An increasing number of companies are looking to outsource their finance and accounting business processing, and the European market for this business is set to be worth £2.1bn by 2008, said analyst Gartner.
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Gartner said this figure represents 10% growth from current levels. The European finance and accounting business process outsourcing market is, however, still immature.
The analyst said there are currently around 70 such outsourcing deals in Europe, with an average value of £28.5m-£71.5m.
Gartner predicts that by the end of 2006 an additional 12 major deals will be signed in the region.
Only a handful of major companies have signed up to outsource more than one process. The majority of deals so far have only covered selected portions, such as accounts-payable processing.
Gartner said companies that have a large pan-European finance and accounting team, which could benefit from automating more activities and consolidating to a centralised location, are ideal candidates to outsource.