LAHORE: The partnership of Azure Global, which offers finance and accountancy services as well as outsourcing, with the Association of Chartered Certified Accountants (ACCA) Pakistan is going to be a key agreement for professional accountants, helping the country create jobs and eventually boost the volume of services export to around $3 billion in the coming years, said the ACCA Pakistan head Sajjeed Aslam.
“Pakistan’s overall accounting services are better than its regional competitors and we are trying to market the country as the preferred destination for global accounting and financial companies for outsourcing,” Aslam told The Express Tribune.
Currently, the project, in its pilot phase, will enable job creation for around 60 accountants in Lahore for a single job. Each quarter, the company has been outsourcing a couple of jobs to Pakistan that can sometimes create jobs for around 300 accountants.
“The global finance outsourcing market size is around $35 billion, which is undergoing double-digit growth of around 12% annually. If Pakistan succeeds in getting a share of 10% out of the total, it will help in the creation of around 100,000 accounting jobs with a services export volume of $3 billion in the next five years”, Aslam said.
ACCA, the global body for professional accountants, offers business-relevant qualifications around the world. It currently has 170,000 members and 436,000 students in 180 countries, helping them to successful careers in accounting and business. The body works through a network of 91 offices and centres and employs over 8,500 people worldwide.
Interestingly, Pakistani accountants are in demand especially in Europe. The model of ACCA, based mainly in the UK, is implemented in Pakistan as well. However, any shortcoming is met by training the students in real-time working environment that boosts their exposure as well.
The confidence shown by Azure Global is an example that Pakistanis are not just required for basic, data-entry positions. Azure Global processes transactions from Pakistan and send them back to their clients, said Aslam. “It’s like a wholesale business setting in the UK by which local people outsource to Pakistan.”
The jobs are of high-end including financial compliance and tax issues. He said that Azure Global had decided to move its business from Pakistan to eastern Europe, feeling a shortage of professional accountants. “However, we invited them and presented Pakistan’s case that led to a reversal of the decision. This shows the confidence Azure has in Pakistan now.”
Lower wages in Pakistan, without compromising too much on quality, is another reason why Pakistan has become a preferred choice. According to Aslam, a professional accountant in Europe demands between £150-200 per hour. In Pakistan, however, the same job is for between £25-30 pounds per hour.
“We are trying to make it a concentrated effort to consolidate this business so the cost of doing business goes lower. The outsourcing will boost confidence. If we hit a critical figure of 10,000 jobs by making more efforts, then we can achieve the figure of $3 billion in the next five years.”
But to achieve the target, a concentrated effort will be needed. As the pie gets bigger, it will create an opportunity not only for ACCA but for other accounting bodies of Pakistan including Institute of Chartered Accountants of Pakistan. “All stakeholders should play their role. If there is a proper eco system of IT and telecom sector added with favourable policies as per global requirements, then the growth will be phenomenal.”
“We are pushing the telecom companies to establish an eco system from where financial companies may get a hassle free environment.”
Aslam said that despite 99% of ACCA members being employed, there still exists a dearth of accountants in Pakistan. Giving numbers, he said that Pakistan is producing around 15,000-16,000 accounting professionals per year where as the demand hovers around 40,000. Our of a total of 2.7 million students enrolled in all disciplines in Pakistan, only 40,000 opt for accounting and less than half reach the professional level, he added.
Given that there is room for growth, there is potential that Pakistan can definitely tap into.
The writer is a staff correspondent
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