![]() Sharing her experiences, Jannatul Ferdous Jharna, co-mentor at Fintech BPO, told The Business Post, “I have worked at a garment company for 14 years. ![]() The Institute of Chartered Accountants of Bangladesh (ICAB) says that currently there are around 2,200 enlisted charted accountants (CA) in the country, around 32,000 have passed different levels of CA, and 8,000 are yet to sit for the exams.Īlso, since 2019, some 8,724 students (4,187 under the old syllabus and 4,537 under the new) are registered to sit for the examinations at the Institute of Cost Management Accountants of Bangladesh (ICMAB).Īlthough business backgrounds help to shine in freelance bookkeeping and accounting, industry insiders say, youths from all types of educational backgrounds still have the opportunity to enter the sector. There were 899,749 students in the business-related faculties and departments at all public and private universities and institutes around the country in 2020, says University Grants Commission (UGC) data. So far, the government has endorsed 55 international online marketplaces for the country’s freelancers, making their earnings from these platforms eligible for a 4 per cent cash incentive against exports of ITES, software and hardware.Ĭurrently, the industry’s size has grown to $600 million and is expected to reach $1 billion by 2025.Īccording to the Bangladesh Bureau of Statistics, one-fourth - around 4.59 crore - of the country’s total population are youths. “If they did, that would brand Bangladesh’s freelancing market in the global market and the freelancers will get more and more offshore jobs by putting these local works as solid references.” Wahid said, “The banks, financial institutions and insurance companies here are not ordering much IT and accounting services from the local freelancers. We are yet to eke out even just 1 per cent of the global market,” he stressed. ![]() “Bangladesh currently earns only $400-500 million, out of the $1.4 billion IT sector earnings, from BPO annually. He said the global BPO market’s size is over $500 billion, of which India has the lion’s share of $150 billion, the Philippines $30 billion and Sri Lanka has a share of $8-10 billion. Wahid Sharif, president of the Bangladesh Association of Contact Center and Outsourcing (BACCO), said there are around 250 freelancing companies doing software and IT-related jobs in both domestic and global markets.Īt least 25 of them provide bookkeeping or accounting services while hundreds of individuals also provide the services on their own. The market is expected to reach $2,019.02 billion in 2026 at a CAGR of 11.1 per cent. ![]() Industry insiders say the country is lagging far behind other South Asian countries in earning foreign currency from this sector in the global market.Īccording to the Accounting Services Global Market Report 2022, the accountancy market is expected to grow from $1,175.88 billion in 2021 to $1,324.77 billion in 2022, at a compound annual growth rate (CAGR) of 12.7 per cent. ![]() It also creates opportunities for business and accounting graduates to have high-paying offshore jobs while staying home.īut the country’s graduates and freelancers are unable to compete and triumph in the global market due to a lack of awareness and other necessary skills, including English proficiency, basics of IT and marketing strategy. Many business owners, especially the small ones, both inside and outside the country have started relying on freelance bookkeeping more and more because hiring freelancers near the end of a quarter or annually, instead of having a full-time staff, saves them money.ĭoing outsourced finance and accounting works also pays better than most similar jobs that freelancers and companies here are doing now. And freelance bookkeeping works include maintaining transaction records, daybooks, petty cash books and ledgers, producing financial reports, performing reconciliations, cloud accounting, keeping journals, chasing debt and credit control, calculating VAT returns, etc. ![]()
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