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

Georgia's high economic growth has been attributable to large and growing oil and gas exports, but some non-export sectors also featured double-digit growth, including construction, banking, and real estate. The IT sector was never a priority for the government-supported economy fields, and thus web industry developed by itself, with small steps, and exclusively based on market requirements. 

According to paylab the salary in the IT sector in Georgia varies from 337 Lari/month up to 1250 Lari/ month which is the equivalent of $198/mo - $735/mo. The average hourly rate, as expected, varies between $9 up to $21 for web developers, which means that a local agency may charge per hour slightly more than the official numbers. 

Why Working with Georgian Web Agencies?

Even though there are no visible changes and state-supported policies that would develop the branch, Georgia web agencies still exist, and provide the same range of services as western European ones, but for a considerably lower price.

What to be aware of when working with Georgian web agencies

However, you may want to give a second thought of whether the price range is your main reason, and also explore other options in the region. Even though web services are cheap in Georgia, you may find difficulties in communication, project management, software piracy, and also project delivery terms. 

Are Georgia Agencies reliable? 

It depends from case to case on how reliable web development and design agencies from Georgia really are. Tech Behemoths don’t interfere in the selection process, but you may consider having a call with all agencies from the country and also try to avoid agencies based in small cities. 

How Georgia relates to its neighboring countries in terms of IT?

On the background of a well-developed IT sector in Armenia, and a slightly lower IT development sector in Georgia, the country faces challenges of exiting the global market and promoting its services and web products. Also, web companies lack substantial state support and government policies that will encourage the development of this branch. On the other hand, the lack of strong competition in the IT sector in this country makes it a good target for IT startups.

All in all, Georgia has a still undiscovered IT potential and hopefully will develop this field in the next years. Until then, few web agencies struggle to acquire new products and use the latest technologies and lower prices to get a relatively strong presence on the local market.

Will Georgian Tech Scene Change in 2022?

The late 2021 elections and political events happening in Georgia have distracted the public from a critical sector  - ICT. Even though tech moves slowly in Georgia, it always represents an opportunity that connects Russia with Turkey and balances communication between Armenia and Azerbaijan. But for now, the number of IT companies in Georgia has not increased significantly, which reveals a more stagnant IT industry than it should be.

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.