MindSpace Outsourcing Services Pvt. Ltd.

BACKGROUND

Introduce your business and what you do there.

I’m the founder and managing director of a software company named Mclowd.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with MindSpace Outsourcing Services Pvt. Ltd.?

At the time, we were a bootstrap startup and we needed to find an efficient way to manage our monthly accounting process.

SOLUTION

What was the scope of their involvement?

They remotely managed our accounting processes and bookkeeping with minimal instruction. We set up online processes and email addresses. We had a call once a quarter with one of their staff members, and they coordinated the tax process with a local accountant.

What is the team composition?

I occasionally engaged with the owners of MindSpace Outsourcing.

How did you come to work with MindSpace Outsourcing Services Pvt. Ltd.?

We found them through a referral.

How much have you invested with them?
We spent about $1,500 per year (approximately $15,000 in total).

What is the status of this engagement?

We started working with them about 10 years ago in June 2011, but we needed to bring it in-house in March 2021.  

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement? 

They clearly knew the industry. Once the system was set up, it ran with minimal input from us. As a result, they were always able to prepare our tax returns. They freed up our time and provided us with peace of mind because we knew our bookkeeping was well-managed.

How did MindSpace Outsourcing Services Pvt. Ltd. perform from a project management standpoint?

They were very responsive, which was very important because they were working remotely. Otherwise, the entire process could get bogged down. They consistently delivered what we wanted, which built up our confidence in them. We generally communicated via email.

What did you find most impressive about them?

They were extremely responsive. That was key to the success of our partnership. Communication was smooth and prompt. They ensured that all tasks were finished quickly. Whenever I had questions, they replied quickly and we communicated regularly until the issue was resolved.

Are there any areas they could improve?

There isn’t anything they need to improve.

Do you have any advice for potential customers?

Invest time into setting everything up properly at the beginning of the project.

BACKGROUND

Please describe your company and your position there.

President of retail coffee enterprise and President of commercial and residential real estate development firm

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire MindSpace Outsourcing Services Pvt. Ltd.?

Set up and maintain books for 10+ entities, payroll, quarterly taxes, p&l’s, complete accounting services aside from federal income tax returns.

What were your goals for this engagement?

Full service accounting partner

SOLUTION

How did you select this vendor?

Skype video interview and reference checks

Describe the engagement in detail.

I have a full time and part time staff accountant assigned to my account as well as project manager. I never worry about the work getting done.

Describe their billing or cost structure.

Hourly and project bid

What was the team composition?

Accountant, assistant accountant, project manager

RESULTS & FEEDBACK

Can you share any outcomes from the engagement that demonstrate progress or success?

Best accounting arrangement I’ve had over 30 years.

How effective was the workflow between your team and theirs?

4 of 5 stars. Once you get used to working with different time zone it flows well.

What did you find most impressive about this company?

Worry free. I have a team of at my disposal ready and willing to carry out my needs. Ultra trustworthy. Excellent service ethic. They go above and beyond.

Are there any areas for improvement?

Just keep a checklist of weekly and monthly tasks and work from it

BACKGROUND

Please describe your company and position.

I am the Finance Director of Andrea Marcelli

Describe what your company does in a single sentence.

Art gallery

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire MindSpace Outsourcing Services Pvt. Ltd. to accomplish?

• Management accounts
• VAT
• Bookeeping

SOLUTION

How did you find MindSpace Outsourcing Services Pvt. Ltd.?

Online Search

Why did you select MindSpace Outsourcing Services Pvt. Ltd. over others?

High ratings

How many teammates from MindSpace Outsourcing Services Pvt. Ltd. were assigned to this project?

2-5 Employees

Describe the scope of work in detail. Please include a summary of key deliverables.

From the outset, their team demonstrated a deep understanding of UK accounting standards and compliance requirements. They quickly integrated into the finance function, ensuring a seamless transition and minimal disruption. Their attention to detail, accuracy in bookkeeping, and adherence to deadlines have been consistently impressive.

