More than 70% of 236 senior executives surveyed by Accenture and the Economist Intelligence Unit predicted that demand would become more prevalent over the next three years.

At present nearly a third of companies across the globe outsource their finance and accounting functions in some form or other, the survey found.

The benefits included lower costs and increased productivity on the part of the finance team.

Interestingly, the study found that companies are increasingly outsourcing these functions as a catalyst for business transformation.

'Cutting costs and enhancing productivity remain prime motivators, but it's clear that some companies see outsourcing as a strategic weapon for change,' said Stewart Clements, global managing partner for Accenture Finance Solutions

'Outsourcing brings an outsider's discipline to reviewing and reshaping entire business processes, helping companies execute ambitious improvement plans.'