As operational costs rise and the demand for high-quality finance talent grows in Australia, many businesses and accounting firms are turning to global outsourcing to stay competitive. Among the top emerging destinations, Sri Lanka stands out as a trusted, capable, and forward-thinking hub for finance and accounting outsourcing.
If you’re considering outsourcing finance and accounting services, here’s why Sri Lanka might be your next strategic move.
1. A Highly Skilled, Educated Workforce
Sri Lanka boasts one of the highest literacy rates in South Asia, approximately 92%, according to the World Bank. This rate is well above the global average, reflecting the country’s longstanding investment in education. Every year, approximately 100,000 students graduate from local and international institutions, with a large portion entering finance, accounting, and IT-related fields.
The country’s accounting and finance professionals often pursue globally recognized qualifications, including:
- CIMA (UK) – Chartered Institute of Management Accountants
- ACCA (UK) – Association of Chartered Certified Accountants
- CPA (Australia) – Certified Practising Accountants Australia
- AICPA (USA) – American Institute of Certified Public Accountants
- CFA (USA) – CFA Institute
- CA Sri Lanka – The Institute of Chartered Accountants of Sri Lanka is the national Chartered Accountancy body, which holds mutual recognition agreements with CPA Australia, CA ANZ (Australia & New Zealand), and ICAEW (UK)—demonstrating its international standing and the value of its qualification abroad.
As per CIMA, Sri Lanka has the highest number of UK-qualified accountants outside the UK, with the second-largest community of CIMA members globally, reinforcing the country’s strong position in finance education.
Further strengthening its academic profile, Sri Lanka hosts joint programs and affiliated campuses of international universities such as Monash University (Australia), Deakin University (Australia), Staffordshire University (UK), and University of West London (UK), providing world-class pathways for Bachelor’s and Master’s programs.
2. Cost-Effective Without Cutting Corners
Compared to hiring in Australia, outsourcing to Sri Lanka can lead to over 50% savings on salary and overhead costs — without compromising on the quality of service. This cost advantage allows Australian businesses to reinvest savings into growth, tech upgrades, or team expansion.
Yet, the focus is not just on cost. Sri Lankan finance professionals are known for their attention to detail, work ethic, and reliability.
While India and the Philippines have long dominated the outsourcing industry, Sri Lanka is rapidly gaining recognition for its niche strength in finance and accounting. With a stronger proportion of globally certified accountants and a business culture closely aligned with Australia, Sri Lanka offers a high-trust, high-skill alternative for specialized back-office finance work.
3. Fluent English & Strong Business Communication
English is widely spoken in Sri Lanka and serves as the primary language of business and higher education. This enables clear, effective communication with clients in Australia, especially for tasks like financial reporting, client emails, and payroll queries.
For Australian businesses and accountants used to clear, timely communication, this creates a natural cultural fit.
4. Experience With Australian Compliance & Software
Sri Lanka has built a strong base of professionals who understand Australian financial regulations, including BAS, superannuation, and payroll regulations. There are many training institutions offering certifications in Xero, QuickBooks, MYOB, and SAGE tailored specifically to Australian compliance standards.
In fact, many Australian businesses already maintain back-office operations in Sri Lanka or work with outsourced teams based there. This has created a large, experienced pool of finance professionals familiar with ATO requirements and Australian business best practices.
5. Tech-Savvy Workforce & Strong Infrastructure
Sri Lanka has evolved into a regional tech hub with a fast-growing IT and digital services sector. The country was the first in South Asia to successfully trial a 5G standalone network, showcasing its modern telecommunications infrastructure.
This digital maturity supports cloud-based collaboration, accounting software integrations, and real-time client communication, making remote financial services seamless and responsive.
6. Comprehensive Data Protection Laws
In 2022, Sri Lanka became the first country in South Asia to pass comprehensive data protection legislation modeled after the EU’s GDPR. The Personal Data Protection Act ensures businesses handling sensitive client data meet high international standards for security and confidentiality.
This is a major reassurance for businesses outsourcing finance work that often involves confidential records.
7. A Mature and Growing Outsourcing Sector
Sri Lanka has long been known for its success in IT, KPO, and BPO services, with finance and accounting services forming a major component. According to SLASSCOM, the finance and accounting outsourcing (FAO) sector continues to grow steadily, employing thousands of skilled professionals.
International companies such as HSBC, WNS, IFS, Virtusa, Accenture, Amba Research, and RR Donnelley have all established outsourcing or shared service operations in Sri Lanka—demonstrating the country’s capacity to handle complex, large-scale back-office services for global clients.
Final Thoughts
Outsourcing finance and accounting to Sri Lanka isn’t just about reducing costs. It’s about finding a partner with:
- Highly qualified, English-speaking professionals
- Deep understanding of Australian compliance and systems
- Tech-ready infrastructure and strong data protection laws
- A strong ethical and professional culture
- Cost efficiencies that allow you to grow sustainably
Whether you’re a small business, a growing startup, or an established accounting firm, Sri Lanka offers a compelling solution that balances quality, compliance, and cost.
It’s not just about outsourcing tasks — it’s about building a long-term partnership with a country that’s ready to support the future of finance.