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

I have had the pleasure of working with Mindspace for the past two years, and I can confidently say that the experience has exceeded my expectations.

Describe their project management. Did they deliver items on time? How did they respond to your needs?

What has stood out most is their commitment to quality. Whether it was month-end reporting, VAT returns, or day-to-day reconciliations, their responsiveness and reliability have made them a trusted member of my finance department.

What was your primary form of communication with MindSpace Outsourcing Services Pvt. Ltd.?

Virtual Meeting

What did you find most impressive or unique about this company?

Mindspace has addressed control and visibility with full transparency, regular reporting, and robust internal controls. They have provided me with cost-effective support without compromising on the high standards.

Are there any areas for improvement or something MindSpace Outsourcing Services Pvt. Ltd. could have done differently?

I highly recommend them to any business seeking a professional, efficient, and trustworthy outsourced bookkeeping solution. They have added real value to our operations and I would not hesitate to collaborate with them again in the future.

BACKGROUND

Please describe your company and position.

I am the Co-founder of ClearTone Consulting LLC

Describe what your company does in a single sentence.

Helping nonprofit organizations and small and medium-sized companies navigate the complex world of cybersecurity and privacy protections, products, vendors, and regulations.

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire MindSpace Outsourcing Services Pvt. Ltd. to accomplish?

• we aimed to improve the accuracy of our financial reporting, manage cash flow more effectively, and reduce the administrative burden on our internal team.
• We were facing challenges with inconsistent data, time-consuming manual processes, and the complexity of compliance with financial regulations in the tech sector. Our primary goal was to achieve a streamlined, efficient accounting process that would enable us to focus more on our core business functions.

SOLUTION

How did you find MindSpace Outsourcing Services Pvt. Ltd.?

Referral

Why did you select MindSpace Outsourcing Services Pvt. Ltd. over others?

• High ratings
• Pricing fit our budget
• Great culture fit
• Good value for cost
• Referred to me
• Company values aligned

Describe the scope of work in detail. Please include a summary of key deliverables.

They provided a comprehensive suite of FAO solutions tailored to our specific needs. The scope of work included:

 -Comprehensive bookkeeping services, including accounts payable and receivable management.
- Preparation of monthly financial reports, including profit and loss statements, balance sheets, and cash flow statements.
- Implementation of automated financial tools and systems that integrated with our existing IT infrastructure.
- Ongoing financial advisory services to help us make informed strategic decisions.

Key deliverables included timely and accurate financial reports, reconciled accounts, and a user-friendly dashboard that allowed us to track our financial performance in real-time.

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

The impact of our collaboration with MindSpace was significant. Key measurable outcomes included:

- A 40% reduction in the time our team spent on financial management tasks, allowing us to redirect resources toward project development and client engagement.
- Enhanced accuracy in financial reporting, which led to improved forecasting and budget management.
- Improved cash flow management contributed to a 20% increase in our operational efficiency.

Describe their project management. Did they deliver items on time? How did they respond to your needs?

MindSpace’s project management process was exemplary. They consistently delivered work on or ahead of schedule, and their responsiveness to our needs was exceptional. They maintained open communication channels, providing regular updates and being readily available to address any questions or concerns.

What was your primary form of communication with MindSpace Outsourcing Services Pvt. Ltd.?

• Virtual Meeting
• Email or Messaging App

What did you find most impressive or unique about this company?

What stood out most about MindSpace Outsourcing was their deep understanding of the unique challenges faced by our company. Their team not only provided accounting services but also offered strategic insights that helped us refine our financial practices. Their proactive approach and tailored solutions truly differentiated them from other outsourcing firms we considered.

Are there any areas for improvement or something MindSpace Outsourcing Services Pvt. Ltd. could have done differently?

While our overall experience was overwhelmingly positive, there’s always space for enhancements. One suggestion would be to offer more training sessions for our staff to better understand the financial tools they implemented, which could further empower our team and optimize the utilization of those systems.

BACKGROUND

Please describe your company and position.

I am the CEO & Founder of Struxtion

Describe what your company does in a single sentence.

