MINDSPACE OUTSOURCING SERVICES PVT.LTD.
A Prominent Outsourcing Firm Offering a Complete Spectrum of Bookkeeping, Payroll and Accounting Services
Over the past few decades, the accounting sector has experienced a significant transformation as businesses outsource more tasks to enhance efficiency. Due to the increasing complexity of financial rules and the demand for specialised skills, it has become vital for accounting firms to find the best outsourcing partners that can cater to their distinctive needs and offer pertinent solutions.
An exemplary player in this arena is Mindspace Outsourcing Services Pvt. Ltd., founded by two industry leaders, Kshitij Jain and Manish Jindal, specialising in comprehensive financial outsourcing solutions. Nestled in the beautiful city of Jaipur, Mindspace stands as a truly amazing and trusted firm, effectively serving clients across diverse sectors, employing knowledge-based approaches, and delivering efficient, value-centric accounting outsourcing services.
Mindspace came into existence in 2008 with a mission to provide tailored financial solutions that empower businesses and accounting firms to thrive in a dynamic and competitive landscape.
Over the years, the firm has emerged as a prominent accounting firm with an extensive range of services encompassing bookkeeping, VAT and tax return preparation, payroll processing, accounts production, Xero/QBO migration, management reports, sales tax return preparation, GST/BAS returns, financial analysis and forecasting, as well as IFRS and Ind-AS implementation support services.
With ISO 9001 and ISO 27001 certifications, Mindspace emphasises a steadfast commitment to quality and prioritises data security. The team comprises expert Chartered Accountants, ACCAs, MBAs, and seasoned commerce graduates who leverage some of the world’s premier accounting solutions to ensure excellence in their offerings.
The Genesis of Mindspace
Mindspace emerged from the collaborative vision of Kshitij Jain and Manish Jindal, both distinguished chartered accountants with a shared passion for technology. Their paths converged during a data security course, sparking conversations about their respective strengths and interests. Recognizing the potential to revolutionize client servicing and accounting outsourcing, they hatched the idea of establishing Mindspace.
Fuelled by a commitment to innovation, Kshitij and Manish decided to focus their efforts on serving clients in the United Kingdom. This decision marked the inception of Mindspace in 2008, laying the foundation for a journey characterized by a harmonious blend of financial expertise and technological prowess. Since its founding, Mindspace has continually evolved to provide cutting-edge solutions in the dynamic realms of client servicing and accounting outsourcing.
The Initial Team Formation at Mindspace
The Mindspace team comprises highly qualified professionals, encompassing chartered accountants, ACCAs, MBAs, and seasoned commerce graduates. When they initiated their journey, building a proficient team posed a formidable challenge. As pioneers in the outsourcing sector, operating under the banner of Payoneer, they encountered a scarcity of readily available talent in the market.
Undeterred by the absence of a suitable talent pool, they undertook the initiative of developing an extensive in-house training program. Through strategic efforts, they successfully created a pool of skilled professionals, nurturing their abilities and aligning them with the specific requirements of their clientele. Overcoming cultural challenges was integral to their success, and they meticulously crafted a team that not only excelled in technical expertise but also seamlessly integrated with the diverse cultures of the clients.
Their recruitment strategy extended beyond conventional norms, enabling them to harness talent from varied backgrounds. This proactive approach not only addressed the initial scarcity but also paved the way for a diverse and highly skilled talent pool at Mindspace. This commitment to talent development and cultural alignment has been instrumental in their journey to provide top-notch outsourcing solutions to their clients.
Integrating with the Latest Tech Evolution
Their commitment to staying abreast of the latest technological advancements in the market is integral to providing efficient and innovative services. Here’s how the company synchronizes with these advancements:
• Adoption of cutting-edge accounting software:
• They consistently evaluate and adopt the latest accounting software to streamline bookkeeping processes.
• Integration of cloud-based solutions for realtime collaboration and accessibility.
• Automation Implementation:
• Embracing automation tools to expedite routine tasks such as data entry, invoicing, and reconciliation.
