Trends

Accounting BPO: Next Outsourcing To Rock Bangladesh

accounting bpo

Thinking of hiring a bunch of professionals to manage your financial needs? Are you out of time and budget? Then choose a shortcut, start working with accounting BPO. Accounting BPO not only control costs and manage risks but also drive business strategy along with revenue growth.

What is Accounting BPO?

Accounting BPO (Business Process Outsourcing) plays a vital role in BPO industry. The work of accounting BPO is to do account related task such as payroll or a part of a work for another business organization. It is implemented as a cost-saving measure and has a high impact on business growth which helps to gain productivity.

Accounting BPO services:

  • Accounts Payable Processing
  • Accounts Receivable Functions
  • Preparing Balance sheet
  • Bookkeeping Services
  • Tax Preparation
  • Year-end financial report
  • Invoice Factoring Functions
  • Cheque Postings
  • Payroll Processing
  • Accounts Reconciliation
  • Document Management
  • Invoice Entering
  • Verification And Collection calls
  • Financial Statement Preparation

 

 accounting bpo

Why do you need to outsource your finance department?

  • Fractional use of finance and accounting professionals
  • As it is maintained by a third party so you don’t have any obligation to pay salaries or benefit costs
  • It alleviates the burden of hiring, training and maintaining accounting staff which result in fast utilization of time and efficient workflow
  • Provide a high level of flexibility with emerging technology and cloud-based applications
  • Your confidentiality, risk management, governance and improved security of your accounts information is maintained under close supervision with a bunch of professionals.
  • Budget and space saving

 

Impact of Accounting BPO in Bangladesh business sector:

Zunaid Ahmed Palak, Minister of State for Information and Communication Technology said, “Bangladesh government has declared information technology and BPO as the top priority after RMG. Finance and accounting outsourcing has become an integral part of the BPO sector.”

With the advance of business industries, numbers of BPO sectors in Bangladesh are increasing day by day to solve the huge amount of accounting chores to maintain business expandability. This sector of the country has got a lot of new opportunities to flourish.

With accounting BPO one can hire professionals from other offices located outside their area and can work with the team. Tuhin Khondokar, Chief Financial Officer of bpo.com.bd says, “There are many clients working with us from Rajshahi, Chittagong, Narayanganj and other areas outside of Dhaka, and we are serving our clients with the best that we can”. So, through accounting BPO one can easily get accustomed with the current trend of business flow with cost effective solution and can get the most benefit from any part of the world.

accounting bpo

Bangladesh hopes to cash in on BPO boom

With a massive young tech-savvy population and good trade relations with most of the countries across the world, Bangladesh has the potential to become a global outsourcing hub, with the capacity to grab a lion’s share of the world’s USD 500-billion business process outsourcing (BPO) market.

The current earnings from the BPO industry total USD 180 million, but experts believe that it could become at least USD 1 billion within the next few years if proper measures are adopted. The two BPO summits in the past two years are a testament to the policymakers’ intention to achieve this, experts added.

Organised jointly by the Information and Communications Technology (ICT) Division and the Bangladesh Association of Call Center and Outsourcing (BACCO), these summits aim to bring the outsourcing sector into the mainstream as well as encourage the country’s youth to become involved in this sector. Another intention is to promote the potential of Bangladesh as an outsourcing destination in the international market.

BPO is a form of outsourcing wherein business organisations contract third-party entities to carry out a specific part of their business processes, such as customer service. This contract is often struck with offshore companies due to the difference in labour costs.

Over the past couple of years, Asia has been the prime destination for outsourced jobs. This has occurred because in Asia, North American—especially US-based companies—can get the services they require at a much more cost-effective rate. Another reason is language, with customer service-related jobs that involve talking or writing in English suiting some Asian nations very well.

As of now, the BPO sector in Asia is more or less a battle between India and the Philippines when it comes to such farmed-out tasks. These two countries are most often the top picks of outsourcing firms, so they are often compared in terms of their standing in the BPO sector. Sector insiders, however, said Bangladesh could be on a par with these two countries, if systematic measures are adopted.