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

The Luxembourgish ICT market is considered to be mature and sophisticated but still open and innovative. The market is highly competitive but at the same time has opportunities for international trade, especially for small and medium-sized businesses.

Now, in 2020, the ICT sector is one of the most dynamic in Luxembourg, with a turnover of 35 billion euros the ICT sector contributes 10% of GDP per year.

The average net salary of a Luxembourgish web developer is estimated to be around 2545 EUR, with an hourly rate of 22EUR. This makes the Luxembourgish IT industry one of the most expensive in Europe but at the same time highly-qualified due to IT education investment and government policies that support this economic pillar and its continuous development

Why is it worth working with a Luxembourgish IT company?

Luxembourgish web agencies and IT companies provide the full range of services required on the market. But also, companies focus and tend to develop several specific IT branches that proved to be required both on the local and international markets. In this way, based on a study performed by Open Export Luxembourgish agencies are among the best in Europe in providing the following services: 

1. E-health

2. Fintech

3. Cybersecurity

4. Big Data

5. Digital and Social Marketing

6. ICT for education

7. E-Government 

What to pay attention to when working with Luxembourgish-based agencies

As it was mentioned from the very beginning, the Luxembourgish IT industry is one of the most expensive in Europe. Also, Luxembourgish agencies like many western countries perform Business Process Outsourcing, by recruiting human resources and professionals from cheaper countries.

Are Luxembourgish Companies reliable? 

As one of Europe’s most popular IT hubs, Luxembourg is reachable almost exclusively to companies that can invest and survive on the market. The tough competition within its borders and also in the region combined with high living prices created a favorable environment for either big or serious companies. 

How Luxembourgish IT infrastructure relates to its neighboring countries?

Even though Luxembourg has a well-developed IT infrastructure and supports the presence of all types of business entries on the IT market, the neighboring country’s IT capacities make a good competition and create similar or even higher opportunities for ICT. According to the Entrepreneur, Germany, Netherlands, and France are the leading IT Hubs in Europe alongside Luxembourg, which makes the first three  - a good alternative for IT startups and web projects. 

Luxembourg still remains one of the most preferred and trusted countries in the world for IT innovation, web development, web design, and creative projects.

How ICT will evolve in Luxembourg in 2022?

Stability is the most descriptive word for the ICT industry in Luxembourg. Ever since it has become one of the leading FinTech countries in the world, the small but plentiful country focuses on developing and already fine-tuning its best branch. That's probably why we won't see in 2022 a totally different Luxembourg compared to previous years. This means that no huge number of IT companies won't come, or appear. Other tech capabilities that Luxembourg has, along with a well-integrated digital life have nothing to do than maintain the course. However, there is always something happening there, such as small tech events dedicated to startups, innovation, or entrepreneurship. So, the final verdict is Whatever changes Luxembourg's ICT sector, won't make it quick, and definitely not in 2022

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.