Niche Market

Mar 14, 2011 (LBO) – Sri Lanka is becoming an attractive location for ‘Finance and Accounting Outsourcing’ (FAO) with the world’s second largest pool of management accountants and wages lower than India, a report said. “The availability of a large pool of skilled finance and accounting professionals makes FAO one of the most logical niche competences to continue to build capacity,” said Dinesh Saparamadu, chairman of Sri Lanka Association of Software and Services Association (SLASSCOM).

“The key export markets for Sri Lankan FAO industry are USA, Europe and Asia Pacific regions.”

Sri Lanka has been recognized as a service hub for financial services outsourcing globally for its niche competency, he said in a statement.

Many global companies, including UK Accounting and Legal Services Center of WNS, Investment Research Center of Amba Research, UK Banking Center of HSBC, and Finance & Accounting Center of RR Donnelley, have set up their delivery centres in Sri Lanka.

SLASSCOM has published an industry report on the FAO sector in Sri Lanka, prepared by PricewaterhouseCoopers and sponsored by Association of Chartered Certified Accountants.

It provides information on Sri Lanka’s accounting talent a