| Finance and Accounting & Tax and Compliance |
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Finance & Accounting | Tax
Preparation | Compliance
Finance & Accounting
Finance and Accounting (F&A) have become prime candidates
for outsourcing with cost cutting and focusing on core
activities at the top of the agenda for CFOs in various
industries across the world. In addition, many Certified
Public Accounting (CPA) firms have begun shifting tax-compliance
and other accounting work overseas. Outsourcing accounting
services offshore not only enables these firms to focus
on value-added services, but also to reduce costs and
improve turnaround time. The hectic tax season presents
numerous challenges to CPA firms. While new business is
clearly desirable, it is often difficult to recruit temporary
qualified staff to support the work. MphasiS helps firms
grow business, produce a high quality product and eliminates
problems related to hiring resources.
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| Finance & Accounting Services
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| MphasiS supports the finance and accounting function of organizations and CPA firms worldwide.
MphasiS F&A services include general bookkeeping services to high-end financial analysis, scoping studies to specific transaction support (accounts payable, accounts receivable, general ledger), tax services, and shared services. We leverage our technology expertise in platform-based solutions, and provide end-to-end solutions to our clients.
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Services offered include:
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| Area of expertise |
Tasks |
| Process Consulting Study |
| Scoping Study |
Performed by domain experts using Six Sigma tools |
| Process Mapping |
Six Sigma based detailed maps using SIPOC tools |
| Process Improvement engagements |
Technology, solutions and process based improvements |
| Area of expertise |
Tasks |
Value Addition |
| Bookkeeping, Financial Analysis |
| Accounts Preparation, Financial Statements (US, UK, GAAP) |
Platform based accounts from invoices, trial balance, sub-ledgers complete with notes, disclosures and treatment per GAAP |
Digitization of files, transparency, easy access
Uniformity in preparation methods across all client offices |
| Financial Analysis, Spreading |
Normalization and analysis of financials, GAAP adjustments |
Increased coverage and sales potential, knowledge bank |
| Specific Business Area Support |
| Accounts Receivable & Invoicing |
Collections, AR, reconciliations, invoicing, query resolution |
Cost protection to client. |
| Accounts Payable |
Platform based invoice validation & payment, 3-way matching |
Transparency, real-time access of work, customized reports, consolidation and uniformity, macros to enhance productivity |
| Shared Services |
AP, AR, GL, travel & expenses, payroll, BRS, reporting |
Standardization, reduction in team size, specialization, reduction in financial reporting turn around time |
| Reconciliation & A/C Management |
Updating security positions, reconciliations with mainframe |
Enhanced quality monitoring, increased accuracy of reports, productivity improvement |
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Tax Preparation
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The Virtual Tax Room (VTR) |
Virtual Tax Room provides CPA firms with a strategic outsourcing and tax preparation solution. Our solution bypasses the limitations of traditional outsourcing models to present a commercially viable alternative which makes certain that returns are filed accurately and on time, every time.
MphasiS' VTR combines the latest web-technologies and outsourcing methodologies to offer CPAs and tax accounting firms a viable and state of-the-art solution. The workflow system component of this solution provides CPA firms a single window to track and monitor work performed in-house and from our offshore facilities. This enables real-time tracking of the process from any part of the world and is designed to include all participants in the filing process, from the preparer to tax manager.
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We provide tax processing services for individual as well as corporate tax returns (Federal and State), including 1040, 1065, 1120, 1120s and 1041 and tax returns for the UK.
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| Tax Processing Services include:
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| Tax Processing |
| Area of Expertise |
Tasks |
Value Addition |
| Processing tax returns |
Using Virtual Tax Room |
Transparency, real-time status updates, flexibility to manage seasonal volumes |
| Platform for processing |
Platform provided on an ASP model |
Increased flexibility, streamlined workflow |
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Compliance |
MphasiS compliance solutions are focused on helping our clients meet the regulatory and reporting requirements in the areas of securities and operational risk management.
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Regulatory Compliance Solutions
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Order Audit Trail Systems (OATS) reporting is a key compliance area for brokerage and clearing firms handling NASDAQ securities. Firms are required to report specific data elements relating to the management of customer orders and certain proprietary orders for security purposes. MphasiS understands these requirements and partners with clients to facilitate accurate reporting.
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We maintain and upgrade the software applications developed on an ad-hoc basis by the client to meet the regulations and employ our understanding of the regulatory and compliance environment to catalyze the maintenance and upgrade process.
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| Our architecture solution offers a flexible modular approach to application development and maintenance processes which ensure that the time required for changes are optimized/minimized. Our business solution comprised of order data consolidation, report processing and generation, report transmission and web-enabled administration services is designed to:
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| Improve the efficiency and reliability of the current compliance operation |
| Reduce compliance costs |
Scale up quickly to handle changing business and compliance requirements
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Operational Risk Management
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| MphasiS supports a web-based, enterprise-wide risk management solution that offers organizations an innovative approach to optimize operational risk management programs. It helps organizations transform operational risk management from regulatory requirements such as Basel II and Sarbanes-Oxley into a competitive advantage by:
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| Identifying areas of high risk |
| Establishing document controls to mitigate risk |
| Evaluating the effectiveness of controls for different business units |
| Establishing and monitoring issues and their action plans |
Recording and analyzing risk/loss events
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