Balkan Services announced a strategic investment in IT consulting company BizLink. Through this partnership, the company is expanding its portfolio with BizLink’s long-standing experience in CRM integrations and broadening its capabilities to provide comprehensive integrated solutions to its customers.

The deal marks a milestone that aligns with Balkan Services’ 20th anniversary and drives the company’s ambitious, long-term strategy for sustainable growth.

BizLink is a recognized expert in the field of CRM solutions with over 15 years of experience, 150 successfully implemented projects, and a portfolio of more than 50 active clients from various industries. The company has a highly qualified team specialising in implementing, adapting, and consulting on leading CRM platforms, including Monday.com, SugarCRM, SpiceCRM, and Salesforce.

The combined ecosystem of Balkan Services and BizLink strengthens their synergy and offers clients an integrated portfolio of high-value services and software solutions.

“Market dynamics and the development of our projects clearly show that businesses are looking for comprehensive solutions from a trusted partner. By acquiring a majority stake in BizLink, we are expanding our capacity and expertise to respond even more fully to these expectations,” commented Vladimir Rashev, managing partner at Balkan Services, on the deal.

“The strength of this deal lies in the people and their complementary expertise. Our long-standing know-how in CRM systems, combined with Balkan Services’ broad portfolio, will enable us to deliver even more ambitious projects for our clients,” added Strahil Razvigorov, CEO of BizLink.

At Balkan Services, we conduct annual targeted measurement and analysis of client satisfaction as a key tool for developing and improving our services. Feedback from each client is of strategic importance to us and serves as a basis for planning specific actions and sustainably building on our partnerships.

The data from the latest survey, conducted at the end of 2025, shows an exceptionally high level of satisfaction—99% of participating clients say they are satisfied with our joint work and with the successful completion of projects.

We particularly value the fact that more and more customers are choosing to openly and articulately share their opinions about our joint work. This feedback is a key factor for our sustainable development and the continuous improvement of the services we offer.

The survey highlights five key aspects that clients value most highly in their work with us:

• quick response and effective assistance in urgent and ongoing cases;
• high professionalism, accuracy, and precision in execution;
• clear, timely, and constructive communication;
• high quality of services and solutions offered;
• flexibility and ability to adapt to specific customer needs.

The results of the survey confirm Balkan Services‘ position as a reliable partner with a clear client focus and continuous improvement of services.

We also greatly value constructive recommendations for improvement in specific aspects of our business. We approach all feedback with a high degree of responsibility, analyzing it in detail and turning it into concrete actions for development and improvement.

We would like to thank all our clients and partners for their trust over the years!

Balkan Services will implement a project under the Human Resources Development Program for employee training.

In November, an Administrative Agreement for the provision of grant financial assistance No. BG05SFPR002-1.019 -0035-C01 for the implementation of a project entitled “New Skills at BALKAN SERVICES Ltd.”, funded under the Human Resources Development Program 2021-2027, co-financed by the European Union through the European Social Fund Plus.

The project includes targeted training for employees, which will improve their skills and competence.

More about the project in the attached file: HERE.

The Balkan Services team has completed its largest ERP project to date – the implementation of the Oracle NetSuite cloud solution at Quadrant Beverages, part of the international Mattoni 1873 group and the official manufacturer and distributor of PepsiCo beverages for Bulgaria.

The project involved replacing the old ERP system, integrating with the new SFA software, and automating key business processes, including warehouse management (WMS), batch traceability, EDI exchange, and group reporting. As a result, Quadrant Beverages achieved greater transparency, efficiency, and adaptability in its daily operations.

The implementation faced several challenges due to the scale and complexity of the business requirements, but thanks to focused project management, an agile approach, and close cooperation between teams, the system was successfully implemented and deployed to a productive environment on October 1, 2024.

Quadrant’s high level of commitment also contributed significantly to the success, with its team working closely with consultants and demonstrating a strong commitment to each stage of the project.

As a local partner, Balkan Services provided not only technical expertise but also ongoing on-site support, which proved to be a decisive factor during the hypercare period and the subsequent development of the solution. The implemented support model, in which the implementation team remains involved in successive stages, ensures the long-term continuity and sustainable development of the system.

With this large-scale, complex project, the Balkan Services team has once again reaffirmed its commitment to one of its core values – bringing every endeavour to a successful conclusion. Our continuous development and desire to be a trusted partner in digital transformation are at the heart of everything we do. We build solutions with a deep understanding of our clients’ businesses, walk alongside them on the path to sustainable growth, and adapt together to every new challenge.

How can you build flexible financial management, optimise resources, and make more accurate decisions in real time?

The answer is Lucanet’s extended financial and operational planning and analysis solution.

