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

While states, large companies, and universities discuss terms like the Fourth Industrial Revolution, 5G, the Internet of Things, artificial intelligence, and cybersecurity, consumers concern themselves with applications for their mobile devices, cloud technology, or developments in digital gaming. However, the origin of all of these is an information technology (IT)

sector and software drive this sector. The IT sector, which keeps states, companies, and individuals functioning, is strategic –in the fullest sense of the word–arena. 

Efforts towards digitalization are increasing every day throughout the world, creating new technology and solutions almost every day and shaping the future. Turkey has also rolled up its sleeves and got to work in this area. The information sector has become important in state policies, in companies’ business targets, and education. The state aims to speed up its R&D efforts in software, in educational projects, and production by implementing various kinds of promotions and incentives.

Using local capital has increased the productivity of this sector, which provides added value far above the cost of expenditure for education and investment. Meanwhile, Turkey has also begun to lead in service exports. 

While players in Turkey’s information sector cooperate with all other sectors in the country to increase digital transformation and productivity, the export rate is also increasing. The Turkish information sector, which supports Turkish mobile operators, bankers, and the defense industry -all of which are world leaders- has become a regional leader. This progress is demonstrated by the statistics and rankings. 

Why working with Turkish IT companies

In the last two decades, Turkish IT companies managed to make a name for themselves, at least in the region and also making the country a regional tech hub. One of the main reasons for the high-performance of Turkish companies is the increasing professional workforce that empowers the entire IT ecosystem. In their turn, IT companies have specialized in creating, developing, and delivering professional digital services both for internal and external markets. 

Between 2015-2019 the demand for Turkish digital services grew by 300%, which tells a lot about the preferences of clients that reoriented to a cheaper and still well-developed market. 

What to be aware of when working with Turkish IT companies

Even though most of the services provided by Turkish digital agencies are professional, there is still a 3% chance that clients will meet an agency that lacks experience or has credibility issues. This problem finds its roots in the fast-development process of the entire sector. 

Another potential issue you may encounter when working with Turkish IT companies is management. Again, it’s not a regular issue a client may meet, but it’s something that needs to be paid attention to. 

How reliable are Turkish IT companies

Together with a fast-developing IT industry, Turkish digital agencies, and IT companies also improved their reputation and become one of the region’s most favorite partners in developing web solutions for the country’s public sector, private companies, and neighboring countries entities. 

The price per quality is considered one of the most reasonable on the international market and there is no bureaucracy issues in contracting, working with, and ending agreements with Turkish companies. As it was mentioned previously, the government-supported facilities for IT companies create a good environment for the development of the IT industry. 

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.