These days, financial operations are now managed by a financial shared service centre and accounting solutions. A shared services centre (SSC) is the body in charge of carrying out and managing particular operational duties, including payroll, IT, accounting, HR, legal, compliance, buying, and security. The term accounting solutions refers to software or services that help businesses manage their financial operations. These solutions can manage expenses and cash flow, as well as functions like billing, payroll, general ledger, accounts receivable, and accounts payable.
The function of a shared services centre and accounting solutions are almost interchangeable. This is because SSC also manages the accounting and related domains. Currently, there are numerous players in this market that offer the outsourcing services of these two.
In this blog post, every aspect of these services will be discussed.
Benefits Of Shared Service Centres:
- Centralization Of Processes: Accounting, payroll, etc. are just a few of the business processes that SSCs look after. This frees up key finance staff members to concentrate on more strategic duties like financial planning and analysis.
- Scalability: SSCs offer a strong basis for expansion as they look after other mundane aspects of business, including accounting. This facilitates the integration of acquisitions and the expansion of operations.
- Technology Integration: SSCs usually have software like robotic process automation (RPA) and cloud-based services. Leveraging them can automate and control financial processes, further boosting efficiency.
Benefits Of Accounting Solutions:
- Automation: The use of automation tools can reduce errors, streamline repetitive tasks, and free up time for more value-added activities.
- Data Management: Advanced accounting solutions support better decision-making by managing and analysing large volumes of financial data and offering real-time insights.
- Compliance And Reporting: These solutions guarantee regulatory compliance and enable timely and accurate financial reporting.
Benefits That Are Common To Both:
- Cost Reduction: Outsourcing can help cut operational costs by taking advantage of economies of scale and the specialised knowledge of the service provider.
- Increased Efficiency: Dedicated service providers often simplify processes and offer services more effectively.
- Increased Focus: By outsourcing SSC-related tasks, the internal team of the organisation can focus on strategic initiatives that directly affect core business operations.
- Access to Expertise: Employees within a company are unable to possess the specialised knowledge and experience that outsourcing partners may offer.
After learning about the benefits, it’s crucial to talk about factors to consider before outsourcing these services:
- Assess Requirements: Before using or outsourcing them, it is important to assess the specific requirements of the business. This can be done in terms of risk and complexity.
- Evaluating Outsourcing Partners: Examine and compare potential outsourcing partners. Consider factors including experience, industry understanding, and security protocols.
- Compliance and Data Security: Verify that the outsourced partner complies with all applicable laws and has strong data security processes in place.
If businesses need a reliable company that offers the best shared service centre finance or shared service accounting, they can contact Mynd Integrated Solutions Pvt. Ltd.
Mynd combines its deep industry knowledge, worldwide network of specialists, and cutting-edge technology to help clients improve their finance and accounting processes. It guides clients through every step, from finding areas for improvement to implementing changes and ensuring long-term success. All while keeping quality, compliance, and cost-effectiveness at the forefront.
Mynd’s Finance Solutions boasts an impressive track record, having processed over 10 million transactions worth over 5 billion USD for its 350+ clients. Due to this reason, it has been able to solidify its position as a domestic leader.
Using technology and automation, Mynd’s finance shared services centre can manage certain operational activities and transactional concerns in the finance and accounting area. It operates as a multidisciplinary team committed to a single point of service. Through it, concentrating specialised knowledge and abilities inside centres of excellence (COEs) improves financial reporting and control operations.
Other services in the financial solutions category are as follows:
- Accounts Payable Solution
With its extensive suite of services, Mynd assists clients in handling their entire accounts payable operation. Its solution gives managers command over the whole AP process and allows them to anticipate bottlenecks, eliminating any process stuttering.
- Accounts Receivable
Instead of wasting time handling collection efforts, Mynd’s Accounts Receivable service allows firms to concentrate on essential accounting responsibilities.
It offers service levels in several key performance indicators that surpass industry standards. These indicators are:
- Average invoice submission timelines
- Average invoice collection timelines
- Query resolution timelines
- Fixed Assets Management
Mynd provides end-to-end fixed asset management, encompassing the major domains of process setup, physical verification and tagging, capitalization, and lifecycle management.
- GL Accounting & Taxation
With Mynd’s bookkeeping and accounting services, businesses can manage their end-to-end accounting needs and concentrate on their core competencies, all while saving money and time.
- Statutory Reports And Complies
With its extensive process understanding and demonstrated service industry expertise, Mynd assists clients in maintaining the highest standards of regulatory compliance. Some of the best institutions in the world have benefited from its assistance in meeting their local and regional needs.
Conclusion
Optimising financial operations through shared service centres and accounting services will improve effectiveness, lower expenses, and promote expansion. Companies like Mynd Integrated Solutions Pvt. Ltd. offer a lot of expertise that can enable firms to take advantage of these tools in order to simplify their financial operations and be successful. Businesses that invest in the right solutions and partners can stay ahead of the competition in today’s business environment.
