Sri Lanka's exports of outsourced accounting services has the potential to exceed the country's IT-related exports, according to Sujiva Dewaraja, the Chairman of local IT-BPO lobby SLASSCOM.
Speaking at the "Expert insights on shared services and outsourcing" forum held last week, which was hosted by his organisation in conjunction with the Association of Chartered Certified Accountants (ACCA), Mr. Dewaraja also noted that, of the country's more than USD$ 300 million IT-BPO exports, around USD$ 65 million were a result of outsourcing or shared services which included accounting services. Further, he also cited a recent SLASSCOM survey that stated that 50% of local BPO companies had indicated some involvement in accounting services exports.
Meanwhile, John Keells Holdings Group Finance Director and Nations Trust Bank Chairman Ronnie Peiris, the keynote speaker for this event, opined that roles in the financial profession would be very different in the future, adding that it would not be professionals with qualifications from ACCA, or even the Chartered Institute of Management Accountants (CIMA), that would be in-demand over the coming years but, rather, those with proven business capabilities.
This, he suggested, was the result of the increasing popularity of outsourcing the finance function amongst Fortune 500 global companies, with more and more preferring to offload repetitive processes, such as accounts receivables, general ledger, etc. in favour of building analysis and management accounting competencies in-house.