End-to-End Accounting for US & India Entities — Shared Service Center Setup for a BFSI
Scaling Multi-Country Finance Operations with Speed & Precision
Scope of Engagement
What We Delivered
A US-based financial services firm planned a captive legal entity in India to centralize back-office accounting and reduce costs. The firm recognized that establishing a Shared Service Center (SSC) in India would provide significant operational advantages, but they needed an experienced partner to navigate the complexities.
The client needed a trusted partner to handle end-to-end accounting for the newly incorporated Indian captive, and — eventually — for their US entity as well. Internal teams and local expertise were not yet in place, and the client sought a cost-efficient, compliant solution that could scale quickly.
BFSI organizations face unique challenges when establishing cross-border operations. From regulatory requirements in both jurisdictions to the nuances of US GAAP reporting alongside India's statutory compliance framework, the complexity demands specialized expertise. The client's existing arrangement with US-based consultants was proving expensive, while their internal capacity in India was yet to be developed.
Years Ongoing Partnership
Long-term stability and consistent delivery
Cost Savings vs US Consultant
Client was paying more to local consultant in US
Dedicated SSC Team
Skilled professionals managing daily operations
ERP - QuickBooks
Primary accounting platform integration
Obstacles the Client Faced
Before partnering with MYND, the client faced multiple roadblocks in establishing a reliable finance and accounting framework across their US and India entities. These challenges highlighted the need for a trusted outsourcing partner with cross-border expertise.
Entity Incorporation & Compliance
Incorporation and India-specific statutory compliance needed immediate attention. Setting up a legal entity in India involves navigating complex regulatory requirements including ROC filings, PAN/TAN registration, and GST enrollment — all requiring local expertise.
No In-house F&A Team in India
Lack of established in-house expertise for accounting, taxation and reporting across jurisdictions. Building a team from scratch would take months, delaying the captive's operational readiness significantly.
Cross-Jurisdiction Reporting
US entity accounting required US GAAP compliance and tight control over financial reporting. Managing two different accounting standards (US GAAP and India AS) demanded specialized knowledge of both frameworks.
High Cost of US-Based Consultants
Client wanted cost efficiency without sacrificing compliance. Existing US consultants were expensive, and the client needed a solution that delivered the same quality at a significantly lower cost point.
Need for Scalable, SLA-Driven Delivery & Single SPOC
The client required a scalable, SLA-driven delivery model and single point of contact to reduce coordination overhead. Managing multiple vendors or contacts across time zones would create communication gaps and accountability issues. They needed one partner who could own the entire engagement end-to-end.
MYND's Approach — From Incorporation to Ongoing SSC Operations
MYND delivered a structured, SLA-based SSC solution: incorporation & compliance, accounting set-up, US GAAP reporting, payroll and ongoing controls — operated from Hyderabad with a centralized SPOC.
Our engagement began with understanding the client's immediate needs and long-term vision. Rather than a phased approach that would delay value realization, we deployed a parallel workstream strategy — handling entity setup and accounting infrastructure simultaneously. This allowed the captive to become operationally ready within weeks, not months.
Entity Setup & Compliance
We managed the incorporation process for the captive unit in Hyderabad and completed all India-specific statutory registrations and filings. This established the legal and compliance foundation required for ongoing accounting and payroll operations — including ROC filings, PAN/TAN registration, GST enrollment, and professional tax registration.
End-to-End Accounting — India & US
MYND started by taking full ownership of the captive unit's accounting. On consistent delivery and control, MYND was later awarded the US Entity Accounting as well. The configuration included accounts alignment, month-end close workflows, reconciliations, and remote collaboration with the client's finance leads across both time zones.
US GAAP & Reporting
We implemented US-GAAP–aligned processes and reporting packs, ensuring the US entity's financials met the client's external and management reporting needs. Deliverables included consolidated schedules, reconciliations, and a US-ready close calendar that aligned with the client's reporting timelines.
