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Reengineering of accounts

The model of accounting integration and the methodology of generating financial and management accounts in ERP systems differed in substance and principle from the Bulgarian accounting practice sanctioned by law till 2001, which among other things required all companies to use the same chart of accounts.

Following the changes in the accounting and tax legislation in Bulgaria after 2001, alignment with IAS was achieved and the restrictions on setting up individual charts of accounts were abandoned, making international accounting practices that underlie ERP systems fully applicable at the Bulgarian enterprises as well.

We help you reengineer your accounts to allow you to implement the standard functionalities of an ERP system.

Our services cover:

  • Training and methodological assistance in implementing the principles of production of the ERP system standard financial and management accounts
  • Assistance in defining an individual chart of accounts based on these principles
  • Assistance in defining a group chart of accounts for consolidated financial statement purposes
  • Setting up new accounting and financial controls and training users in their application
  • Specifying and introducing documentary flow changes when applying integrated systems
  • Specifying interface with other reporting systems and interface controls when individual processes are not performed outside the ERP system
  • Support in implementing standard cost, including training of your financial experts in preparing and maintaining the standard cost model in the ERP system

Unlike all other business processes, the reengineering of accounts and documentary flow procedures cannot be fully implemented before the system’s actual start up, especially in cases where accounting software based on the Bulgarian accounting practice was used before.

Therefore, preparation of the requirements to the system in advance and training of your team are critical for the project’s success and is one of our most valued contribution and advantage you can benefit from.