Global Accounting Initiative in Nepal (GAIN)

The global business landscape is evolving rapidly, leading to significant changes in the services provided by accounting professionals. In recent years, demand for accounting and financial services has grown substantially, making outsourced accounting and financial management a trusted solution for businesses worldwide. Offshore accounting involves delegating financial functions to external service providers in other countries, where firms offer a wide range of financial services. Countries such as India, Bangladesh, Vietnam, the Philippines, and South Africa have emerged as preferred destinations for Business Process Outsourcing and Knowledge Process Outsourcing, capitalizing on the growing global demand for business process services.

 

Offshore accounting in Nepal is still at an early stage, with only a few firms engaged in audit and finance-related outsourcing. To promote the sector, ICAN has launched the Global Accounting Initiatives in Nepal (GAIN) project. The GAIN project aims to strengthen Nepal’s accounting outsourcing sector by establishing a clear regulatory framework, building scalable infrastructure, and upskilling professionals in global standards. It aims to promote Nepalese firms internationally, create over 150,000 jobs, and generate more than USD 6 billion in foreign currency earnings annually over the next decade, positioning Nepal as a competitive destination for accounting and knowledge process outsourcing services.

 

ICAN aims to regulate and support its members in providing professional accounting services ethically, contributing to the nation’s economic development. The Institute’s five-year Strategic Plan (2024/25–2028/29) emphasizes partnering with the government, enhancing global recognition of members, strengthening professional capabilities, expanding service offerings, and fostering alliances with other accounting bodies.

 

Through GAIN project, the Institute seeks to formalize existing efforts, develop infrastructure, ensure professional upskills, and position Nepalese accounting firms in the global outsourcing market. The Institute major initiative for successful implementation of the GAIN project shall be a structured effort to promote Nepal’s accounting outsourcing sector by building global visibility, developing professional skills, creating a centralized outsourcing platform, strengthening infrastructure, fostering research and policy reforms, and facilitating international collaboration, thereby positioning Nepali firms as credible and competitive players in the global outsourcing market. ICAN has recently obtained membership of Chartered Accountants Worldwide, which will aid in developing a network of professionals in global markets.

 

It is worth noting that export of Offshore and outsourced accounting service is not easy as it requires some basic pre-conditions like friendly legal system, regulatory framework etc. including a deep financial expertise, disciplined processes, and efficient technology for execution. This should be supported by the activities such as formulation of supportive policy environment and institutional foundations that are critical for success of the project.

 

In this connection, the Institute is pledged to support the Government to develop appropriate regulatory framework, ensure reliable digital infrastructure. formulate and clarity on legislation, tax incentives, strong data protection law and simplified foreign exchange regime to develop Nepal as a global accounting outsourcing hub.