Business Process Outsourcing in Bangladesh

Hiring quality, certified accountants in London is a difficult task. Kumar Talukder, amember of the Association of Certified Chartered Accountants, discovered this during the process of creating his own accountancy firm in London. Talukder studied to become an accountant and was able to personally experience and understand the expenses that go into education. Due to his experience, he believed that employees should be compensated accordingly.

In 2013, an Indian firm expressed interest in providing Talukder with accountants for half the price. This sparked the realization that a Bangladesh company could do the same thing. Within a couple of years, Talukder was able to create his own registered accounting company located in London with employees housed in Dhaka. 

Providing Opportunity for Growth

South Asia has a goal to become the largest global destination for business process outsourcing (BPO). The growth of Talukder’s company may provide the head start and assistance needed to achieve this goal. Outsourcing provides the opportunity for recent graduates in Bangladesh to receive high paying accounting jobs while being able to stay in their home country. 

Seezan M Chowdhury, a partner at the accountancy firm ACE Advisory, received his first outsourcing opportunity through a connection with a London based accounting firm. Chowdhury had plans to move back to Bangladesh and shared his plans with the owner of the London firm. The owner then offered the opportunity to work for him while living in Bangladesh. Soon after, the company began looking for workers in various parts of the worldto expand their firm. After ongoing efforts, they began to receive a consistent flow of acceptance offers.

Obstacles Regarding Success of Outsourcing

Bangladesh has several factors thatcontribute to their success in becoming a major country for accounting business process outsourcing. But, these are still possible obstacles. The potential employees still have room for improvement. Although there is no lack of qualified accountants, the problem stems from getting outsourcing jobs from abroad. 

The AT Kearney ranking ranks countries based on four components. These include people’s skill and availability, financial attractiveness, business environment and digital resonance. Bangladesh scored very high for financial attractiveness, but the other components require vast improvements. Improvements will allow for greater success within the following years.

Significance of Outsourcing

One common misbelief regarding outsourcing is the belief that the outsourcing market is constricted and used only in call center services. But in reality, the outsourcing market is used for a variety of services. For example, checking camera footage in McDonald’s. This diverse market provides a wide range of opportunities. 

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Reference: Bangladesh’s qualified accountants could help start a BPO boom in the country. From