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Transaction cost economics (TCE), an interdisciplinary approach that explains the emergence and operation of a company, can be diversely applied in everyday business, e.g. in making business decisions or in analyzing the management structure of the relationship buyer – supplier. This approach considers total operational costs, especially the costs of contracting and negotiation, and also the management process which provides a definition of company boundaries. This explains why some companies perform certain tasks on their own, while others contract other companies who are more competent in a particular field. In this context, it is also possible to apply transaction cost economics to outsourcing, which is a cost management strategy used to deal with certain non-core business activities. In this way, it is possible to get high-quality services at lower costs, while the company can focus on its core business. The core business function studied in this paper is the accounting function, which plays a significant role in any company, regardless of its legal form, size or structure. The primary aim of the paper is to relate the theoretical framework to practice and to indicate how the model could be used in business operations. The paper provides a detailed review of previous research and results obtained through the research regarding outsourcing of the accounting function within the transaction costs economics. In the literature review there is a special emphasis on the context OUTSOURCING RAČUNOVODSTVENE FUNKCIJE – STRATEGIJA UPRAVLJANJA TROŠKOVIMA U OKVIRU EKONOMIKE TRANSAKCIJSKIH TROŠKOVA 165 of determinants and factors that lead a company to decide to outsource their accounting functions. The impact of such outsourcing on company performance is analyzed using the transaction costs economics. This seems to be necessary given that there is no carried out research within this context in the Republic of Croatia, but also taking into account the (still) numerous concerns and controversies surrounding the concept of outsourcing.