tool is dependable, customizable as well as cost efficient and thereby offers unparalleled benefits on Economy, Control & Efficiency as per the below details—

Accounts Receivable

An effective and smooth Order-to-Cash cycle is crucial for companies to optimize their cash flows and collection processes. Mynd’s Accounts Receivable services facilitate companies in improving the same. Our associates work closely with business teams to effectually manage collection activities without disturbing client’s relationships. Mynd’s AR solution is comprehensive yet completely flexible, and thereby enables clients to choose the entire bouquet of services or commence a new assignment with a subset of processes, business units or locations.

Mynd offers its clients the following scope of services as part of its offering for Accounts Receivables to address their diverse requirements-

  • Credit Control/ AR Policy Set up
  • Invoice dispatch & Submission services
  • Collection Enablement services including
    • Customer Reconciliations
    • Default & Collection focussed Services
    • Call to Collect Services
    • Field recovery services
  • Collection Accounting/Cash Application Services

Our Account Receivable offering enables organizations to focus valuable manpower and other resources on core accounting tasks rather than merely wasting time on managing collection activities. We provide service levels that exceed industry norms in several key performance indicators, including Average Invoice submission timelines, Average Invoice collection timelines & Query resolution timelines.

Our industry specific expertise in implementing best practices for optimization of the Order-to-Cash cycle help clients considerably improve their cash flows and working capital position in a short span of time. Mynd’s innovative approach to handling the Account Receivables function of its clients provides them several unique value propositions enlisted below, apart from the conventional benefits of better cash flow management and controls, savings on time & money.

Reconciliation

Reconciliation is a vital process in the sphere of accounting that ensures matching money actually spent against the money reflected in the books of accounts. This is a major pain area for most companies with very little control what so ever over the entire process. Mynd understands the importance of maintaining the accuracy of account books and keeping them tallied with supplier as well as customers. Our strong base and expertise in the domain of accounting, empowers Mynd to address easy to intricate requirements pertaining to reconciliation of accounts in varied industry domains for different set of clients.

Mynd’s novel and state-of-the-art applications and tools allow elimination of the conventional spreadsheet approach to Reconciliation. We offer our clients fitting and efficient solutions that fulfil the growing needs of transaction matching in domestic and international geographies. Mynd Integrated Solutions offers reconciliation services in the below areas:

  • Vendor Reconciliation
  • Customer Reconciliation
  • Bank Reconciliation
  • Inter-company Reconciliation
  • GL & Sub GL Reconciliation
  • Inventory Reconciliation
  • Data Matching & Other Miscellaneous Reconciliation

Mynd’s Reconciliation Automation tool offers the following unique features:

  • Configurable, rules driven process in which all logic is owned by the business users
  • Email alerts and a role based workflow process assist with exception handling
  • Create automatic or suggested match types. Assign configurable reason codes for journal creation
  • Perform look-ups, concatenation, parsing or custom data manipulation automatically with import utility
  • Automatically import information from any editable file format or data source
  • Create reconciling items and adjusting journal entries in bulk
  • Matches millions of transactions each minute, so you can shorten your close, eliminate tedious manual labor, and get more out of your accountants
  • Quickly identify and address exceptions in any matching scenario, regardless of file format, data quality or volume
  • User-defined, logic-driven process lets you automate any cash, credit card, inter-company or other high volume reconciliation

Fixed Assets Verification

Mynd helps clients manage their Fixed Asset Management & Capitalization as an end-to-end service provider covering the broad areas of capitalization, lifecycle management, and physical verification & tagging and process setup. We facilitate in establishing best practices through setting up quantitative controls on fixed assets. Mynd offers a SaaS Model solution for supplementing service delivery in the area of fixed asset life cycle management. Mynd has also trained its teams to fulfill clients’ Fixed Assets related requirements across the globe and is now fully evolved as an end to end Fixed Asset Life Cycle Solution Provider.

  • Physical verification and tagging
  • Capitalisation and Fixed asset maintenance and FA accounting
  • Web based mobile application

Mynd performs the below set of activities as part of the Fixed Assets Management Process-

Mynd Integrated Solutions understands the dynamic needs of clients for managing their Fixed Assets life cycle. Over the years, we have gained specialization to provide solutions for:

  • Initial creation of FA database from multiple sources in an organization,
  • Physical verification including bar coding, & RFID solutions.
  • Reconciliation of physical results with FA registers and provision of solutions for the gaps identified.
  • Define process and controls for tracking life cycle of assets.

Our Fixed Assets Management Service commits the below primary benefits to customers-

  • Uncovering of improper capitalization, movement and disposal of fixed assets
  • Accurate records that are linked directly to the physical asset through unique barcode tag
  • Maintenance of precise fixed asset records with working condition of asset
  • Avoidance of unnecessary purchases
  • Tracking of Leased/rental equipment
  • Accurate insurance premiums
  • Independent physical verification/ audited reports at regular intervals

Business Entity & Company Incorporation Setup

The entire business world is approaching the Indian subcontinent as a profitable opportunity. Favourable economic policies and time difference, superior trained manpower and easy availability of skilled workers are some of the beneficial factors that are driving many large MNC’s to move base to India and/or establish local entities. This is when Mynd’s focussed expertise and thorough knowledge of Indian Company Laws comes into the picture for the benefit of clients. Mynd offers specialized assistance and enables the client to establish its new Indian entity with the fastest turnaround and most competitive cost. Mynd is also adept at facilitating companies looking to establish new entities in other parts of the world including APAC and EMEA.

