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

Despite its relatively small population of 23.5 million citizens, Taiwan continues to strengthen its position as a technological powerhouse. Since the 1980s, Taiwan has taken a proactive approach to the development of emerging technologies. And while this history of manufacturing prowess still accurately defines the island, an economic revolution is underway.

According to a World Economic Forum report Taiwan is in the midst of an innovation-driven economy. These findings are unsurprising given its position as a future-thinking hub of technology and engineering.

Hints of this high-tech excellence are prevalent throughout the Taiwanese economy. In 2017, Taiwan ranked third out of 159 nations for broadband download speeds. Further reflecting its robust manufacturing industry, the country produces 70 percent of the world's integrated circuits and 90 percent of laptops sold around the globe. 

Why you should work with a Taiwanese IT company?

Companies like Microsoft continue to invest heavily in Taiwan’s IoT industry. Taiwan’s ample supply of engineering talents and reasonable wages makes it a desirable tech hub. In response to this growth, the government’s Asia Silicon Valley Development Agency (ASVDA) endeavors to raise Taiwan's global market share in IoT from 3.8 percent in 2015, to 4.2 percent by 2020, and 5 percent by 2025.

In addition to that, local companies continue to provide digital services such as software development, digital design, and cybersecurity among others, especially for foreign companies. Why do international customers choose to work with Taiwanese IT companies?! It’s simple - in the region is really tough to find better options as price/quality offers. 

What to be aware of when working with Taiwanese IT companies

Taking into consideration that the local IT industry performs above the region average, Taiwan is a place where IT companies are extremely competitive, and their density is high. Probably higher than you might get used to in the US or Europe. For this reason, a very important and required action for customers is to pay attention to companies’ specifications - which may be the decisive factor for the result of the project. 

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

According to the Organization for Economic Development, Taiwan has a 98.5 percent literacy rate and the fourth highest standardized math test scores in the world. Further, over 25 percent of all university degrees are in engineering. As a result, many continue to see Taiwan as a desirable hub for further investment.

Compared to the neighboring countries, the digits are close when it comes to literacy, however, in terms of the number of engineers, Taiwan surpasses all its neighbors and has one of the highest chances to become the regional leader tech hub, at least in some branches of IT.

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.