• Utilizing machine learning and AI to enhance accuracy and efficiency in data analysis.
• Data Security Measures:
• Implementing robust cybersecurity measures to safeguard client financial data.
• Regularly updating their systems to adhere to the latest security standards.
• Digital receipts and documentation:
• Encouraging the use of digital receipts and documentation to reduce paper usage and enhance organization.
• Implementing systems for easy retrieval and storage of digital documents.
• Client Portals and Communication Tools:
• Offering secure client portals for seamless communication and document sharing.
• Utilizing communication tools that align with the latest trends, such as video conferencing and instant messaging.
• Continuous Team Training:
• Investing in ongoing training programs to keep the team updated on the latest technological trends.
• Encouraging certifications in relevant software and technologie.
• Regular System Upgrades:
• Ensure their internal systems are regularly updated to benefit from the latest features and security patches.
• Collaborating with technology providers to stay informed about upcoming upgrades.
• Data Analytics and Reporting:
• Leveraging advanced data analytics tools to provide clients with in-depth financial insights.
• Offering customizable and interactive reporting features for better decision-making.
• Environmental Sustainability Initiatives:
• Promoting eco-friendly practices by reducing paper usage through digital processes.
• Exploring energy-efficient technologies in the operations.
Mindspace’s Key Focus: Quality
In the pursuit of excellence at Mindspace Outsourcing, their commitment to delivering top-notch services is ingrained in every aspect of their operations. Highly qualified professionals undergo continuous training, staying updated on the dynamic landscape of accounting regulations. This proactive approach ensures that the team is well-equipped to provide services that are not only accurate but also compliant with the latest industry standards.
To fortify the reliability of their services, they have implemented a maker and checker policy. This meticulous review system involves a dual-layered validation process, where tasks are initially performed by one team member (the maker) and rigorously reviewed by another (the checker). This stringent policy acts as a safeguard against errors, reinforcing the precision and quality assurance of their deliverables.
Furthermore, their commitment to quality is underscored by the attainment of ISO 9001 certification. This internationally recognized standard for quality management reflects their dedication to implementing rigorous quality control processes. The adoption of ISO 9001 at Mindspace ensures that their services consistently meet regulatory requirements, exceed customer expectations, and align with the highest industry benchmarks.
These strategic measures not only elevate the standards of their services but also underscore their unwavering commitment to delivering exceptional financial outsourcing solutions to their valued clients.
Clientele and Corporate Ethos: At a Glance
Mindspace caters to a broad spectrum of clientele spanning diverse industries, such as retail, e-commerce, real estate and property management, logistics, construction, technology and IT, healthcare, manufacturing, hospitality and tourism, education, bars and restaurants, travel, entertainment, law firms, and consulting firms, etc.
Their commitment to a knowledge-based approach, quality deliverables, and a clientcentric focus has earned the team the trust of their clients. Confidentiality, accuracy, and timely delivery are the pillars of their client relationships.
Distinctive Marketing Strategies
Client testimonials and case studies are pivotal components of the marketing efforts at Mindspace, serving as compelling narratives that highlight their capabilities and the positive impact they have had on their clients. These real-life success stories provide tangible evidence of the value they bring and contribute to building trust among the current and prospective clients.
The team’s commitment to transparency, coupled with a focus on showcasing their expertise and client success, forms the cornerstone of the marketing approach. This strategy not only reinforces their brand identity but also positions us as a trusted partner in the realms of accounting and financial outsourcing.
An Edge Over the Peers
Mindspace Outsourcing Services stands out in the industry through a combination of distinctive elements that collectively define their competitive edge. At the core of the success lies a commitment to cultivating long-term partnerships with the clients. Grounded in trust, reliability, and mutual success, these relationships are a testament to their dedication to fostering enduring connections.
A pivotal component of their strength is the team of seasoned advisors. Their expertise and collaborative approach contribute significantly to their ability to deliver exceptional solutions tailored to the unique needs of the clients. With a focus on long-term employment, their workforce embodies stability and continuity, ensuring a consistent level of service excellence.
