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Experts Talk: Innovations in Accounting - Open Banking

More about Mariya Kolarova: She graduated from the University of National and World Economy, Master in Finance and Credit. Mariya has 28 years of experience as a Chief Accountant. Her professional path goes through financier of the United Bulgarian Company AD - Sofia, Tax Inspector Audits at TD of the National Revenue Agency-Razgrad and Chief Accountant of Pilko EOOD. In 2000, Maria founded Accounting Office "Aspida" EOOD.

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

Mariya Kolarova: As of 2022, the main goal of Aspida Accounting Office is to offer operational accounting services that are very well received by larger companies. What we give them is the chance at any point in time to be able to receive information about the financial and accounting processes in their company. Achieving this goal is only possible with the implementation of new technologies, and this is how we arrived at accounting services based on Open Banking (“OB”). We use OB daily, as this saves us a lot of time, and we turn the "earned time" into additional consultations with clients, as well as to upgrade ourselves with the dynamically changing regulations.

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

Mariya Kolarova: When we started working with Open Banking in December 2023, we were unsure at first, but very quickly we saw the benefits I talked about above. We have recently successfully combined Open Banking from Iris Solutions with another innovative service of Microinvest - linking bank transactions with invoices. Thus, the accounting process has become even faster and we manage to reduce the possibility of human errors to a minimum.

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?

The limitations we encounter in our work with Open Banking mainly stem from the banks themselves and the interfaces through which they give us bank data. Sometimes it happens that bank export files do not work or we experience difficulties in activating the cloud bank account. Of course, this complicates our work, but with more communication with the banks, things are quickly fixed.

In the end, I would like you to allow me to make one recommendation to the Iris Solutions team - you should increasingly promote Open Banking and its accounting application among banking institutions. Banks are institutions that work with our financial resources and must provide us with every modern technology out there. This will allow us to become faster and better at our work.

If you want to help you level up your accounting processes text us now!

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