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Finance & Accounting Outsourcing as a Tool to Accelerate Your Digital Transformation

Finance and accounting are fundamental organisational pillars that ensure fiscal stability, transparency, and the ability to navigate economic challenges. In today’s dynamic business environment, digital transformation has emerged as a critical imperative for organisations aiming to maintain their competitive edge. Within this context, the Finance and Accounting functions play a pivotal role. However, relying solely on in-house Finance and Accounting operations, and not finance and accounting outsourcing companies, can impose limitations that hinder the achievement of desired levels of efficiency, scalability, and innovation:

1. Lack of Longevity:

Without a finance outsourcing company, organizing training programs, hiring qualified trainers, and developing relevant training materials present a substantial financial burden. Further, the risk of employee turnover, retirements, and unforeseen circumstances results in knowledge gaps and operational inefficiencies. The loss of experienced personnel possessing in-depth knowledge of financial processes can lead to detrimental delays and errors, while the integration of new employees necessitates a significant onboarding period before they can contribute fully.

2. Spare capacity:

Lacking business outsourcing company operational solutions, skilled employees often find themselves pulled into routine transactional activities, which diminishes their capacity to contribute their expertise in more strategic and value-added initiatives. Rather than utilizing their specialized skills and knowledge, these employees become occupied with mundane and repetitive tasks that can be time-consuming and labour-intensive.

3. Scaling Challenges:

In the absence of finance and accounting bpo services, scaling up or down Finance and Accounting operations is a time-consuming, intricate process. To accommodate growth, scaling up necessitates hiring new staff, establishing infrastructure, and streamlining processes. This endeavour can take considerable time, delaying the organization’s ability to meet growing business needs promptly. On the other hand, scaling down involves downsizing the workforce, reallocating resources, and restructuring processes, which can be complex and sensitive.

4. Constraints of Cost and Resource Optimization:

In an in-house setup, organizations typically bear the burden of annual salary increases, benefits, bonuses, and other costs associated with employing and retaining Finance and Accounting personnel. As a result, the ability to optimize financial operations, streamline processes, and allocate funds to strategic initiatives is limited.

Infrastructural and Technological Hurdles: Establishing the necessary infrastructure requires careful planning and substantial investments, encompassing hardware, software, networking systems, and skilled IT personnel. Additionally, the adoption of advanced technologies often involves capital expenditure, encompassing software licenses, hardware upgrades, system integrations, and customization. These upfront costs pose financial challenges and necessitate ongoing investments for maintenance and upgrades.

In contrast, outsourcing Finance and Accounting functions offer the opportunity to leverage shared resources and benefit from more cost-effective pricing models, providing greater flexibility and potential for cost optimization. Finance and Accounting outsourcing also emerges as a powerful tool to expedite digital transformation within organizations. By partnering with outsourcing providers, organizations gain access to specialized expertise, advanced technologies, and streamlined processes that can drive efficiency and innovation, offering several advantages:

1. Economy & Efficiency:

a) Centralization and Consolidation: Outsourcing allows centralizing Finance and Accounting activities, consolidating multiple processes and systems, leading to streamlined operations and improved efficiency.

b) Use of Automation and Advanced Tech: Outsourcing partners leverage automation, robotics, and advanced technologies to drive efficiency, reduce manual effort, and enhance accuracy in financial processes.

c) Variable Transaction Pricing: Outsourcing providers offer flexible transaction pricing models, aligning costs with business needs and ensuring cost optimization.

2. Accountability:

a) SLA Mechanism: Outsourcing partners establish Service Level Agreements (SLAs) that ensure adherence to turnaround time (TAT), accuracy, and quality metrics, providing accountability and performance transparency.

b) Independence in Process Management: Outsourcing F&A tasks allows organizations to focus on their core competencies while leaving the process management in the hands of experts.

c) Governance Mechanism: Outsourcing providers implement robust governance mechanisms to ensure compliance, risk mitigation, and effective management of outsourced operations.

3. Scalability:

a) Standardization of Processes: Outsourcing partners bring standardized processes and detailed documentation, enabling efficient and consistent F&A operations.

b) Deployment of Best Practices: Access to industry best practices through outsourcing helps organizations adopt efficient processes and leverage the expertise of the outsourcing partner.

c) Scope for Growth: Outsourcing enables organizations to scale operations up or down swiftly, meeting fluctuating business demands without extensive time or resource investments.

4. Risk & Controls:

a) Risk Control Framework: Outsourcing partners implement comprehensive risk control frameworks covering preventive and post-facto measures, ensuring effective risk management.

b) Robust MIS: Outsourcing providers offer robust Management Information Systems (MIS) that provide visibility across the enterprise, enabling informed decision-making and risk mitigation.

c) Defined Toll Gates and FMEA: During the transition phase and ongoing operations, outsourcing partners establish defined toll gates and employ Failure Mode and Effects Analysis (FMEA) techniques, reducing the risk associated with F&A processes.

