OUTSOURCING ACCOUNTING FUNCTIONS IN BUSINESS ORGANISATIONS: BENEFITS AND CHALLENGES

Salau Oloruntoba Nasir & Salau Ayo Rahmat

ABSTRACT

In recent years, accounting outsourcing is a business strategy that is fast-growing among business organisations seeking to organize their accounting processes and concentrate on core competencies for enhancement of their performance. Regardless of the valuable benefits of this practice to businesses, it is not without its potential risks and challenges. Hence, this study delves into the benefits and challenges of outsourcing accounting functions with the view of resolving the identified challenges so that business organizational objectives can be actualized. Based on the information gathered from the reviewed literature, the study concluded that business organisations can open several benefits to themselves if they are able to handle the associated challenges of outsourcing accounting functions strategically and overcome them.

Keywords: Accounting, Accounting Functions, Accounting Outsourcing, Business Organisations, Outsourcing