8 Reasons Why You Should Outsource Finance And Accounting Services To Sri Lanka

With a steady climb up the “Top 50 Global Outsourcing Destinations” ranking published by A.T. Kearney, Sri Lanka is fast becoming the hot spot for global IT/BPO outsourcing. The industry envisions to become the number one foreign exchange earner for the country.

Over the years the country has proven its expertise in outsourcing, having been awarded the award for “Outsourcing Destination of the Year” in 2014 and 2013 by the National Outsourcing Association UK and recognition of Colombo as a “Global Center of Excellence for Finance and Accounting” by Global Services Magazine.

Sri Lanka’s competitive strength is built around the main pillars of education literacy, macro-economic benefits, infrastructure and Legal Framework.

1.      Quality Education & High Literacy Levels

  • Free primary and secondary education resulting in 92% literacy rate, the highest in South Asia and above average for third world countries
  • Secondary enrollment rate of 90%, ranking 3rd just after UAE with 98% and UK with 96% reported by SLASSCOM in 2014
  • ICT and English language incorporated within the education system leading to the development of knowledge and skills from a very young age

2.      Access to a Strong Labour Force of Specialized Experts

An abundance of highly qualified professionals with sophisticated technical skills to handle all IT/ BPO outsourcing need.

  • Sri Lanka has the largest CIMA student community outside UK with over 14,000 students
  • Pool of over 120,000 accounting professionals specialized in high-end finance and accounting functions

3.      Sri Lanka is a tried and tested hub for Multinationals

  • HSBC, IFS, London Stock Exchange and Paycorp are few MNCs operating in Sri Lanka signifying the stability and economic freedom in Sri Lanka

4.      Sri Lanka will Secure your Data with Utmost Care

  • Sri Lanka has strong data and IP security policies
  • Over 800 ISO Certificates have been issued for ISO 9001 and 27,0001
  • Sri Lanka was ranked 2nd in South Asian Property Rights Index
  • First South Asian to ratify the United Nations on the use of Electronic Communications in international Contracts
  • Only South Asian country who has acceded to Budapest Convention on Cyber-crimes

5.      Favorable Macro-economic Indicators

  • Peaceful domestic environment, favorable government policies an improved investor confidence contributing to high economic growth
  • Government initiatives to develop Sri Lanka as a knowledge hub, a commercial hub, a naval & maritime hub, an aviation hub and an energy hub
  • Score of 3.37 financial attractiveness on the A.T. Kearney Global Services Location Index 2016
  • Sri Lanka reported a GDP growth rate of 2.5% of and a GDP of US $ 78.82 billion in 2016

6.      Excellent Infrastructure

  • Government initiatives to develop and improve the physical infrastructure of the country
  • Projects to improve the sea, air, road, power and telecom backbone of the country and establish Sri Lanka as a global competitive business hub
  • Involvement in the South East Asia East-West Europe 4 ( Sea-ME-WE IV) project, a submarine cabling system aimed at linking South East Asia to Europe

7.      Established Legal System in Sri Lanka

  • Independent judiciary system that has adapted the world renowned British commercial law principles and practices
  • Signatory to international treaties, intellectual property rights such as Berne Convention, latest UN e-contracting convention
  • Implementation of a comprehensive IP regime
  • Employed electronic transactions act and computer crimes act
  • Executes accounting standards based on IAS and fast rack adoption of IFRS

8.      Sri Lanka Offers Better Pricing Flexibility

In many countries across the globe, labour is considered to be very expensive due to high cost of living and dearth of skilled employees. When companies outsource Finance and Accounting services to Sri Lanka, they are able to experience dramatic cost advantages and gain access to a highly skilled resource pool.