Join Balkan Services’ free webinar on “ Effective strategic decisions through extended planning and analysis (xP&A)” which will take place on October 9, 2025, at 3:00 p.m. via Zoom.

At the event, we will demonstrate Lucanet’s xP&A – extended planning and analysis solution. It combines data from different sources into a single platform, makes forecasts using artificial intelligence, and automates report generation to give financial experts confidence and flexibility in management.

The specialised software is designed for the needs of finance teams and analysts, providing rapid integration between financial, operational, and strategic data without complex IT dependencies. Lucanet xP&A helps you make informed decisions based on key metrics and real-time forecasts.

Register >

During the webinar, you will learn:

• What is Lucanet’s integrated financial and operational planning and analysis solution;
• How can you make more informed decisions by connecting financial and operational data from all key activities in the company: production, finance, HR, marketing, sales, IT;
• How to improve the accuracy of forecasts and reports;
• How to reduce manual work and the risk of errors;
• How to increase transparency and control over financial and operational planning processes;
• Practical examples and demonstrations of Lucanet’s functionalities.

Who is this webinar suitable for?

For CFOs, controllers, business analysts, and anyone who wants to optimise financial and operational planning and analysis processes in their organisation.

The event will be hosted by Antonina Moteva – Managing Financial Systems and Solutions Consultant, Lucanet Certified Professional, and Desislava Bulgaranova – Principal Consultant Finance Systems and Solutions, Lucanet Certified Professional and partner at Balkan Services.

Participation is free of charge, but requires prior registration.

Register >

Places are filling up fast – reserve yours now!

We look forward to seeing you on October 9 at 3:00 p.m. via Zoom!

There is a term for business successes that have occurred without any planning or consideration of the processes taking place inside and outside the company. That word is “coincidence.” In a world of global markets, technological changes, and constant geopolitical shifts, every step must be well thought out—both months in advance and immediately before it is taken.

Financial planning is not just a series of numbers updated annually. It sets the direction for the entire company – it determines what products and services will be developed, where investments will be directed, and what specialists will be hired or dismissed. It is a process with a high level of responsibility. And now, more than ever, it is imperative that the approach to it be reviewed.

According to a KPMG study, between 60% and 80% of companies fail to implement their strategies, and fewer than 5% of employees are either unaware or do not understand that such strategies exist. These two conclusions are related. The traditional financial planning and analysis (FP&A) process is based on models from a time when it was acceptable for systems, data arrays, and entire departments not to “talk” to each other and to exchange incompatible information sporadically.

This creates significant risks of technical errors during manual entry and heavy IT dependencies due to the specific solutions that must enable each process. It is not surprising that, in a study by International Data Corporation among 370 CFOs, nearly half (46%) see a need to improve financial planning and modelling.

In many cases, information that was previously difficult to collect is not updated until the next budget is prepared.

“When something remains static and resistant to change, it gradually loses its meaning, and no one pays attention to it. If you can’t compare the planned budget with the actual results—and do so easily—you actually have no idea where you are and why you got there,” explains Desislava Bulgaranova, Head of Finance Systems and Solutions Department and Partner at Bulgarian system integrator Balkan Services, to Money.bg.

What is xP&A?

The dynamic business environment necessitates a fresh perspective on the future. This is where the concept of extended planning and analysis (xP&A) comes in—an innovative approach to financial and operational planning and analysis. It is based on data. Information from all key departments – including finance, sales, operations, marketing, HR, and others – is consolidated and standardised in a single source, accessible in real-time. This enables modelling of different scenarios with a high degree of detail, allowing for informed decisions at any given moment.

Antonina Moteva, Managing Financial Systems and Solutions Consultant at Balkan Services, gives a concrete example of how xP&A solutions work to the benefit of the business:

“Let’s assume that we are a product sales company and we understand that a competitor is lowering prices and undercutting the market. In this situation, the company must react quickly. With an xP&A solution like this, where everything is integrated in one place, it can instantly change a parameter—such as reducing prices—and immediately see the impact of that action on all other indicators.“

In addition, automation eliminates dependencies on the human factor. In theory, complex planning can also be done using linked Excel files with complex formulas, but in practice, even a single incorrect value can compromise the entire process. In addition, usually only a limited number of people in the company understand how these key tables work, which makes a multimillion-dollar business “hostage” to a few files or one person. Automation eliminates this risk, ensuring security and transparency.

Collecting and unifying data in a format that is understandable and applicable to financiers is invaluable in preparing the often highly complex company budget. In this way, information—from machine hours of production equipment to the risk of losing key personnel—is transformed into metrics relevant to planning.

“The point is to provide data to financiers so that they have time for big strategic decisions. That’s their job—not to collect detailed information,” says Desislava Bulgaranova emphatically. She adds: “Planning is a team sport, but a united team that looks in one direction and sees the goal.”