Struxtion is a technology enabled financial services and vertical banking solution for commercial construction. Our products are built solely for construction resulting in increased operating efficiencies, accelerated payments, and reduced risk for all stakeholders in the value chain.

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire MindSpace Outsourcing Services Pvt. Ltd. to accomplish?

• To assist us with various accounting services.
• Finance & Accounting Outsourcing (FAO)

SOLUTION

How did you find MindSpace Outsourcing Services Pvt. Ltd.?

• Online Search
• Referral

Why did you select MindSpace Outsourcing Services Pvt. Ltd. over others?

• High ratings
• Pricing fit our budget
• Great culture fit
• Good value for cost
• Company values aligned

Describe the scope of work in detail. Please include a summary of key deliverables.

MindSpace Outsourcing Services Pvt. Ltd took over our QuickBooks account, assuming a CFO-like role. At the end of each month, they deliver a comprehensive financial package with 10–12 detailed reports. This information helps us analyze client margins and other critical details. Additionally, as we begin to raise funds, they prepare the necessary financial reports for that process.
provides our standard QuickBooks bookkeeping, managing our invoicing, accounts payable, and accounts receivable.

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

The impact has been significant; I can provide my investors with professional monthly financial reports that impress them with their clarity and detail.

Describe their project management. Did they deliver items on time? How did they respond to your needs?

MindSpace Outsourcing Services Pvt. Ltd has always made time for us. We’ve established a smooth workflow that they understand well, and we haven’t encountered any issues.

What was your primary form of communication with MindSpace Outsourcing Services Pvt. Ltd.?

• Virtual Meeting
• Email or Messaging App

What did you find most impressive or unique about this company?

What impressed us most about MindSpace Outsourcing was their depth of understanding of the construction industry and the specific nuances involved in construction accounting. Their team was not only skilled but also approachable, ensuring that we felt supported throughout the engagement.

Are there any areas for improvement or something MindSpace Outsourcing Services Pvt. Ltd. could have done differently?

There haven’t been any areas identified for improvement thus far.

BACKGROUND

Please describe your company and position.

I am the FC of a SaaS company

Describe what your company does in a single sentence.

SAAS

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire MindSpace Outsourcing Services Pvt. Ltd. to accomplish?

• Bookkeeping

SOLUTION

How did you find MindSpace Outsourcing Services Pvt. Ltd.?

Online Search

Why did you select MindSpace Outsourcing Services Pvt. Ltd. over others?

High ratings

Describe the scope of work in detail. Please include a summary of key deliverables.

The team at Mindspace has been an invaluable asset to our financial operations, especially during our transition to Sage Intacct. 

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

Their attention to detail and proficiency in invoice entry and bank reconciliations have greatly streamlined our accounting processes. 

What was your primary form of communication with MindSpace Outsourcing Services Pvt. Ltd.?

Virtual Meeting

What did you find most impressive or unique about this company?

Working with MindSpace Outsourcing Services Pvt. Ltd. was a pleasure.

Are there any areas for improvement or something MindSpace Outsourcing Services Pvt. Ltd. could have done differently?

N/A

BACKGROUND

Please describe your company and position.

I am the CEO of Time Auto Group

Describe what your company does in a single sentence.

An automotive company, our goal is to take the complexity out of car buying and make it an enjoyable experience.

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire MindSpace Outsourcing Services Pvt. Ltd. to accomplish?

• We hired MindSpace Outsourcing Services Pvt. Ltd to streamline our bookkeeping functions and maintain precise financial records.

SOLUTION

How did you find MindSpace Outsourcing Services Pvt. Ltd.?

• Online Search
• Clutch Site

Why did you select MindSpace Outsourcing Services Pvt. Ltd. over others?

• High ratings
• Pricing fit our budget
• Great culture fit
• Good value for cost
• Company values aligned

Describe the scope of work in detail. Please include a summary of key deliverables.

MindSpace Outsourcing Services Pvt. Ltd provide financial analysis and insights that assist in decision-making.

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

The partnership improved our financial transparency through accurate and insightful financial reports.

