There are 2 Companies in Egypt
that provide Finance & Accounting Outsourcing (FAO) Services!

The Egyptian government, through the Ministry of Communications and Information Technology (MCIT) and the IT Industry Development Agency (ITIDA), has taken an active role in developing ICT capabilities within the country and positioning ICT as a cornerstone of economic development and foreign investment

The Egyptian ICT sector’s contribution to GDP grew by 13% in 2017-18, reaching LE65.9bn ($9bn) and representing 4.1% of total GDP. In 2019, 177 export-oriented firms, employing 45,000 workers, generated ICT exports of LE11.2bn ($1.5bn). The local-facing IT sector, meanwhile, employed a further 66,000 people in this period, according to the Oxford Business Group. 

Why working with Egyptian IT companies

Egypt has a broad base of skilled labor, that is multi-lingual across English, German, French, and Arabic. This base makes Egypt an attractive and cost-effective market with minimal communication barriers to provide outsourced services to Western, Asian, and Middle Eastern markets. Based on these resources Egyptian IT companies and web agencies located there are considered accessible and gain an advantage in the regional market.

What to be aware of when working with Egyptian IT companies? 

Due to the fact that Egypt is known more for cheap prices for web and software services rather than for IT companies, the last ones didn’t have the chance to make themselves a name and consolidate a reputation. 

Since the foreign companies offer a good price for the Egyptian IT workforce, the local web and software agencies have to work with what they pay for. And this may be a challenge for foreign clients that seek right now quality more than anything else. 

How reliable are Egyptian IT companies

In terms of reliability in the region, Egyptian IT companies are considered trustworthy, mostly. The specific region makes companies from each country unique and in Egypt’s case, potential foreign clients can rely on the Egyptian skilled workforce, well-developed business environment, and also, Egyptian companies provide competitive services. 

How does the Egyptian IT industry relate to the neighboring countries?

Egyptian IT companies are considered more and more competitive in the regional digital market. The credits for this performance are mostly given to a continuously developing IT infrastructure and industry that managed to bring the IT sector to the level of a vital component of the national economy. 

Also, another important factor that contributes to the Egyptian IT sector competitiveness is the way how the region is divided into subsector leaders. While Israel is well known for providing high-quality cybersecurity solutions on the international market, and Saudi Arabia makes the most of the web site in the region, Egypt provides software and mobile applications that are considered one of the best in the region. 

All in all, Egypt is a promising destination for both outsourcing and B2B relations in the region and is one of the pretendants to the overall IT regional leadership. 

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.