Lucanet xP&A offers a practical solution to these challenges – a proven system that is part of the Lucanet business software developer’s platform and is implemented in Bulgaria by the Balkan Services consulting team.

Lucanet xP&A is a cloud-based solution with ready-made connectors for seamless integration with the most popular ERP, HR, and CRM systems. Thanks to the partnership with the manufacturer, connectors for more specific systems used in our market can also be created if necessary. The system also allows data to be fed from individual files and tables.

The planning models are created by the responsible participants in the planning and budgeting process. No software developer or additional programming by an internal IT team is needed—different versions/scenarios of the budget can be “played out” by changing the initial assumptions, which helps us see what could happen in the best or worst case scenario,” adds Bulgaranova.

This IT independence is crucial in situations where sudden and rapid changes are needed – for example, at the beginning of the pandemic in 2020, crisis budgets replaced all approved company budgets, and many organisations had to develop survival scenarios.

If a model still needs to be programmed and tested, in the best-case scenario, an opportunity for greater profit will be missed; in the worst-case scenario, it could prove fatal to the business.

As part of the Lucanet ecosystem, xP&A enhances the financial planning module by enriching it with operational data.

The system, following trends, also has AI agents. Based on accumulated experience, various scenarios are presented, with AI continuing to learn and improve during the work process. With the development of generative artificial intelligence, its application in finance is expected to expand, providing more opportunities to create added value.

“The AI assistant can be used to suggest new variables to be added to the relevant model. It suggests variables and formulas completely independently, including adding new hard-coded assumptions, which are then used in its calculations,” explains Antonina Moteva.

It is essential to emphasise that artificial intelligence provides recommendations, but the decision ultimately remains with the user—they choose whether to apply them directly, adapt them, or reject them.

Analyses lose much of their value without effective data visualisation. Lucanet xP&A offers a wide variety of graphs and charts designed for both top management and operational teams. A significant advantage is that the visualisations are dynamically linked to the underlying data in real time.

“When you have a visualisation in front of you, you get instant access to the parameters included. You see that profits are growing, and you can immediately drill down into the details to understand why. This way, the focus remains on strategic issues instead of wasting days preparing graphs,” explains Antonina Moteva.

An additional advantage highlighted by Balkan Services is the versatility of the solution—Lucanet xP&A applies to various companies, both in terms of scale and industry.

The consulting company Balkan Services ranked fourth among the most prominent IT consulting companies in Bulgaria, according to the annual ranking Digitalk 101: The Largest Technology Companies in the Country, published by Capital.

This position is proof of the company’s consistent development and its sustainable role as a trusted partner in the digital transformation of Bulgarian business.

In 2024, Balkan Services consolidated its position among the leading IT consultants in Bulgaria, implementing several strategic projects in various industries.

Among the most significant achievements is the implementation of the Oracle NetSuite ERP system at Quadrant Beverages, which transformed key business processes – from production and logistics to finance and reporting.

The company also completed other large-scale projects, including:

• The businessPace BI solution at Bulteks 99 optimises sales analysis and inventory management.
• The Lucanet CFO Solution for financial consolidation at Sunotec, which consolidates data from over 80 companies and automates the reporting process.
• The Lucanet CFO Solution platform at APS Trading for real-time financial planning and budgeting.
• The new ERP solution Enterpoint is being implemented in nine companies from the MFG group, including Easy Credit and White Card.

Along with successful implementations, Balkan Services also assists its clients in preparing for key changes such as the transition to the euro.

According to an analysis by Capital, the IT consulting segment has seen one of the most significant growth rates over the past year, highlighting the strategic importance of these services for companies in a dynamic market environment and with increasing demands for efficiency. The growth is due to the accelerated adoption of cloud technologies, the rise of artificial intelligence, and the need for higher cybersecurity.

Against this backdrop, Balkan Services’ position among the sector leaders confirms both the expertise of its team and the company’s ability to deliver added value to its customers.

The Balkan Services team has many years of experience in developing solutions for reporting and integration of ERP systems. In addition to our expertise in Bulgaria, we have real experience in implementing SAF-T in Romania, where the standard is already mandatory. This gives us a clear understanding of the specifics, challenges, and best practices in such projects.

We offer solutions in two main areas, depending on the needs of companies:

• Adaptation of existing ERP systems – configuration and upgrading of existing platforms for generating SAF-T files. Our specialists have expertise with leading systems such as Oracle NetSuite, Atlantis ERP, and SoftOne.
• External platform for companies with multiple and unrelated systems, as well as for companies that already have integrated ERP systems but are looking for an alternative external platform for SAF-T management – a flexible solution that can consolidate data from different sources (ERP, warehouse and accounting systems, banking platforms, specialized or custom-developed systems) and ensures standardized submission of information to the NRA. This is the optimal choice for organizations with a more complex IT environment that are looking for fast and effective compliance.

