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

The IT sector is the fastest-growing sector of the republic’s economy. Hardware is the largest segment, with 55% percent, the ICT market in Montenegro is the second-largest segment with 30% and software represents 15% of the ICT market.

Some of the advantages of Montenegro are the skilled and low-cost workers with high English skills and ICT-related education, good infrastructure, and low taxes for corporations. The sector has constant growth, and it supplies other countries with well-educated IT professionals. 

Also, according to Statista, Montenegro’s IT outsourcing industry is expected to grow significantly in the coming years, reaching $19.14 million by 2025. In addition, an annual GACR for 2025-2030 of more than 7% is predicted. The average Spend per Employee in the market of IT outsourcing grew to $66.16 in 2025, underlining an increased amount of resources for each employee in this field.

Why Should Somebody Work With Montenegro Companies?

There are many reasons to work with Montenegro companies, from the highly qualified professionals, the low salaries with software engineers median salary being 917 - 3K€ a month with 1 to 2 years of experience, the low taxes for companies, to the constant growth of the industry and being near the European Union.

These are some of the advantages of working with Montenegro’s companies: the low cost while still being a country near the EU, also the transit is easy with Montenegro because of the advantage of having a Schengen Visa, and no need to have a national entry visa, which makes business easier.

There’s a good cost-safety relation with outsourcing IT projects to this country, which is why there are companies in over 37 countries, including Europe, North America, Asia, Australia, the Middle East, and the Scandinavian countries. There are also a good number of international companies, such as Switzerland, Sweden, France, the UK, and Malta, that are developing IT products in Montenegro for other markets and providing cheaper costs to multinational IT companies. 

What Somebody Should Be Aware of When Working With IT Companies From Montenegro

The first thing you have to be aware of is that Montenegro is not in the European Union, so there may be different rules and laws, and of course, you are not under the protection of any EU Agreements or laws. This also applies to some international agreements. It is important to say that Montenegro is generally safe, but there are a few things to take into account. If you plan to have a meeting, there’s a risk of natural disasters. Unfortunately, the country has a geographical location that makes earthquakes, floods, torrents, and droughts pretty common. In addition to this, organized criminal groups are active, particularly in the northern areas at the border with Kosovo, but shooting incidents can also happen in Skopje, which is the capital of the country. Also, gunfire can be heard as part of a celebration.

In other aspects, fake company scams can occur, but they are not too common. The safety is compromised in some parts of the region, but while working with this industry as outsourcing services, there are no more risks than in other countries in the region. It is important to find companies with proven experience. There are a lot of big companies that work as usual from other countries in the region without any noticeable incidents. Be sure that the company follows international best practices and everything is according to the law.

How Reliable Are IT Companies From Montenegro?

With the fast growth of the IT industry in the country, scams grow too, but generally speaking, Montenegrin companies are certainly reliable. Some laws can help with this. Some of the industry-specific laws are the following:

• Agreement between Montenegro and the EU for the “Horizon 2020” program.
• Law of Copyrights.
• Methodology for Assessing the Value of Information Technology.

The ICT industry is really an important piece of the general economic situation of the country, even if it’s not its main driver. Also, Montenegro is ranked #51 on the Mobile SpeedTest Global Index. And for desktop, mobile, and tablet median speed was 175.18Mbps download and 48.38Mbps upload speed.

How Does the IT Industry in Montenegro Relate to the Neighboring Regions/Countries?

In relation to this, we will analyze the IT industry in Montenegro, Kosovo, and other countries.

Montenegro has a very young working population, with 69% of the population of employees being between 25 to 29 years old. Their major market to export to is Italy, with 15.4% of IT services. Also, this country has the lowest corporate tax rate for those companies whose activity is software development, and the country has a very strong entrepreneurial potential, while the government continues to boost laws and strategies to help with this.

The ICT sector in Kosovo has a positive trade balance, where 78% of the companies export services, being 23% to Switzerland and 19% to Germany. Also, the government works with laws and opportunities to offer strong learning in IT and English skills.

Bulgaria is a very attractive country for IT and business production outsources, with its software development outsourcing sector rising significantly to $900 million and the expansion of the ICT industry by 300% valued at 2.5 billion euros. We can also see its good development, as in 2024 it was ranked 38th by the Global Innovation Index.

After bad performances from 2014 to 2016, Greece has stabilized the IT sector and, from 2017, started to show slow but steady growth. In 2025, the software market is expected to reach $446.9 million, with the dominant segment Enterprise Software with a market value of $189.02 million the same year, according to Statista. Their internet connection is up to standards, having a solid 4G network and ranked the 32nd globally with a download speed of equal to 123.93 Mbps and an upload 16.29 Mbps.

We also need to have a look at Romania’s industry to finish this section. This country has particularly well-qualified management and technical workers; the current trends in outsourcing in Eastern Europe have allowed Romanian IT service providers to establish themselves in a high position when compared with other European competitors. This country is the 6th in the world, regarding IT certified specialists per capita, ahead of Germany, the UK, and Canada, because of their multilingual and technical skills.

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.