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Automate Accounting: Mission Possible

More about Georgi Yanakiev: Georgi is a senior accountant with over 12 years of experience in the banking sector in Bulgaria, 9 of them in a managerial position - branch manager and regional manager - Varna region. He managed a team of 25 people and assets worth 100 million euros. He is a specialist in budgeting and goal setting, as well as risk management. Georgi is the co-owner of Geri Consult, a leading accounting company that works with clients all around Bulgaria. He and holds a bachelor's degree in Finance from the University of Economics - Varna. 

1. Where in your work do you apply Open Banking? And how does the integration of Open Banking in Microinvest affect the efficiency and accuracy of your accounting processes daily?

Georgi Yanakiev: We apply Open Banking to 90% of the clients we serve. The time required to post a bank statement becomes a matter of minutes instead of hours. Especially for customers who have POS devices in their facilities, because in just 1 day the bank statement can be several pages, and thus the possibility of errors is minimized. This is how we increase our productivity by automating routine and repetitive daily tasks. The time we save allows us to concentrate on improving our qualifications and as a result we provide a high-quality service and added value to our customers.

2. What other advantages do you find when using Open Banking in your accounting software and have your expectations been met?

Georgi Yanakiev: Some of our customers use services such as tracking receivables from customers and payments to suppliers. Before the integration of Open Banking, our service process consisted of the following sequence: 1. The customer calls to ask if he has received his accounts receivable from customer X. 2 We log into his Internet banking to check if funds have been received from a customer. 3. We return information to the client.

Now when we receive such an inquiry, we simply open Microinvest and see in real-time availability, amounts received from clients. This saves time. Some of our customers also have several bank accounts and we can very quickly combine all the balances at a certain date to inform the customer what funds he has.

3. Do you face any challenges or limitations when using Open Banking in your accounting processes? If so, how do you deal with these challenges? Georgi Yanakiev: The only thing I would be happy to see is an opportunity to create passive payments in Open Banking without having to log into Internet banking which could save time and further reduce the risk of errors.

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