Why Balkan Services?

• Real experience in implementing SAF-T in Romania
• Practical knowledge of extracting data from over 45 systems for analysis as part of our BI and Data Analytics projects
• In-depth knowledge of Bulgarian tax and accounting legislation;
• Proven experience in ERP implementations and integrations in various industries – finance, trade, manufacturing, logistics, and others

What is SAF-T, and when does it come into force?

From the beginning of 2026, the National Revenue Agency (NRA) will be introducing SAF-T (Standard Audit File for Tax) – a standardized electronic format for the exchange of accounting and financial data.

The new requirements will be implemented in stages to increase transparency and efficiency in tax control.

Phases of SAF-T implementation in Bulgaria:

• Phase 1 (January 2026) – covers the largest companies in the country with an annual turnover above the specified threshold (by the criteria of the ). These organizations have already been officially notified of their obligation to submit SAF-T files.
• Phase 2 (expected after 2027) – will also affect medium-sized enterprises, with the scope gradually expanding to smaller companies over the next few years.

This means that if your company is among the largest in Bulgaria, it is essential to start preparing for the new requirements promptly. Medium-sized companies should also prepare early, as the transition to SAF-T requires time for implementation, training, and adaptation of processes.

More information about the deadlines and requirements of SAF-T can be found on the official website of the National Revenue Agency.

Contact us to discuss the most suitable technical solution for your organisation.

Two experts from the Balkan Services team have obtained new certifications as part of the official Oracle NetSuite program.

Nikolay Georgiev, Oracle NetSuite Consultant at Balkan Services, has obtained two new certifications – NetSuite Certified Application Developer and NetSuite Certified SuiteFoundation. These certifications officially attest to his in-depth technical and functional knowledge, as well as his ability to design, create, implement, and customise ERP solutions using Oracle NetSuite’s SuiteCloud platform.

The two certifications cover skills in SuiteScript, SuiteBuilder, SuiteFlow, and SuiteCloud Development Framework—tools that are fundamental to the flexible extension and integration of Oracle NetSuite to specific business needs. The SuiteFoundation certificate confirms Nikolay’s knowledge of the core modules and processes in Oracle NetSuite – from records and sales management to inventory and business processes – making him a reliable partner for both administration and advanced consulting activities.

His practical experience and contribution to several successful projects in various industries are a testament to his expertise and dedication to ERP system implementation.

Nikolay’s new achievements perfectly complement the financial expertise of Yavor Karayazov,

Senior Financial ERP Consultant at Balkan Services, demonstrated with his NetSuite Multi-Book Accounting Certification – one of the most specialised qualifications in the field of Oracle NetSuite’s financial functionality. NetSuite Multi-Book Accounting Certification is a prestigious and rare certification in the global NetSuite community.

This document confirms Yavor’s in-depth understanding of the system’s accounting and financial capabilities, including Oracle NetSuite configuration skills, implementation of key accounting functions, working with standard financial modules, and knowledge of monthly closing and consolidation procedures.

The acquisition of this certification is the result of his many years of practical experience with accounting standards and the implementation of Oracle NetSuite in various companies and further confirms his expertise in projects requiring a high level of precision, analytical thinking, and focus on the client’s financial processes.

These achievements once again underscore our team’s commitment to continuous improvement and building on our expertise in line with real business challenges, strategic goals, and feedback from our clients. It is precisely because we listen, understand, and act according to our clients’ needs that we are developing to become an even more active partner in their growth, innovation, and achievement of sustainable results.

Applications are now open for the procedure “Introduction of Industry 4.0 technologies in enterprises” under the “Competitiveness and Innovation in Enterprises” (CIP) program.

Small and medium-sized enterprises can receive between BGN 150 000 and BGN 850 000 in grant aid for digital transformation through ICT systems and applications, the introduction of automation systems for production and management processes, data analysis solutions, and the development of cybersecurity systems.

As a consulting company with over 19 years of experience in consulting and implementing business software, we offer a full range of solutions that fall within the scope of the program: ERP (Enterprise Resource Planning) systems, Business Intelligence (BI) platforms for data analysis, and comprehensive cybersecurity solutions. We take care of the technology – we deliver and implement the necessary solutions, and we work with a trusted partner with expertise in European programs to prepare the project documentation. This way, we provide comprehensive support – from application to final reporting, with minimal administrative burden on your team.

Why choose us?

With over 720 completed projects for more than 390 clients and a focus on real results, we know how to turn digitalisation into a competitive advantage for your company.

Don’t miss this opportunity to modernise your business with the help of European funding!

Contact us – we will assist you every step of the way.