DEVELOPMENT OF THE OUTSOURCE ACCOUNTING MARKET AND TRENDS IN LATVIA
Dace Sniķere-Kļitko
Jan 11, 2023
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INDIVIDUAL. SOCIETY. STATE. Proceedings of the International Student and Teacher Scientific and Practical Conference
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Key Takeaway Key Takeaway: The outsourced accounting industry in Latvia has rapidly developed since 2008, offering companies a cost-effective and competitive advantage due to technological advancements and remote working possibilities.
Abstract
Since 2008, the outsourced accounting industry in Latvia has grown and developed rapidly. The use of outsourced accounting is an opportunity for companies to save money and increase their competitiveness because these enterprises can pay all attention to business growth and cut costs for in-house accountants. The author has studied the market of outsourced accounting services in Latvia, its saturation, development trends, as well as possible future development scenarios of the industry, based on trends in the world and IT innovations. The article summarizes statistics on companies operating in the industry, the largest “players” in the industry, and their distribution by counties. Case study shows market saturation in different regions of Latvia. The development of technologies and possibility to work remotely have contributed to the popularity of the profession, which in turn as contributed to the growth of the industry.