Abstract
The aim of this paper is to explore the viability of off-shoring of accounting services to foreign companies by providers of such services located in Republic of Macedonia. We have assessed the potentials of accountants in Republic of Macedonian to offer off-shored accounting services by using the criteria for assessment of outsourcing destinations in general as established by the McKinsey Institute. We have founded that there is considerable potentials for off-shoring of accounting and related services. Exploitation of these potentials would result in significant contribution to the accounting profession development and the employment of young graduates in accounting. In these terms, we offer some practical recommendations to the profession and to the policy-makers for further promotion of this business opportunity.
Highlights
Companies today operate simultaneously in many countries worldwide and need to employ accountants with international accounting knowledge
The accounting information systems development, the globalization of the accounting services and the international standardization of the financial reporting are the primary factors of changes of the accounting profession that need to be adequately tackled by the formal education and by the lifelong training of the accountants
To assess the potential of the Macedonian accountants to offer offshore services we have used the criteria for evaluation of outsourcing destinations as established by Offshoring Accounting Services: New opportunities for developing countries the McKinsey Institute: (i) the cost savings, (ii) talent pool, quality of providers, (iii) language skills and (iv) cultural and market proximity
Summary
Companies today operate simultaneously in many countries worldwide and need to employ accountants with international accounting knowledge. Accounting and Management Information Systems greater competitiveness. The accounting profession worldwide is developing towards much broader interdisciplinary knowledge and towards variety of skills. The accounting information systems development, the globalization of the accounting services and the international standardization of the financial reporting are the primary factors of changes of the accounting profession that need to be adequately tackled by the formal education and by the lifelong training of the accountants. The market for off-shore-based Financial and Accounting (F&A) services is improving despite a very challenging economic environment according to Sahni et al (2012) expecting the worldwide F&A services market to grow from US$27 billion in 2010 to $38.45 billion in 2015. Everest Group (2014) considers Central and Eastern Europe (CEE) as one of the leading delivery in Finance and Accounting because of availability of multi-lingual and highly qualified finance talent, close cultural ties with Western Europe and North America, proximity to western markets, and favourable business environment
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