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Financial Analytics: Science and Experience
 

Global finance and accounting outsourcing as an economic development driver

Vol. 9, Iss. 3, JANUARY 2016

PDF  Article PDF Version

Received: 14 December 2015

Accepted: 22 December 2015

Available online: 27 January 2016

Subject Heading: FINANCIAL INSTRUMENTS

JEL Classification: G23, G30

Pages: 15-27

Laktionova O.E. Priazovskyi State Technical University, Mariupol, Ukraine
o.laktionova@inbox.ru

Importance The research investigates the global Finance & Accounting outsourcing mechanism as part of financial management, considering it as a factor driving the development of businesses, regions and the country.
     Objectives The research provides the rationale for the financial management mechanism by illustrating foreign practices.
     Methods The research is based on econometric methods, methods of analysis, synthesis, detailed elaboration, generalization.
     Results F&A services are provided by outsourcing companies and (or) financial services centers in developed countries. F&A services are split, with governance authorities and responsibilities being outsourced, thus making this mechanism reach global and regional significance. The article shows that outsourcing costs tend to increase continuously, especially during global economic crises.
     Conclusions and Relevance The global F&A outsourcing mechanism should be regarded as an income growth driver. Domestic outsourcing companies fail to use opportunities of global F&A outsourcing practices for their development. To proliferate the F&A outsourcing mechanism for management purposes and drive the development of small and medium-sized business and economy at the regional and national levels, this scientific and practical aspect should be further elaborated from theoretical and methodological perspectives.

Keywords: outsourcing, F&A outsourcing, global F&A outsourcing, financial management, outsourcing contract

References:

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