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

Greece is the home of democracy, modern politics, and beautiful beaches. These, make now the country famous for. Somewhere at the end of the line, the tech sector also makes Greece a good destination for investors that aim the Mediterranean area. 

With an accent on the public sector, Greece never focused and consolidated its efforts around the tech sector, until 2018, when the government sought financial assistance and resources to get out of the economic crisis the country was hit in the mid-2010’.  The Greek tech ecosystem was granted over €260 million from the European Investment Fund and private investment, indicating a confident bet that this is the next disruptive and transformative sector. Since this investment, the country had seen a flurry of innovation as predicted and beyond. The number of firms in the venture capital space has quadrupled, spurring exponentially more ideas and innovation from young minds, founders, and investors in the space.

Why you should work with Greek IT companies

The main lesson Greek companies learned from the European digital market was that they have to provide high-quality services for affordable prices, in order to be competitive and attractive. But this helped not only to attract new clients but also to investments and stimulate the workforce to enroll in the IT sector and develop the country’s economy. 

Digitalizing the tourism sector and provide more accessibility to potential visitors was the first successful test local companies have passed before going internationally. Now, in 2020, more than 80,000 workers are employed in the Greek tech sector with an average wage of ~1000 Euro/mo. At this rate, Greek IT companies provide probably the lowest costs/project in the Mediterranean area, using at the same time the latest technologies and delivering decent projects to national and international customers. 

What you should be aware of when working with Greek IT companies

On the other hand, Greek IT companies lack experience in the international market and find it difficult to compete outside the geographical area they are located in. It is true, that competition in the European market is tough and few get to know the ultimate prize for fame since there is no #1 company in the world. But with all that, in 2020 not all Greek IT companies and digital agencies are able to compete with western-European companies. 

How reliable are Greek IT companies

On the regional level, Greek IT companies are not only reliable but also among the most favorite for clients. But the lack of experience and the in-development IT industry, create a psychological barrier for potential clients, especially big companies.  On the other hand, taking into account the speed of progress Greek companies are registering, it is possible to see a surprise turnover where the IT sector will be at the same heights or even more developed compared to western-European countries. 

How does the Greek IT sector relate to the neighboring countries?

Greece’s geographical position makes the country a strategic place in terms of connectivity and transition for the entire Europe. Compared to the Balkan countries, the Greek IT sector is well-ahead, mainly because of funding opportunities, but also due to the government-supported policies and facilities for local IT companies. 

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.