There are 5 Companies in Toronto
that provide Finance & Accounting Outsourcing (FAO) Services!

Toronto is the leading tech hub in Canada with more than 640 registered IT companies that provide a wide range of software solutions for both internal and external markets. The high level of tech and IT education and log tech tradition made the city a global tech hub and new media development. 

By 2021, there are more than 90,000 IT professionals working in Toronto and delivering services to companies, corporations, and international institutions. The entire IT sector contributes to the local economy with more than $8B annually, and made the sector one of the best-paid in the region, and probably in the country. 

According to Toronto.ca, the job distribution in the city is as follows: More than half of the IT employees are engaged in delivering Computer System Designs and related services (60.2%). Almost a quarter work in the field of Telecommunications (21.2%).  The other jobs in the field are divided into the following sectors: Computer and Electronic Product Manufacturing (7%), Software Publishers (3%), Electronic and Precision Equipment Manufacturing (1.6%), and Internet Providers (1.5%). 

Toronto also hosts tech giants and international corporations that invest in the IT sector, providing jobs for skilled professionals. Companies such as Bell, Cisco, Alphabet, IBM, Microsoft, and Oracle are active in the IT field and are among the biggest players and creators of startup accelerator programs, incubators, partnership programs, and more. 

According to the Founders Institute research, the leading accelerators and incubator programs in Toronto are Creative Destruction Lab, EON Accelerator, Founder Institute Toronto, gBETA Toronto, Hatchery, and, Idea Boost. 

On average, the tech salary in Toronto is $100K/year (before taxes) which is around the average per area - $106K/year. Nonetheless, this is a good indicator for one of the leading tech hubs in North America. This makes not only Toronto a highly attractive city for IT investments, but also the entire region. 

All in all, Toronto continues to be one of the leading cities in tech and IT and has the potential to become a new entry in the top 5 North American tech cities. 

As of September 2021, there are 700+ registered and active IT companies from Toronto on TechBehemoths.

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.