Setting them apart from industry norms is their proprietary quality-checking mechanism. Going beyond established standards, this system ensures the precision and accuracy of their deliverables, reflecting the unwavering commitment to quality. Bolstered by 14 years of industry experience, Mindspace has amassed a wealth of knowledge and insights, allowing us to navigate complexities and offer effective, tailored solutions.
Their certifications in leading accounting platforms, including Xero, QuickBooks, Zoho, and Sage, showcase their commitment to staying technologically current. This commitment extends to collaborating with CPAs and businesses across diverse industries, equipping us with a versatile skill set to address the unique challenges of each sector.
Keeping abreast of the latest changes in tax laws, regulations, and compliance requirements is one of their strengths. This ensures that the clients are always in compliance with the latest standards, reducing the risk of penalties and issues.
The Visionary Leadership
Kshitij Kenny Jain, FCA
With over 18 years of distinguished professional experience as a Qualified Chartered Accountant, Kshitij Kenny Jain is an esteemed member of the Indian Institute of Chartered Accountants, TIE Jaipur, JIIF, JITO, ICAI, and Nasscom.
Beyond his financial acumen, Kshitij is a dedicated coach to numerous start-ups and an active philanthropist, overseeing the JIIF Innovation Center. His expertise in management accounting is exemplified through talks at Management Training Institutes on outsourcing, business setup, cloud accounting automation, and digital transformation for accounting companies.
As the director and co-founder of Mindspace Outsourcing Services Pvt. Ltd., Kshitij leads the provision of exceptional accounting outsourcing services to firms and businesses in the US, UK, Canada, Australia, and UAE. His global impact extends to participation in international exhibitions across cities like Las Vegas, New York, London, Sydney, and San Jose.
Manish Jindal, FCA
With over 18 years of distinguished professional experience as a Qualified Chartered Accountant, Manish Jindal serves as the co-founder of the company, where his primary focus lies in overseeing client delivery tasks. A highly accomplished individual, he holds qualifications such as Certified Xero, QB, QB Online Proadvisor, DISA, and AIA (UK) and is a fellow member of the Institute of Chartered Accountants of India.
Manish specializes in areas crucial to financial management, including tax returns, year-end accounting, and management reporting. His dedication to excellence and commitment to his field have earned him recognition, including being an active member of BNI.
Nurturing a Proficient and Productive Team
Mindspace boasts a proficient team comprising expert Chartered Accountants, ACCAs, MBAs, and seasoned Commerce Graduates, collectively harnessing some of the world’s premier accounting solutions. Their dedicated professionals, predominantly graduates and postgraduates in accounting and finance, possess exceptional communication skills and bring a wealth of industry experience, ranging from a minimum of 3 years to 15 years.
The accomplished team members are well-versed in English communication and boast extensive experience across various industries, including retail, e-commerce, real estate and property management, logistics, construction, technology and IT, healthcare, manufacturing, hospitality and tourism, education, bars and restaurants, travel, entertainment, law firms, and consulting firms.
Furthermore, they excel at managing books on multiple platforms, including Xero, QB (Desktop), QB Online, MYOB, Freshbooks, Zoho books, Sage, WaveApps, FreeAgent, Kashflow, Netsuite, Odoo, Buildium, RenTec, Appfolio, Yardi, Propertyware, RentManager, Quicken, Gusto, Dext, Keytime, CCH, and more. This comprehensive approach ensures that their services align seamlessly with the diverse needs and preferences of the clientele.
Mindspace’s Distinctive Tactics for Employee Motivation
• Recognition: regular acknowledgment of accomplishments and efforts to boost morale.
• Professional Development: Encouraging ongoing learning and skill enhancement.
• Team Building: organizing team-building activities to foster a sense of camaraderie.
• Flexible Work Arrangements: Providing flexibility to maintain a healthy work-life balance. • Employee Feedback: Encouraging open communication for constructive feedback.
• Rewards and Incentives: Recognizing exceptional performance with tangible rewards.
• Clear Goals: Setting transparent and achievable goals for individual and team success.
