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

Guatemala is the home of over 7 million people and no access to oceans or seas. Not that this counts so much for the IT, but still it could attract at least visitors. By far, the country’s main industries do not include tech or IT, but, this doesn’t mean that the other industries are not using technology or software to ease the burden of processing goods.

Guatemala is mostly an agricultural country, with a long tradition of soybeans cultivation - now the 2nd largest exporter in the world of the same soybeans. However, Agrotech is what makes other industries closer to the digital revolution, the countries around have already approached and adopted. 

So, if there is not much to talk about IT, why you should work with Guatemalan IT companies?

Why Working with Guatemalan IT companies

First, the not-many IT companies and software agencies that exist in Guatemala, are mostly focused on BPO. With the government that struggles to support the digitalization of other industries, these companies, and especially the experience of the workforce are extremely valuable for the country. 

The tax rates for all companies have been for a long time now only at 10%. This means that the low prices the IT companies ask for can be even lower due to this reason. Of course, in the neighborhood, you can see already a lot of digital parks and communities where the IT sector is spared from paying taxes, but for the country’s economy - 10% is good enough. 

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

With all the advantages and disadvantages, even if you choose to work with Guatemalan IT companies, there are several things you should consider. 

First of all, it’s about language barriers. You may meet many tech workers, skilled professionals, project managers working for local companies that may have several issues with talking in other languages than Spanish. In other words, English may be a challenging option for communication. 

Time differences - Consider the time zones you and the partner IT company are located in. It may be challenging as well to sync the work process and establish effective cooperation, while both of you are in different parts of the globe. 

Professionalism - like in any other country, there are companies that perform well, better, and the best. You can meet all of them in Guatemala. However, finding the best one requires paying attention to several key points such as experience, number of employees, portfolio, hourly rates, and several others. 

How reliable are Guatemalan IT companies

In terms of reliability, Guatemala doesn’t rank in any way. It may vary from company to company and project to project since there is no standard for the country’s profile. We suggest studying each company individually and check the reviews for detailed information about this one. 

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

Bolivia, Brazil, and Argentina have some of the most developed IT industries in LatAm. This means that the entire region can and could impact Guatemala’s IT infrastructure and local companies’ performance overall.  However, Guatemala never focused too much on developing the IT industry and remains to be an Agricultural country. In the long-term perspective, Guatemala could reach a certain level of development that would attract the client’s attention to the country from another point of view. But so far, the country’s IT industry serves as a BPO, and in the near future is much likely to remain in this position.

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.