Growing BPO Services Among ACCA Students Around The Globe

Through Business Process Outsourcing (BPO), companies can contract out their process management needs to third parties. This is a smart option for businesses looking to save costs or expand. Business Process Outsourcing (BPO) refers to contracting out some or all of an organization’s operational, administrative, or performance-based tasks to an outside party. Therefore, most C-suite executives see outsourcing as a practical option for their company. But, many do not think through the potential upsides and downsides of the engagement. Key to promoting accounting profession collaboration in Riyadh is the partnership between ACCA and SOCPA. Concurrently, there is an increased demand for experienced financial specialists due to the growing Business Process Outsourcing (BPO) sector. The mutually beneficial partnership between ACCA and SOCPA fosters a strong financial environment, allowing standardized accounting practices. As a result of this cooperation, Business Process Outsourcing (BPO) services are growing, which is great news for qualified individuals looking to expand their careers and while you might be thinking what ACCA is, ACCA or the Association of Chartered Certified Accountants is a well-recognized qualification that teaches the accountancy of the highest standard and it is very popular throughout the globe because of producing some of the best accountants around the world.

Types of BPO Services

There are two main types of outsourcing services: horizontal and vertical. The term horizontal offering refers to a service with potential applications in multiple industries. Vertical offerings are business functions that necessitate process knowledge of industry verticals.
Businesses often work with business process outsourcing (BPO) firms for two primary functions: back-office and front-office operations. 

Among the many functions of the back office are quality assurance, payment processing, and Information Technology (IT) services. Customer service, sales, marketing, and handling complaints are all part of the front desk. Some businesses rely on a single outside vendor for all their HR needs. Still, others keep an in-house team to manage the rest of the operations, whereas outsourcing just a single process within a functional area (like payroll processing) is common. As the outsourcing business expanded, a broader array of services were made available to clients. Some common tasks that are often outsourced are: 

• Help desk administration 
• handling information technology 
• Payroll and accounting, advertising, product development, and manufacturing 
• Shipping and fulfilment 
• Research 
• Deloitte found that the top three functions businesses outsourced in 2021 were finance, payroll, and information technology. Data analytics and data mining are two examples of strategic operations that some businesses outsource since they are crucial to staying ahead in today’s digital economy.

Why ACCA Students Should Use BPO Services

Students of ACCA make varied use of BPO services to further their careers and further their education. By participating in the specialised training programmes BPO businesses provide, ACCA students can gain real-world experience and learn about the best practices in the sector. The main emphasis of these courses is on accounting and financial duties. 

Students can gain real-world experience with their academic knowledge by participating in these initiatives. Internships and part-time jobs are available through BPO services, allowing ACCA students to put what they learn in class into reality. They can build a stronger resume and a more well-rounded perspective by working in different fields and for different companies.
Business process outsourcing (BPO) companies use state-of-the-art software and systems, and ACCA schools allow accounting students to use these tools. Students’ employability and career advancement prospects are improved when they get practical technical skills through this programme.
Working together with Business Process Outsourcing (BPO) services gives ACCA students a chance to meet seasoned professionals in the field who may be able to provide them with guidance and open doors to new opportunities. Because of the importance of these connections in securing respectable jobs, breaking into the accounting and finance sectors is notoriously difficult without them. 

How ACCA Students Can Adopt BPO Services

ACCA students can adopt business process outsourcing (BPO) services by applying for internships or part-time jobs with BPO companies. This would allow them to acquire practical experience in accounting and finance. To enhance their academic knowledge with practical experience and industrial insights, they can also participate in specialised training programmes provided by BPO organisations. Students can also improve their technical competencies using cutting-edge software and technology in Business Process Outsourcing (BPO) organisations. 

Mentorship and career advice can be obtained through networking with other professionals in the industry through BPO engagements. When it comes to the accounting and finance profession, students who make use of business process outsourcing (BPO) services are better prepared to face the theoretical and practical obstacles that lie ahead.

Working on BPO Services

Based on the service provider’s location, Business Process Outsourcing (BPO) can be classified into three operations. The vendor’s operations are based in your native country or region if you outsource onshore. When a company is nearshore, it means they are located on the same continent as the client. When a third party is located in a faraway country with a different time zone than the one you are using, this is called offshore outsourcing. Customers who outsource their work go through a thorough procedure to find the most suitable vendor and transfer responsibilities from an internal group to an outside one. 

There must be a lot of change management because the change will affect how the organisation works and the people there. The transfer will affect the client company’s finances in several ways, including outsourcing costs, reporting obligations, and corporate taxes. The client organisation must purchase new technology to guarantee the Business Process Outsourcing (BPO) vendor’s smooth workflow. Each party’s outsourced jobs and infrastructure will determine the extent and cost of this technology.
The standard procedure for beginning an outsourcing project is as follows: 

• Determining whether company operations can be outsourced to save money, enhance flexibility, improve efficiency, and redirect resources is important.
  Deciding whether to use a single vendor for all outsourcing needs or hire several suppliers for different tasks. 
•  These aspects combine to provide a detailed list of tasks and their criteria. With the help of the scope of work, the client company puts together an RFP. The RFP determines whether a vendor can deliver value-added services that match the client’s requirements within a certain budget.

Conclusion 

Hands-on experience, opportunities to gain technological skills, professional relationships, and career advancement are just a few advantages that ACCA students and BPO services share. By utilising the opportunities and resources provided by business process outsourcing (BPO) organisations, Association of Chartered Certified Accountants (ACCAs) can enhance their prospects of thriving in the fiercely competitive finance and accounting world. Collaborating allows us to create an environment that fosters learning and professional development, which benefits everyone involved and helps the industry expand.

Written by: Agha Zufiqar, Bright student of Mirchawala’s Hub of Accountancy