Mynd Integrated Solutions provides services to organizations for Initial business setup, registrations & other related services. Services are delivered as per the below scope in the Indian context (Country-wise scopes are tailor-made for International Company Incorporation services rendered by Mynd and shared appropriately with the client)

  • Company Incorporation
    • a. Structuring of Companies
    • b. Drafting of MOA / AOA
    • c. Submission of MOA / AOA and satisfying queries of ROC, if any.
    • d. Applying for Directors Identification No. (DIN) and Digital signatures (DSC)
    • e. Opening of bank account
  • Registrations
    • a. GST Registration
    • b. Import export Code
    • c. PF, ESIC, Shops and Establishments & P Tax
  • Other Relevant Services
    • a. Compliance to RBI requirements for foreign investment compliance
    • b. Recruitment services
    • c. Staffing Solutions-employees can be on Mynd’s rolls before the client’s company is incorporated and management of pre-operative expenses.

Book Keeping & GL Accounting

Outsourcing of complete book keeping & accounting operations is an ideal selection for most small to mid-sized businesses as well as newly formed companies. Such businesses do not have the time and resources as well as the critical mass available to keep them updated with dynamic and complex Taxation & Corporate Laws. Hence to alleviate the above issues, Mynd offers complete Accounting services that encompass an array of transactional and controllership functions for F&A services across multiple industry verticals in a completely scalable model.

Our Bookkeeping & GL Accounting services are capable of facilitating companies of any scale to accomplish their core business goals with minimum cost involvement while getting the benefits of specialists in a shared services model. The Scope of services offered by Mynd as part of its GL Accounting & Bookkeeping offering is as below:

  • Book keeping & Accounting as per applicable GAAP/IFRS
  • Inventory and COGS Accounting
  • Vendor Payment
  • Employee Expense Reimbursement
  • Invoicing & Collection from customer
  • Fixed asset accounting
  • Reconciliations
  • Month End/Period Closing
  • Management Reporting
  • Cash flow Statement & forecasts
  • Audit Support
  • Consolidations of financials statement.
  • Controllership activities and Virtual CFO Services

Mynd Integrated Solutions delivers accounting services through a mix of Onsite and Offsite Models. The onsite teams are stationed at the client’s office to perform the frontend accounting tasks; while the backend support & reporting functions are delivered by our Central facility in India. The other model is wherein we are servicing the entire accounting function of clients through an Offsite model and all processing is completed at Mynd’s premises.

Mynd proposes many advantages to clients seeking to outsource their Accounting Functions, as per below details-

  • Availability of large pool of trained and speciallized manpower
  • Knowledge pool through specialized cells. Eg: Direct Tax/Indirect Tax/Company Law
  • Scalability of operations
  • Adoption of industry best practices and automation of processes leading to standardization
  • Clients get the advantage of Virtual CFO/ Controller at highly affordable costs
  • Handover of accounting processes to Mynd, enables the client to maintain their focus on the core business functions

Statutory Filings & Compliances

Maintaining compliance with multiple business laws can be a herculean task for any company and entails deep understanding of Tax related statutory compliances and requirements. Mynd with its deep process knowledge and proven expertise in the domain of regulatory compliances understands these common issues often faced by businesses. With our vast industry experience, we have also witnessed that companies often face bad debt situations because of non-compliance with tax issues.

Appropriate management of Statutory Filings and Compliances is very important for any sort of business, because it helps develop the company's brand reputation and profitability. Mynd Integrated Solutions understands this and provides excellent services in regulatory compliance management that have helped some of the world's top institutions to address local and regional requirements. Our compliance services help improve risk and economic capital management as well as foster and cost reductions.

Services offered by Mynd as part of Statutory Filings and Compliance include the following:

  • GST and Excise (Indirect Taxes)
    • a. Registration under various Acts (GST, Excise, PAN, TAN etc.)
    • b. Maintenance of Records
    • c. Computation of monthly Tax liability
    • d. Preparation of returns
    • e. Issuance of Forms – Way bills
    • Support for Assessments/Inspections/Notices
  • Direct Tax Compliance
    • Corporation Tax & Advance Tax compliance
    • TDS related compliance (Direct Tax)
      • Preparation and filing of TDS (Withholding Tax) returns
      • Issue of TDS Certificates
  • Attending to Tax Department queries/notices & handling of assessment/audit

Commercial Support

Commercial function is a backbone to business operations and support; while enablement is the key to managing such an important function. Mynd provides specialized support services in the commercial function through its trained pool of resources in an ERP driven environment. Mynd helps in creating opportunity for organizations to modularise service requirements around vital processes including PR, PO, Order Fulfilment and Order Management.

Services provided by Mynd as part of Commercial Support function are enlisted as below:

  • PR to PO
    • a. Validation of PR
    • b. Validation of DOA
    • c. De-duplicate checks
    • d. Validation of vendors as per Vendor masters
    • e. Validation of budgets/ Project Validity
    • f. Release of Purchase Order
    • g. Vendor coordination
  • ORDER MANAGEMENT
    • a. Validation of documentation
    • b. Validation of rates and BOQ’s
    • c. PO Preparation in ERP
    • d. Validation of Terms and conditions including SLAs and KPIs
  • ORDER FULFILLMENT
    • a. Vendor coordination to check on Project readiness/Supply/Service Delivery Plan
    • b. Coordination with user and vendor for dispatch schedules and documentation
    • c. Open PO Report and PO for closure management
    • d. Stock level monitoring

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offices near you

India

1st Floor, B-152
Sector 6, Noida
India – 201 301

London

Audrey House
16-20 Ely Place
London EC1N 6SN

Hong Kong

1501, Millenium city 5,
418 Kwun Tong Road,
Kwun Tong, Hong Kong

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