As we move further into the Information Age, our success lies in our ability to apply the knowledge that we have obtained. Some of the changes that are occuring in Information Technology are astounding, and will change the face of the business world forever.
Those who are able to take advantage of these changes will pioneer the advances of business and technology throughout the 21st century.
In this knowledge era, our success depends on what we know and what we do with what we know. Perhaps one of the most impressive phenomenons to occur in countries such as India is KPO, or Knowledge Process Outsourcing.
A number of studies have indicated that the KPO field is expect to grow by 45% by the year 2010, and of the $16 billion that will be generated by this industry, over half of it will come from India. The changes that we are going through are mind-boggling.
As you can see, there are a number of lucrative opportunities for Chartered accountants who are willing to take advantage of this market. However, before you can take advantage of this growing industry, it is first important for you to understand the meaning of KPO.
In a nutshell, KPO is an evolution of BPO, or Business Process Outsourcing. The basic idea for outsourcing was first developed by Ross Perot, who was the founder of Electronic Data Systems. The basic goal of EDS was to help companies manage their IT departments. EDS would sell the information that was related to information technology, and their clients would pay them on a monthly basis.
There are certain skills required in an Indian Chartered accountant to be a part of it, which are as follows:
1. Accounting procedures followed by companies in USA, UK or other countries.
2. Knowledge of accounting related softwareâ€™s like, Quick Books, MYOB, SAGE and other accounting solutions. These are some softwareâ€™s used as per international standards.
3. Skills in using tax return softwareâ€™s i.e. Ultra Tax or Irish. These are few of the softwareâ€™s which are used in preparing Tax Returns and annual accounts for individuals, corporations or private organizations.
Below are brief on what are the services which can be outsourced:
1. Business accounting
2. Maintenance of books and records
3. Asset accounting management
4. Financial analysis
5. Bank reconciliations
6. Payroll management
7. Different types of reports on daily basis.
8. Financial research and investigations.
Read more about KPO – An Emerging Opportunity For Indian Chartered Accountants. at Forum4ca.
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