Only 7% of companies currently outsource their finance and accounting functions because of the burden of compliance and regulatory issues, a report has claimed. Matt Henkes reports.
Over two thirds of chief financial officers surveyed said that increased regulation and emphasis on governance was the main obstacle to outsourcing, business and IT consultant LogicaCMG (LCMG) found.
"The severity of sanctions as a result of a regulatory infringement is an overriding factor in their desire to retain direct control of their finance function," it said.
Half of the CFOs questioned said that they outsourced at least one area of their business, while 19% said they planned to use outsourcing in the near future to reduce costs.
However, these respondents were two thirds less likely to outsource the...