BENEFITS AND CHALLENGES OF OUTSOURCING FINANCIAL AND ACCOUNTING SERVICES FOR CONTEMPORARY ENTERPRISES

Purpose: The purpose of this article is to identify the key benefits and challenges of outsourcing financial and accounting services for modern enterprises. In addition, an analysis of the motives for implementing the outsourcing of financial and accounting services, the forms of outsourcing used by the surveyed companies and the type of tasks to be outsourced is presented. Design/methodology/approach: The survey covered SME companies operating in various industries that have decided to transfer their financial and accounting processes to a specific external service provider. The research method was an online survey. Among the data analysis methods, structure analysis and cross tabulation were used. Findings: The surveyed companies cited minimizing the risks associated with their business area as the main motive for working with an external provider. The most frequently used form of outsourcing financial and accounting services was full outsourcing, and the most frequently outsourced task was general accounting. The most important benefit of outsourcing financial and accounting services for respondents was saving time and resources, and the most significant challenge was delays in paying taxes. Research limitations/implications: The survey was limited only to a small group of SME companies using the services of the selected accounting firm, so future research may include a broader group of companies. Practical implications: The article provides information on companies' perspectives on the motives, benefits and risks of outsourcing financial and accounting services. Originality/value: The article provides empirical evidence of the importance of outsourcing financial and accounting services to SME companies.