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

Slovakia's ICT sector is dynamically expanding, especially in relation to telecommunication, computer programming, and internet information services, which is why Slovakia is an outstanding destination for setting up ICT businesses.

The ICT sector contributes 4.6% to Slovakia's GDP and has significant potential for growth. Due to a favorable combination of business advantages, Slovakia has become an attractive destination for ICT investors. Slovakia belongs to the top 3 countries with the lowest reported online security incidents.

Among the number of globally well-known products, the most successful were presented by brands ESET, Resco, Soitron, Pixel Federation, and Sli.do or Innovatrics.

Why You Should Work With Slovakian IT Companies

One of the biggest advantages Slovakian IT companies have is a qualified IT workforce. The Slovak labor force is perceived by foreign investors as educated, motivated, adaptable to culturally different management styles, with great multilingual competencies, and a very positive attitude to work habits. 

In addition, 80% of Slovaks speak at least one other language than their mother tongue. Multilingualism is also praised among the young generation. Students learn at least one foreign language already at primary school and pursue these studies at higher levels. 

The most common foreign languages taught in Slovakian secondary schools are as follows: English, German, Russian, and Spanish. For this reason. Working with Slovakian companies is easier, at least from language and cultural perspectives. 

Prices are another reason why Slovakian IT companies and software agencies are attractive on the international market. This, of course, refers to average wages, but still, it makes a good deal for quality per price. Although salaries in the ICT sector are above the Slovak average, in comparison with the rest of the Western EU countries, they remain significantly lower and are still competitive in the CEE region.

What You Should Be Aware of When Working With Slovakian IT Companies

The majority of IT services in Slovakia are provided by outsourcing centers and software houses. From the perspective of IT customers, the largest share of the segment is represented by the public sector. 

This still makes Slovakia a BPO country, where most of the IT companies provide services for the external market. The lack of clients from the international market creates difficulties for local IT companies to get known abroad. 

How Reliable Are Slovakian IT Companies

Slovakian IT companies are at an early stage of creating their reputation on the global market. Since not so many IT companies located in  Slovakia managed to highlight their performance, it is challenging to relate to how reliable they are. But taking into account that in the XXI century all companies have a chance to create a name for themselves, most probably Slovakian IT companies will manage to break the ice, and why not - make their country an important regional IT hub. 

How Well Does the Slovakian IT Industry Relate to the Neighboring Countries?

In the regional background, the Slovakian IT industry is neither a shiny country nor an underdeveloped IT environment. But it is one of the promising destinations for international clients and foreign companies ready to invest or work with Slovakian IT companies, and bring the entire region closer to what the Western European IT industry is. 

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.