• Social Events: Hosting recreational gatherings to promote a positive and engaging work environment.
• The Achievements and Accomplishments Along the Way
• Mindspace has garnered notable recognition and prestigious accolades, underscoring the company’s remarkable achievements:
• Kshitij Jain and Manish Jindal were honoured with the Economic Times “Global Indian Leaders Awards 2022.”
• Kshitij Jain was recognized with the “Payoneer Global India Award” in 2021.
• Mindspace has been recognized as a “Top Finance and Accounting Outsourcing Company” by the prestigious Clutch badge.
• Mindspace achieved the status of a Platinum Partner with QuickBooks Online.
Further demonstrating prowess in the digital marketplace, Mindspace boasts a commendable 100% success rate on Upwork, reflecting its proficiency and reliability. Additionally, the successful completion of over 1,000 projects underscores the company’s expertise and client satisfaction.
Painting the Future Canvas of Mindspace
Mindspace Outsourcing Services is set to embark on several strategic initiatives to elevate its services and establish a stronger presence in the industry. Here’s an overview of the company’s upcoming endeavours:
• Partnership with Xero and Intuit: Mindspace Outsourcing Services is gearing up to forge strategic alliances with Xero and Intuit, leading players in the financial software industry. This partnership aims to enhance the company’s capabilities and provide clients with cutting-edge solutions for their financial needs.
• Support for CFO and Controller in Larger Businesses: The company is expanding its service offerings to cater to the specific requirements of larger businesses. By providing comprehensive support for Chief Financial Officers (CFOs) and Controllers, Mindspace Outsourcing Services aims to establish itself as a trusted partner for enterprises seeking advanced financial solutions.
• Integration of Power BI: Mindspace Outsourcing Services is embracing data-driven decision-making by integrating Power BI into its suite of services. This move is designed to empower clients with powerful business intelligence tools, enabling them to extract valuable insights from their financial data.
• Establishing Physical Offices: In a bid to strengthen its global presence, Mindspace Outsourcing Services is planning to establish physical offices in key locations such as the United States, the United Kingdom, and the East Coast. This expansion strategy aims to facilitate closer collaboration with clients and partners in these regions.
• Strategic Geographic Expansion with Multicity Operation Centers: Mindspace Outsourcing Services is strategically broadening its operational footprint by establishing stateof-the-art multi-city operation centers. This expansion not only enhances operational efficiency but also exemplifies our commitment to delivering unparalleled financial services across diverse geographical landscapes.
• Financial Digital Transformation: Mindspace Outsourcing Services is at the forefront of the financial industry’s digital transformation. By embracing innovative digital solutions, the company aims to streamline financial processes, improve efficiency, and provide clients with a seamless and technologically advanced experience.
Pearls of wisdom
The visionary leaders wrap up the discussion with a few key messages to all aspiring entrepreneurs:
• Embrace technology wisely: “Technology is a powerful ally in the business landscape. Embrace it wisely to streamline your bookkeeping processes, enhance accuracy, and free-up valuable time. Leverage technology to work smarter, not just harder.”
• Client Relationships Matter: “In the world of bookkeeping, trust is paramount. Cultivate strong relationships with your clients by delivering consistent, reliable, and transparent financial services. Your reputation as a trustworthy partner will be your greatest asset.”
• Adaptability is key: “The business landscape evolves, and so must you. Be agile and adaptable in the face of change. Whether it’s new regulations or market shifts, the ability to pivot and innovate will set you apart.
• Continuous Learning: “Never stop learning. The financial landscape is dynamic, and staying ahead requires a commitment to continuous learning. Stay curious, embrace new concepts, and empower yourself with the knowledge needed to navigate the ever-changing business environment.”
• Ethical Business Practices: “Integrity is nonnegotiable. Uphold ethical standards in your bookkeeping practices. Trust is hard-earned and easily lost; a reputation for integrity will set you apart in the business world.”
• Persistence and Resilience: “Persistence and resilience are your greatest allies. In the face of setbacks, keep going. Learn from challenges, adapt, and persevere. True success often comes to those who endure.”