SLA Framework & Single SPOC
All services were delivered under defined SLAs and a single centralized SPOC to streamline communications, escalation and governance. Monthly KPI reviews and quarterly control audits were part of the engagement, ensuring continuous improvement and accountability.
Technology & Tools
ERP: QuickBooks for day-to-day accounting and reporting. MYND used best-practice templates, standardized checklists and secure file exchange to maintain control and audit readiness. Our team integrated seamlessly with the client's existing tech stack, using cloud-based collaboration tools for real-time communication and document management across the US-India corridor.
How We Rolled It Out — Milestones
MYND simplifies what holds you back. By combining domain knowledge with next-gen technology, we take on the heavy lifting — whether it's global payroll processing, receivables, or audits — so you can focus on driving impact.
Entity Setup & Compliance
MYND completed incorporation and India statutory registrations to create the legal captive entity in Hyderabad. This included all ROC filings, PAN/TAN acquisition, GST registration, and establishment of the basic legal framework required for operations.
Accounting Setup for the Captive
QuickBooks configuration, chart of accounts alignment, SOPs and month-end workflows were established for the India entity. We created standardized templates and checklists that would ensure consistency and quality across all accounting activities.
Stabilization & Quality Controls
Reconciliations, first month closes, and control checklists were completed to ensure audit readiness. This phase focused on validating all processes, identifying gaps, and establishing the quality assurance framework that would govern ongoing operations.
US Entity Onboarding
After consistent delivery and demonstrable control on the India operations, MYND took over accounting for the US entity and implemented US-GAAP aligned reporting packs. This expansion validated the trust built during the initial engagement.
Ongoing Improvement
SLA monitoring, periodic QA, taxation filings, payroll runs, and scalability for increased transaction volumes. The engagement continues to evolve with the client's needs, now in its sixth year of partnership.
MYND's Finance & Accounting Outsourcing Impact
Driving efficiency, compliance, and savings for sustainable growth across US and India operations.
60% Cost Savings
Saved significant costs by replacing expensive US consultants with scalable, high-quality outsourcing from India.
End-to-End Coverage
Delivered comprehensive accounting covering taxation, payroll, US GAAP reporting, and statutory compliance across both entities.
Single Point of Contact
Centralized communication through one dedicated SPOC, eliminating coordination overhead across entities and time zones.
SLA-Driven Accuracy
Ensured timely and compliant financial processes with defined service level agreements and monthly KPI reviews.
Scalable Operations
Enabled scalable operations with a flexible back-end team that grows with the client's needs without hiring overhead.
6+ Year Partnership
Built a long-term strategic relationship that evolved from India captive accounting to full US entity management.
Why BFSI Companies Choose Captive SSCs in India
Financial services organizations globally are increasingly establishing captive centers in India to centralize back-office operations. The combination of skilled talent, cost arbitrage, and mature outsourcing ecosystem makes India an ideal destination for finance and accounting shared services.
However, the journey from decision to operational readiness involves navigating regulatory complexities, establishing compliant processes, and building teams — all while maintaining business continuity. Many organizations find that partnering with an experienced finance and accounting outsourcing provider accelerates this journey significantly.
Dual Compliance Expertise
Managing US GAAP alongside India AS requires specialized knowledge of both frameworks.
Time Zone Advantage
India's time zone enables overnight processing, ensuring deliverables are ready when US teams start their day.
Scalability Without Overhead
Managed services allow capacity to flex with business needs without the fixed costs of permanent hires.
MYND's BFSI Expertise Includes
- Multi-jurisdiction accounting and consolidation
- US GAAP and India AS compliance
- Regulatory reporting (RBI, SEBI, IRDA aligned)
- Tax compliance across jurisdictions
- Audit support and documentation
- Entity setup and statutory registrations
- Payroll processing and benefits administration
- Month-end, quarter-end, and year-end close
Ready to Centralize Accounting Across Jurisdictions?
Whether you're establishing a captive in India, expanding your existing SSC capabilities, or looking to consolidate multi-country finance operations, MYND's experienced team can help you achieve cost efficiency without compromising on compliance or quality.
