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  • Writer's pictureIRIS Solutions

How open banking solutions facilitate the work of accountants

Processes are automated and the possibility of errors is minimized

27 January 2023

Innovation in the accounting industry was the topic of a seminar organized by IRIS Solutions for Microinvest clients. Representatives of accounting houses, financial-accounting companies, and corporate accountants were introduced to the conveniences in their daily lives brought by solutions based on open banking.

"Open banking has applications in many different areas, but it brings a qualitative change in the work of accountants by saving time and facilitating work process and communication with clients," explained Mihael Mihaylov, BDO at IRIS Solutions at a seminar organized by IRIS Solutions for Microinvest clients on innovation in the accounting industry.

It demonstrates how easy, fast and convenient

-all bank accounts can be managed in one environment,

-how payments can be made, by means of a link or with a QR code embedded in the invoices and

-how to pay the monthly bills for water consumption through a payment link on the Sofijska voda website, etc.

"We have achieved automation of 95% of bank transactions with the latest innovation in accounting software," announced Viktor Pavlov, owner and managing director of "Microinvest", presenting the latest implemented functionalities in the accounting software product.

Another qualitative change is the fact that all accounts in all banks of a given customer can be managed and monitored on one screen. Transactions data is automatically populated and the need for the accountant to manually enter data or numbers is minimized. In this way, the operational risk of making unintentional mistakes is minimized.

These significant achievements are possible thanks to the partnership of "Microinveet" and IRIS Solutions.

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