Mynd Solutions is a business process outsourcing company with a presence in 29 Indian cities. It has over 1500 employees and 10 years of experience serving major corporate customers. The company provides finance and accounting, human resources, and consulting services. It aims to improve efficiency and cut costs through automation and integration of technology into its service offerings.
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Mynd Solutions: ISO 27001 Certified BPO Leader
1. Mynd Solutions
innovative
fast growth
integrating technology
pan India
ISO 27001:2005 Certified
Awarded as the top emerging company under the category “EMERGE
GROWTH” for the year 2009-10 by NASSCOM
Awarded for the “Best Professional Service Business of the Year
2011” by Franchise India and Zee Business
Visit @www.myndsol.com 2011 Mynd Solutions Pvt. Ltd.
2. About Mynd
A business process outsourcing solutions provider to corporate customers
PAN INDIA presence in 29 –Tier I, II & III cities with facilites in Gurgaon, Mumbai and
Bangalore
1500 people strong team from varied backgrounds
One decade of business experience servicing customers that are “Who’s Who” in the Industry
Recognized by Franchise India as BEST SERVICE PROVIDER for the year 2011
warded by NASSCOM as “EMERGE GROWTH” Leader for the year 2009-10 in SME Space
Experience for re-engineering the processes and scaling up operations
Provide full complement of off-site and on-site services tailor made to suit the clients needs
Visit @www.myndsol.com 2011 Mynd Solutions Pvt. Ltd.
3. Contents
Delhi Noida
Gurgaon Meerut
Jaipur Lucknow
N Jammu E Jamshedpur
Srinagar Patna
Shimla Kolkata
Chandigarh Durgapur
Mohali Bhubaneswar
Karnal Guwahati
Mynd
Presence
Bhopal Bangalore
W Indore S Cochin
Mumbai Chennai
Pune Hyderabad
Ahmedabad Mysore
Aurangabad
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4. Service Offerings
Mynd Solutions
offers a unique combination
of providing
Finance & Accounts,
Human Resources,
Database Administration
& Consulting services
under one roof.
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5. Service Offerings F&A
Finance & Accounting Outsourcing
Purchase to Pay
Employee Reimbursement
Order to Cash
Bills & Collections
Fixed Asset Cycle
GL Accounting
Inventory Accounting
MIS
Consulting & Audits
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6. Experience in Telecom
F&A Processes Telecom Telecom Telecom
Service Equipment Passive
Providers Suppliers Infrastructure
Company
Purchase to Pay √ √ √
√
Reimbursements/Expenses √
Vendor Help Desk Management √ √
Order to Cash √
Bill and Collection √ √
Inventory Accounting & Reconciliation √ √ √
Fixed Assets Life Cycle √ √ √
GL Accounting √ √
√
MIS & Compliances √ √
Consulting and Audits √ √ √
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7. Experience in Setting F&A SSC
Infrastructure Set Up F&A Process Teams
•Dedicated facility for four •Domain Expertise- •Centralized team of functional
national and one international building and scaling up. Consultants
client •Transition (Domestic and •Team size - 300
•Timely set up International), •Trained staff on multiple platforms
•State of the art facility •Migration of accounting platform •Attrition below 12%
• Serves as BCP to ERP •Documented training program
•Re-engineering of processes • Ability to source teams through HR
Multi-location Primus
S-Tel Automation & integration
Consolidation •Internal IT support for integration
Indus Towers
•Standardized practices across all • Ability to integrate & handle
locations YUM Restaurants multiple platforms
•Effective communication ATC • Access controls
amongst locations for changes Motorola • Experience in 24X7 operations
•Control through regular SAP • Dedicated software team
monitoring GVK
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8. Volume
Industry No of Clients No of locations of Client Volume indicator Team strength
Telecom Service Client 1 23 North 250 head counts
providers in India Consolidate Volume of
Client 2 18 Transactions -Processed
Client 3 14 Monthly -In excess of
Client 4 5 300,000 Transactions West 80 head counts
valuing over INR 1500
Infrastructure Client 1 8 CR. per Month South 95 head counts
companies
Client 2 20
Client 3 1
Client 4 1
Retail sector Client 1 90
Client 2 2
East 86 head counts
Financial Services Client 1 1
Company
Client 2 1
International Client 1 70
Restaurant Company
Services company Client 8 8
* The names of the clients are confidential
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9. Enhancing value through integration of
technology . .
Mynd’s Endeavour is to wrap technology around its services in order to
provide efficiency and value addition to the processes being handled by us
on behalf of the client and also integrate the same along with the existing
technology of the clients.
