Types of services offered

  • Finance and Accounts Outsourcing
  • Legal Process Outsourcing
  • Contact Center Operations
  • Revenue Cycle Management
  • Infrastructure/Facilities Management
  • Research and Analytics
  • Architecture and Engineering design
  • Supply chain and Procurement Management
  • HR services outsourcing
  • Medical transcription

Finance and Accounting Outsourcing (FAO)

Sri Lanka is recognised as a niche centre of excellence for Finance and Accounting Outsourcing with the with the largest pool of CIMA and ACCA qualified professionals outside of the United Kingdom.world’s second largest pool of UK qualified management accounting professionals (only second to UK). Sri Lanka’s capital, Colombo, was ranked 16th among the Top 100 Outsourcing Destinations for 2015 by Tholons, a US-based boutique outsourcing consultancy and investment firm and Finance and accounting outsourcing is developing to be a lucrative niche for the country. Although Sri Lanka does not have the scale to handle low end transaction intensive processes, the country is shaping out to serve clients who require high end financial processes such as financial analysis, management information and equity research.

The FAO industry in Sri Lanka offers a wide range of services from low-end, non-complex routine tasks to the high-end, complex decision support activities. Basic processes undertaken include book keeping and accounts processing, receivables, payables and payroll processing; accounts finalisation and production; financial reporting and management accounting. High-end knowledge driven services provided include investment and quantitative research, business process re-engineering, outsourced CFOs and financial analytics including certain aspects financial reporting and management accounting such as credit control, compensation analysis, budgeting and variance analysis.

According to data provided by FAO companies in Sri Lanka, high-end/complex work have been gaining popularity with c. 78% of staff employed in the country’s FAO industry classified as engaged in complex work.

Leading global companies such as Accenture, WNS, RR Donnelley, Copal Amba and HSBC have set up their offshore centers in Sri Lanka.

Download the report on the FAO sector of Sri Lanka at FAO Report 2013

SLASSCOM registered list of Finance and Accounting Outsourcing services providers at Slassscom Members Directory

FAO – Verticals Served

  • Accounting
  • Healthcare
  • Banking
  • Leisure
  • Telecommunication

FAO – Technologies

  • SAGE
  • ACCPAC
  • ZERO

FAO – Clients

  • UK
  • USA
  • Hong Kong
  • Australia
  • Singapore
  • Norway
  • Luxembourg and Ireland

FAO – Process Maturity

ISO 9000, ISO 27001,

Achieving convergence with International Financial Reporting Standards (”IFRS”) has been a significant milestone in financial reporting for companies in Sri Lanka. CA Sri Lanka, the sole authority for setting accounting standards in the country, had mandated the IFRS convergence for local companies from 1 January 2012. To this end, CA Sri Lanka has been educating and creating awareness amongst all stakeholders whilst updating the Sri Lankan Accounting Standards and training curricula for the local finance and accounting professionals to facilitate the application of the standards.

Legal Process Outsourcing

LPO – Type of services offered

Conveyancing

LPO – Clients

  • United Kingdom
  • United States 

LPO – Success Stories

  • Legalbase
  • WNS
  • Tellida 

Contact Center Operations

Contact Center – Type of services offered

  • Outbound Marketing
  • Customer Services
  • Hospitality Services
  • Healthcare Services

Contact Center – Clients

  • UK
  • US

Contact Center – Success Stories

  • Firstsource
  • Tellida – Brisbane
  • Aegis, Providence
  • Bellvantage
  • eChannelling,

Contact Center – Process Maturity

  • COPC