Accounting provides around 80 % of information of any type and sort of activity of legal entity and significantly influences the decisions of accounting information users. The accountant profession, ...which had faced many challenges over the past few years, now is proving to be no exception. The article looks at both theory and practice and attempts to determine and understand problematic issues about outsourcing accounting challenges. The purpose of the research is to evaluate outsourcing accounting challenges in Latvia and Lithuania. The research deployed the survey, the inductive and deductive methods, the methods of systematisation, comparison and a summary of information. Research object – companies providing outsourcing accounting services in the Republic of Latvia and the Republic of Lithuania. From the results of the research the authors have come to the following conclusions: the biggest challenges for accounting outsourcing companies of both countries are keeping up with new regulations and standards and technology developments. Both countries have quite a similar view on challenges of accounting outsourcing companies, however, Lithuanian respondents provided opinion on more significant challenges such as attracting new customers, differentiating from competition and experiencing pressure to lower fees, as Latvian respondents – emphasized challenge of keeping up with new regulations and standards.
In January 2010, Forbes magazine published an article with an attractive title: Romania –
became an accounting outsourcing destination. The article states that our country has fully entered
the ...market of accounting service outsourcing. Also, the results of a study ordered by
PricewaterhouseCoopers in 2010 confirm that outsourcing has encountered a revival in the last six
months and the trend is ascending. The director of PricewaterhouseCoopers says that companies still
resort to service outsourcing primarily to reduce costs but at the same level, customers began to also
appreciate other aspects such as high efficiency, high quality services and, of course, access to high level
talent and expertise. In the above mentioned context, in author’s opinion, the theme of the
current research seems appropriate as it proposes and emphasize of the fundamental aspects of
outsourcing in general and specific issues related to outsourcing the services of accounting and
financial analysis. This study illustrates novel aspects related to the requirements for outsourcing
accounting services in our country and captures the authors' opinion on the possibilities of
outsourcing the financial and economic analysis services, since these belong to a quite sensitive
category. If this information comes across foreign hands, the financial and accounting information
can be used for destructive purposes.
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