We have created teams for software development which compliment the
services offered in field of F&A and HRO on SaaS model.
We offer Automation tools suited to the Industry needs in the in the following
areas :
•Workflow automation
•Vendor management
•Customer application life cycle management
•HR Processes.
•Compensation management
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10. Mynd Solutions is Nominating for Driving Economy::
Best ICT Initiative Boosting Business Productivity
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11. Accounts Payables
Full Service Automation Models
Automation of Accounts Payable
Process - Vendor Invoice Processing
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12. Payable Heads under Scope
Employee
Reimbursements
(Non CTC
Reimbursements)
Capital Expenses
Site Rentals
(Equipment Supply
and Services) (Lease Rent)
Operating Expenses
(Diesel/EB/O&M
Payable Advance/Pre-
payments
Services/Legal/Admin
& Others) Heads
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13. AP Process Outline
VHD Services
AP Transaction Processing
Reconciliations
Month Close Reporting &
Controllership
Records Management
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14. Existing Model Hardcopy
Movement
Flow of Activity – Manual Control DMS Updation
CIRCLE LEVEL CORPORATE LEVEL
Vendor Corporate Finance
• RTV Handling • Primary Verification Team
• Tracking/MIS • Acknowledgement
• Query resolution
• Payment Run
Circle PO • Cheque Printing
VHD Amendments • Cheque Dispatch
•Verification
SCM •SAP entry
Opex &
DMS Updation
Bank/RTGS
Capex
DMS Updation
Teams
User
Approver
Chain Circle Finance
App 1 & App 2 Team
In Transit Corporate
Approved VHD
Invoice
Validated Thru VHD
Invoice
DMS Updation
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15. Case Study – Clients Existing Model Manual Control
Key Attributes
1. Existing Process
Hard Copy Approvals
Manual Controls
Manual DMS Updation at every movement of Invoice stage
Manual entry in ERP
Non SLA Approach
2. Existing Team
Function Total Outsourced In-house
Vendor Help Desk 42 42
Opex & Capex Processing 74 26 48
Vendor Reconciliation & Others 5 3 2
Total 121 71 50
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16. Improvement Areas identified
Need to cut down Dependency on Manual Controls
Need for TAT monitoring in the process to cut down longer payment processing cycle
Need for standardization in the process
Manpower based model prone to attrition and non accumulation of knowledge pool.
Need for Query resolution mechanism.
Streamlining of process required at various levels
Need for documented standard operating Procedures.
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17. Solution Proposed
Model – 1 : Integrated VHD and AP (SLA based Model)
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18. Value add in Proposed Model
1 2
• Timely payment to • Efficiency in Operations
Vendors • Enhanced Controllership
• Timely resolution to
Vendor queries
3 4
• Standardized Process • Economy in cost of
• Best Practices Operations
• Scalability
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19. Recommendations
Documented
Implementation
Standard
of Automated
Operating
Work Flow
Procedures
SLA Model with
committed
Centralization of
delivery levels.
all AP
Creation of Front
processing
end team to
activity other
serve local
than VHD
vendor in local
language.
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20. Model – 1
Integrated VHD and AP Model
CIRCLE LEVEL Flow of Opex Invoices CORP/SSC LEVEL
• Verification Primary Corporate Finance
Vendor Team
• Hard copy of Invoice
• Query Resolution
• Accounts Reconciliation
VHD Month Close Activities
• Close Schedules
• Accruals
• Bank Reconciliations
Bank/RTGS
Validated
PO
Invoice
Amendments • Audit Support
• MIS/ Ad hoc report/Support
• Payment Run
• Entry in Work Flow Tool SCM • Cheque Printing
(only key attributes) • Cheque Dispatch Entry in SAP
3/2 way match
• RTV Handling
TDS/WCT
• Tracking/MIS
*Work Flow Tool – DMS (Mynd Proprietary Software)
• Verification (Secondary)
• Attachment of Scanned
Mynd images & details
SSC attachment (if any)
• Initiating Approver work
flow
Signed off
Approved consumption
Invoice sheet
for Diesel
Approver Approver
Chain Chain P&F Team
Approver 1 Approver 2
Days 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
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21. Features of DMS 2
Workflow Automation Tool to manage and control end to end life cycle management
of Invoice.
Enhanced level of system based controls – maintenance of Audit trail and recording
of events and remarks through the approval chain.
Mechanism to monitor the payment cycle terms – PO terms captured in the WFM and
exceptions reporting at click of button.
SLA tracking mechanism
Introduction of tools such as auto reminders and auto forwarding of invoice in the
escalation path defined.
Standardization of processing steps for each category of invoice.
