Preparing Talents for the FAO Growth

Manila Bulletin, April 2, 2014 | Go to article overview

Preparing Talents for the FAO Growth


Last February 28, 2014, I was invited to be the resource speaker of an organization called Bacolod Negros Occidental Federation for Information and Communication Technology (BNEFIT) headed by Ms. Jocelle Batapa Sigue. Most, if not all who attended are from the academe who are either teaching Accounting or Information Technology. The room was packed and there was a lively discussion particularly on other areas of non-voice outsourcing. You can see the strong synergy between the government and the academe working together and in Bacolod it was made stronger with this organization called BNEFIT. The strategy of BNEFIT in gathering together the professors could be an effective one in producing more qualified workers needed particularly on Finance and Accounting Outsourcing (FAO), Knowledge Process Outsourcing (KPO) and IT Oursourcing (ITO). These are the three growth areas for the coming years which are mentioned in the Tholons Whitepaper for 2014. My experience in screening applicants for the FAO services even in Manila, is not all college graduates are capable of preparing a simple worksheet that could generate a trial balance and financial reports. The graduates of the top schools are easily hired by the top non-BPO corporations in the country but these are just a few of the many accountancy and management accounting graduates every year. The BPO sector maybe able to hire some of these graduates but there is still a big gap in the requirements. Most of these graduates in the top schools all over the country can easily prepare financial reports but I observed that in some smaller colleges, it is hard for them even to come up with a working paper and worse even just to prepare simple journal entries. And this is the area which we must work on - in honing the capability of our graduates in journalizing transactions and financial reports preparation and for them to be adept with the whole accounting process The skills and knowledge required in FAO may not be as sophisticated compared to KPO and ITO. In recent years, the Request for Proposal (RFP) I prepared for global clients is mostly functional outsourcing with Platform BPO or Software as a Service (SaaS) as a component in bigger RFP. In my BPO work as Business Development Director and VP as my past BPO designations, I was able to prepare complex proposals but clients will always start with functional outsourcing such as Accounts Receivable and Accounts Payable Outsourcing before going on full outsourcing with their accounting functions which means up to General Ledger maintenance and Financial Reports Preparation.

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