MYND Finance and Accounting Shared Service Center offers an unparalleled combination of front-end and back-end office functionalities. It goes beyond traditional service provisions by incorporating a comprehensive suite of services and cutting-edge technology platforms. This expansion is specifically designed to seize and capitalize on the vast opportunities presented by the realms of Mobility, Analytics, and Cloud. MYND serves as one of the superior finance and accounting outsourcing companies, offering value-driven solutions:

●      MYNDSpendX: Automatic Petty Cash Management tool

●      MYNDAPx: Invoice Automation tool

●      PEARL: Accounts Payable and Vendor Management tool

●      Digital AP: End-to-end accounts payable management solution

●      ACT: Cloud-enabled compliance management tool

●      GL Accounting and Bookkeeping: Robust regulatory compliances and tax management service

MYND, as a finance outsourcing company, includes MYND Finance & Accounts Outsourcing covers various areas such as Procure to Pay (P2P), Order to Cash (O2C), Bookkeeping & Accounting, Record to Report (R2R), Field & Other Services, and Digital Accounts Payable Process. By outsourcing these functions, organizations can benefit from increased operating efficiency, cost optimization through technology solutions, and the ability to focus on strategic matters. Furthermore, the collaborative nature of a business outsourcing company facilitates effective and cooperative transformation, aligning Finance and Accounting processes with the organization’s overall digital transformation goals.

In conclusion, finance and accounting bpo services serve as a valuable tool to accelerate digital transformation initiatives. By leveraging the expertise, scalability, efficiency, and advanced technologies offered by outsourcing partners, organizations can overcome the limitations of in-house operations and drive their digital transformation journey forward.

Saurav Wadhwa

Co-founder & CEO

Saurav Wadhwa is the Co-founder and CEO of MYND Integrated Solutions. Saurav spearheads the company’s strategic vision—identifying new market opportunities, unfolding product and service catalogues, and driving business expansion across multiple geographies and functions. Saurav brings expertise in business process enablement and is a seasoned expert with over two decades of experience establishing and scaling Shared Services, Process Transformation, and Automation.

Saurav’s leadership and strategy expertise are backed by extensive hands-on involvement in Finance and HR Automation, People and Business Management and Client Relationship Management. Over his career, he has played a pivotal role in accelerating the growth of more than 800 businesses across diverse industries, leveraging innovative automation solutions to streamline operations and reduce costs.

Before becoming CEO, Saurav spent nearly a decade at MYND focusing on finance and accounting outsourcing. His background includes proficiency in major ERP systems like SAP, Oracle, and Great Plains, and he has a proven track record of optimizing global finance operations for domestic and multinational corporations.

Under Saurav’s leadership, MYND Integrated Solutions maintains a forward-thinking culture—prioritizing continuous learning, fostering ethical practices, and embracing next-generation technologies such as RPA and AI-driven analytics. He is committed to strategic partnerships, long-term business development, and stakeholder transparency, ensuring that MYND remains at the forefront of the BPM industry.

A firm believer that “Leadership and Learning are indispensable to each other,” Saurav consistently seeks new ways to evolve MYND’s capabilities and empower clients with best-in-class business process solutions.

Vivek Misra

Founder & Group MD

Vivek is the founder of MYND Integrated Solutions. He is a successful entrepreneur with a strong background in Accounts and Finance. An alumnus of Modern School and Delhi University, Vivek has also undertaken prestigious courses on accountancy with Becker and Business 360 management course with Columbia Business School, US.

Vivek is currently the Founder & Group MD of MYND Integrated Solutions. With over 22 years of experience setting up shared service centres and serving leading companies in the Manufacturing, Services, Retail and Telecom industries, his strong industry focus and client relationships have quickly enabled MYND to build credibility with 500+ clients. MYND has developed a niche in Shared services in India’s Finance and Accounting (FAO) and Human Resources (HR). MYND has also taken Solutions and services to the international space, offering multi-country services on a single platform under his leadership. Vivek has been instrumental in fostering mutually beneficial partnerships with global service providers, immensely benefiting MYND.

Mynd also forayed into a niche Fintech space with the setup of the M1xchange under the auspices of the RBI licence granted to only 3 companies across India. The exchange is changing the traditional field of bill discounting by bringing the entire process online along with the participation of banks through online auctioning.

Sundeep Mohindru

Founder Director

Sundeep initiated Mynd with a small team of just five people in 2002 and has been instrumental in steering it to evolve into a knowledge management company. He has brought about substantial improvements in growth, profitability, and performance, which has helped Mynd achieve remarkable customer, employee and stakeholder satisfaction. He has been involved in creating specialized service delivery models suitable for diverse client needs and has always created a new benchmark for Mynd and its team. Under his leadership, Mynd has developed niche products and implemented them on an all India scale for superior services. Mynd has been servicing a large number of multinational companies in India through its on-shore and off-shore model.

TReDS (Trade Receivable Discounting System) has been nurtured from a concept stage by Sundeep and the Mynd team. M1xchange, Mynd Online National Exchange for Receivables was successfully launched on April 7th, 2017. While spearheading the project, Sundeep and his team have built up the TReDS platform to meet RBI guidelines and enhance the transparency for all stakeholders. This platform and related service has the capability of transforming the way the receivable finance and other supply chain finance solutions are operating currently.

Sundeep is currently focused on providing strategic direction to the company and is working towards achieving high growth for Mynd, which will help in creating the products as per customer needs and increase its top line while maintaining the bottom line. He directly involves, develops, nurtures and manages all key client relationships of Mynd. He has also successfully acquired numerous preferred partners to support Mynd’s technology-based endeavors and scale up its business.

Sundeep has been the on the Board of Directors for many renowned companies. He has played a key role in planning the entry strategy and has set up subsidiaries for many multinational companies in India. In his leadership, Mynd has seen consistent growth at the rate of 20+ % CAGR from the year 2009 onwards. This was primarily because of investing into technology and bringing platform based offering in Accounting and HR domain for the customers.