Integrated ticketing mechanism to track and monitor vendor queries.
In-house quality team to ensure/reinforce quality in deliverables.
ISO certification for back end centre activities
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22. AP Scope of Work
Month Close
AP Transaction
VHD Services Reconciliations Reporting & Records Management
Processing
Controllership
• Receipting of • Verification of • Vendor Account • Preparation of • Management of
Invoices Invoices Reconciliation month end Hard Copies of
• Verification of (Secondary) – • Employee schedules Invoices (Pre
Invoices (Primary) Processing Account • Reconciliation Approval)
• Coordination for Checks Reconciliation between sub • Management of
PO amendment • Entry in SAP • Bank ledger and ledger Hard Copies of
• Scanning of (Parking) – Reconciliation • De-Duplication Invoices (Post
Invoices 2/3way matching Statement audits Approval)
• Entry in WFM • Site Wise • Prepayment • Preparation of
Accounting reconciliation month end
• Rejection
Resolving (User • Validation of including fuel accruals/prepaid
level) Invoices (Posting) transactions expenses charge
• TDS/WCT off
• Vendor Query
Management attachments • Inter Company
• Payment run for and inter circle
• Ticketing
all type of reconciliation
Mechanism
invoices in the • Reporting Packs
• Vendor
ERP system • Audit support as
Communication
Point • Cheque & when required
Printing/Cheque
Dispatch
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23. Value Adds
Controls Efficiency Economy
• Independent team • In time Payment – as • Variable Transaction
• User interaction with per the SLA terms Fee model
Vendors on Invoice • TAT mechanism for • No Capital Cost on
related matters is Approvals Automation tool –
eliminated. • 100 % Automation on subscription based
• Authority Matrix WFM model
related Controls – • Auto • Huge savings in cost of
Value based Auto reminders/escalation space and employee
approver selection • Ticketing Mechanism related overheads
• Standardization of for effective and timely
Process query resolution
• Transparency in • Trained teams – very
process low ramp up time
• Scale up-down
flexibility
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24. Presentation on DMS
(Mynd Propriety Software for AP Workflow Automation)
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25. VHD (Vendor Help Desk) Work Flow activities
on DMS
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26. VHD (Vendor Help Desk) Login Screen
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27. New Document Entry by VHD
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28. Check List of Documents with Invoice to be
entered into entry screen by VHD
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29. Approver Home Page after log-in
Task details
for Approver
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30. Invoice Approval by Approver
Approve
button
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32. Implementation Stages & Timelines
SOPs and On
Team Set up,
Study and Going services,
Training and
Understanding Quality &
stabilization
Review
0–3 3 – 12 12 - 15
Weeks Weeks Weeks
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33. Quality Delivery Approach
1
- End to end process mapping is done using SIPOC / Flow charts
Process mapping
Execution Excellence
- Process documentation / SOPs to impart trainings
& - Regular updation of SOPs to ensure consistency in delivery
Documentation - Ensuring no gaps and robust change management in place
2 - Identify process deliverables from customer SLAs i.e. TAT, Accuracy, Compliance
etc
Identify process deliverables
- Follow metrics driven approach
&
- Set up KRAs for all Agent / TLs / Managers in alignment with deliverables
metrics
- Review process performance on metrics to ensure customer delivery
3
- Checklist for each activity of the process to avoid any lapses / miss outs
Audit checklist / - Prepare audit or monitoring sheet with weightages to determine scoring
monitoring sheet - Identify critical (fatal) errors for the process
- Set QA score targets for each process
4
- Conduct audits / monitoring of required samples on each process
Perform audits - Prepare accuracy MIS at process level & processor level to identify lapses
& - Focus more on new joinees / ones committing more errors
monitoring regularly
5
- Analyse errors and identify training needs for processors
Analysis audit / monitoring - Address training needs immediately to fill gaps
Scores & fix errors - Take corrective & preventive measures to fix and avoid re-occurrence of errors
- Ensuring consistency in the delivery with least variations.
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43. Organisation Structure
Board of Directors
Operations
• Domestic •HR Head
HR
market •Recruitment Head
Business • International
Development Director- Operations
market
Team
VP- Operations
•CFO
Finance
GM- Operations •GM Finance
Project Head
• F&A •Quality Manager
Team Leader Team Leader
Transition & • HRO •Training
Implementati • CRM QC Controller
on Team •Project Consultant
Team
•Networks &
Systems
IT
•Software
Development
Business Strategy & Growth Way Core Functional Team Support Function
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44. Please visit us @ www.myndsol.com
Visit @www.myndsol.com 2011 Mynd Solutions Pvt. Ltd.