Describe their project management. Did they deliver items on time? How did they respond to your needs?

They're very responsive, accurate, and knowledgeable.

What was your primary form of communication with MindSpace Outsourcing Services Pvt. Ltd.?

• Virtual Meeting
• Email or Messaging App

What did you find most impressive or unique about this company?

• They are very polite, accommodating, and responsive.
• They are always available for us whenever we need them.
• They get the job done perfectly.

Are there any areas for improvement or something MindSpace Outsourcing Services Pvt. Ltd. could have done differently?

No issues at all

BACKGROUND

Please describe your company and position.

I am the CFO of a consulting company

Describe what your company does in a single sentence.

We offer accounting and bookkeeping services

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire MindSpace Outsourcing Services Pvt. Ltd. to accomplish?

• Bookkeeping
• Tax Return Preparation

SOLUTION

How did you find MindSpace Outsourcing Services Pvt. Ltd.?

They Contacted Us

Why did you select MindSpace Outsourcing Services Pvt. Ltd. over others?

Very cheap 

How many teammates from MindSpace Outsourcing Services Pvt. Ltd. were assigned to this project?

1 Employee

Describe the scope of work in detail. Please include a summary of key deliverables.

We hired them on hourly basis for bookkeeping services for our clients.

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

They provide cheap accounting services, but cheap is not always good, none of our work got done on time.

Describe their project management. Did they deliver items on time? How did they respond to your needs?

No, delivery was too late, and with the errors and spelling mistakes, there team leaders and directors have no knowledge on how to communicate or send a professional email.

What was your primary form of communication with MindSpace Outsourcing Services Pvt. Ltd.?

Virtual Meeting

What did you find most impressive or unique about this company?

Nothing exciting, cant rely on them

Are there any areas for improvement or something MindSpace Outsourcing Services Pvt. Ltd. could have done differently?

Bookkeeping could have been better.

BACKGROUND

Please describe your company and your position there.

Greeting card publisher. Owner

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire MindSpace Outsourcing Services Pvt. Ltd., and what were your goals?

Accurate bookkeeping.

SOLUTION

How did you select MindSpace Outsourcing Services Pvt. Ltd., and what were the deciding factors?

Their reputation.

Describe the engagement and overall scope of work in detail, including the stages of the partnership and any software or documents used.

Basic bookkeeping.

Describe their billing or cost structure.

Affordable

How many resources from the MindSpace Outsourcing Services Pvt. Ltd. team worked with you, and what were their positions?

Two. The owner and the bookkeeping professional.

RESULTS & FEEDBACK

Can you share any measurable outcomes of the engagement or general feedback about the services?

They provide fantastic service.

Describe their project management style, including communication tools and timeliness.

Extremely professional and excellent communication .

What did you find most impressive or unique about this company?

They are always available and ready to help when you need them.

Are there any areas for improvement or something they could have done differently?

none

BACKGROUND

Please describe your company and your position there.

Easy to work with and quick turnaround.

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire MindSpace Outsourcing Services Pvt. Ltd., and what were your goals?

Easy to work with and quick turnaround.

SOLUTION

How did you select this firm and what were the deciding factors?

Easy to work with and quick turnaround.

Describe the engagement and overall scope of work in detail, including the stages of the partnership and any software or documents used.

Mindspace has been working with my eCommerce company for the last 2 years now. They can work with multiple bookkeeping systems or even with Excel if you wish. Their turnaround time for reconciling statements is within 24-48 hours of submission. They were very easy to work with and responded well to given tasks. I highly recommend that you hire Mindspace for all your bookkeeping needs.

Describe their billing or cost structure.

Per hour

How many resources from the firm's team worked with you, and what were their positions?

Bookkeeping

RESULTS & FEEDBACK

Can you share any measurable outcomes of the engagement or general feedback about the services?

no

Describe their project management style, including communication tools and timeliness.

email only

What did you find most impressive or unique about this company?

They have a team, not sjust one person

Are there any areas for improvement or something they could have done differently?

nope