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

Kenya’s ICT sector was worth an estimated $5.48 billion in 2017, constituting 31.7% growth from 2016. The telecommunications segment makes up the vast majority of this at around $3.2 billion. Other important contributors are broadcasting, data center services, cloud, IT, and BPO.

Kenya’s combination of relatively stable governance, strategic location, and young and innovative population has made it an attractive destination for multinational companies. Several notable firms such as Oracle, IBM, Microsoft, Cisco, HP, and SAP have offices in Nairobi, and some have based their entire African operations from these offices.

Why you should work with Kenyan IT companies

Digital service providers in the cloud and BPO markets are largely involved in the provision, rather than the development, of services, whilst Kenyan firms are more prevalent in the fintech and eCommerce markets. The physical technology required for the delivery of digital services is typically imported, and it is not clear that Kenya could produce these products more efficiently. 

A key strength in the digital services market is the acceptance of mobile services. Any consumer solution entering the market would have to be mobile-compatible. Mobile healthcare services are expected to grow particularly rapidly as the sophistication of these offerings increases.

What to pay attention to when working with Kenyan IT companies and web agencies

On the consumer side, it is vital that any proposed digital service offering be mobile-compatible due to the prevalence of mobile usage in Kenya. Furthermore, smartphone penetration in the region is steadily increasing, thus increasing the sophistication of viable digital service offerings. 

Given the acceptance of fintech by the Kenyan population, a possible route to entry in the consumer market is to acquire one of the many smaller fintech firms in the industry. This would resolve some of the primary barriers to entry, most specifically bureaucratic red tape and a lack of local knowledge. 

On the corporate side, the most effective route to entry is likely through partnerships with smaller local resellers. This model is already popular in the Kenyan market. A key differentiating feature here will be how well the service adapted to the Kenyan market.

How reliable are Kenyan-based IT companies?

Considered to be one of the biggest African IT hubs, Kenyan web agencies and IT companies compete only with Ethiopian ones in terms of reliability. As many foreign companies have already invested and thus developed the local IT infrastructure and industry overall, Kenyan IT companies find it easier than other neighboring countries to enter the global market and provide their services for accessible prices. 

How Kenyan IT industry relate to the neighboring countries?

Kenya is actively trying to establish itself as a key ICT hub in the East African region. The country appears to be making good progress in this regard, helped by having a strong connectivity infrastructure and a young, innovative population. Despite this, the country currently faces considerable political uncertainty, and issues surrounding the transparency of tenders remain a major barrier to growth.

Although Kenya’s score for the metric measuring the economic impact of ICT is not high in absolute terms, it ranks 54th in the world. This supports the conjecture that businesses, government, and consumers will be receptive to new technologies as ICT has already had a substantial impact on the Kenyan economy

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.