There are 1 Companies in Colombia
that provide Finance & Accounting Outsourcing (FAO) Services!

Colombia is now a strategic center when it comes to the outsourcing of IT and business services, with international investors attracted by the skills and size of its workforce, its favorable business climate, and its geographic location.

The sector has shown impressive growth, with Colombia receiving 387 new investment projects in the BPO, KPO, software, and IT services sector in the past seven years, according to fDi Markets and PRO COLOMBIA reports.

Why you should work with Colombia-based IT companies

One of the biggest draws for investors is the breadth and diversity of Colombian talent. Colombia has the second most qualified workforce in South America, according to the IMD World Talent Report 2016, ahead of countries such as Brazil, Peru, Chile and Venezuela.

Colombia's Ministry of Information Technology and Communications (MinTIC) certified more than 37,000 Colombians in digital skills in the third quarter of 2017, adding to the field of innovative developers in the software development sector.

Figures suggest there are more than 4,000 software and IT service companies across Colombia. About 3% of those are large companies, 80% of which are based in the central region of the country with four percent in the north, six percent in the west, four percent in the east, and the rest distributed across the country.

What you should be aware of when working with Colombian-bassed IT companies

South America tends to be a more attractive destination for the IT market, and Colombian IT companies and web agencies are taking advantage of this opportunity. However, there are several aspects that need to pay attention to when working with companies based in Colombia. Lack of experience, underdeveloped IT infrastructure and the incapacity of competing with the US and Europe IT companies create challenges and doubts for potential clients in whether to choose a Colombian IT company as a partner for their next web project, despite the cheap hourly rate it has to offer compared to the international global market. 

How reliable are Colombian-based IT companies

Gartner Inc, an international consultancy company ranked Colombia as one of five destinations in Latin America to offer Business Process and Information Technology Outsourcing highlighting the country’s bilingual labor force and salary competitiveness within the sector. In addition, Everest Group the global consulting firm mentioned Colombia as an optimal market for finance and accounting outsourcing (FAO), legal process outsourcing (LPO), and business process outsourcing (BPO). Likewise, the company asserted the country’s strengths for its commerce. 

How does Colombian IT infrastructure relate to the neighboring countries?

As the third-largest provider of IT services in Latin America after Brazil and Mexico with US$ 2.579 million (According to the International Data Corporation – IDC), Colombia is rising to the top due to its skilled workforce of more than 1.2 million professionals in the financial and services industry, incentives provided by the government, a continuous free trade agreement platform, competitive free trade zone regime, proximity, and connectivity to North America. These features and benefits have created an ideal business environment for venture capital firms and angel investors looking to invest in innovative and attractive opportunities.

Finance & Accounting Outsourcing services involve partnering with specialized IT companies to delegate financial and accounting functions, allowing businesses to focus on their core competencies. These services encompass a range of offerings such as bookkeeping, payroll processing, tax preparation, and financial accounting providing comprehensive support for commercial development.

According to Grandview research, the global finance and accounting business process outsourcing market was valued at USD 56.42 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 9.1% from 2023 to 2030.

If you decide to team up with a specialized IT company for their Finance & Accounting Outsourcing needs, here’s a list of benefits you might be interested in:

• Cost Savings: Outsourcing financial functions eliminates the need for hiring and training in-house staff, reducing overhead costs and achieving operational efficiency.
• Expertise and Knowledge: Specialized IT companies provide access to a team of skilled professionals with extensive experience in financial management and accounting practices.
• Compliance and Accuracy: Outsourcing financial tasks ensures compliance with regulatory requirements and accounting standards, minimizing the risk of errors and penalties.
• Scalability and Flexibility: Finance & Accounting Outsourcing services can easily scale up or down based on business needs, adapting to changing requirements.
• Focus on Core Competencies: By delegating financial functions, businesses can allocate their time and resources to strategic initiatives, innovation, and business growth.

At the same time, it’s important to choose the right service provider for your needs and requirements. That’s why when choosing a Finance & Accounting Outsourcing provider for a project,  we recommend you to consider the following criteria:

• Industry Expertise: Look for providers with experience in serving businesses in your industry, as they will better understand your specific financial needs and regulatory requirements, taking a look at the year when the company was founded, or, the number of real customers can be a good starting point to track their expertise.
• Service Offerings: Assess the range of services offered by the provider to ensure they align with your organization's financial requirements, such as bookkeeping, tax preparation, financial analysis, or payroll processing.
• Security and Confidentiality: Verify that the provider has robust security measures in place to safeguard your financial data and ensure confidentiality.
• Technology and Infrastructure: Evaluate the provider's technological capabilities, such as accounting software proficiency and infrastructure, to ensure efficient and accurate financial management.
• Client References: Seek references and review feedback from past or current clients to gauge the provider's reliability, responsiveness, and quality of services.

TechBehemoths can assist in choosing the best Finance & Accounting Outsourcing companies for your projects. With a comprehensive directory of over 160 companies offering Finance & Accounting Outsourcing services, TechBehemoths.com simplifies the selection process. At the same time, you should keep in mind that this is an outsourcing service, which means that by contracting a company providing this service, it is possible to lose the location comfort in exchange for a lower price offer.