Businesses still prefer to keep their finance and accounting operations in-house despite outsourced processes proving more efficient.
Research from Ovum reveals many CFOs have no appetite for offshoring finance and accounting. This is despite the testimony of CFOs who have outsourced, claiming efficiency has improved.
Ovum found CFOs at US and UK companies with turnover greater than $500m are less certain of the benefits of offshore finance and accounting than they are of cloud computing strategies.
The biggest barrier to offshoring finance and accounting is loyalty to in-house workers, with 44% of companies revealing this as an obstacle.
Peter Ryan, Ovum lead analyst, said: "We don't know if this is due to a sense of responsibility for their staff or a desire to keep their skills, but it is likely to be a combination of the two."
Concerns over losing control and over whether savings targets would be hit were seen as obstacles to 31% of respondents.
The Ovum report found India to be both the most popular destination for offshore finance and accounting services - and the least satisfying.
Outsourcing business processes is rising as businesses try to cut costs. Research carried out by sourcing consultancy TPI showed strong growth in business process outsourcing (BPO). In its latest index for the Emea region, it found BPO service sales in the first three months of 2011 were 65% higher than the same period a year ago.