Bulgarian-American Credit Bank (BACB) offers a full package of banking products and services to individual and business clients. The institution works actively with small and medium-sized companies, while taking into account the plans for their future development by offering them modern and flexible solutions.

The bank meets the high requirements of the consumers, adapts quickly to the changing conditions of the banking market and uses innovative technologies which can be helpful to its customers.

Project description

According to the newly introduced by ESMA (European Securities and Markets Authority) ESEF standard (European Single Electronic Format), the annual consolidated financial statements of issuers whose securities are admitted to trading on a regulated market should be prepared and presented in XBRL format.

In order for the process of converting financial statements into the required XBRL format to be automated, BACB purchases licenses for the certified XBRL tool XBRL Tagger, part of our portfolio. This solution allows employees to tag (mark), convert, correct and validate easily and quickly – and by themselves – their ESEF reports.

Company benefits

• Saving time by automated tagging of consolidated financial statements;
• Automatic reflection of changes in taxonomies;
• Automatic transfer of tags (markers) from previous reporting period to the next.

Users

Accounting and finance department.

Brief Summary

Balkan Services has implemented key digitalisation projects at Management Financial Group (MFG).

MFG has implemented Lucanet, a specialised CFO solution platform, which the group uses to automate and significantly streamline financial consolidation and planning processes.

Balkan Services has also successfully implemented the Enterpoint ERP solution across 9 companies within the MFG group.

About the company

MFG is a leading fintech and insurance group uniting providers of non-bank financial services in Europe and North America. The company has more than 8,300 employees and associates in over 450 offices in Bulgaria, Ukraine, Romania, Poland, Spain, North Macedonia, Croatia, and Mexico. The group manages a diverse portfolio of businesses, including consumer loans, micro- and small-business financing, credit cards, P2P lending, general insurance, and digital financial products and services.

The Need for new software

As MFG adds more companies, it requires faster, more efficient management and consolidation of financial information to ensure greater reporting reliability.

Additionally, the group needs a unified ERP software to standardise accounting processes across nine companies, provide a common chart of accounts, improve coordination between business lines, and achieve greater operational efficiency amid rapid growth.

Objectives of the Lucanet implementation project

• Automate and accelerate financial consolidation and planning processes;
• Ensure centralised management and consolidation of financial data from all companies;
• Improve the traceability and comparability of intra-group transactions;
• Creating a unified and reliable foundation for management reporting and analysis;
• Facilitating the tracking of key financial indicators (KPIs) by company and business line;
• Standardising accounting processes and working with a unified chart of accounts across nine companies;
• Optimising operational processes and increasing work efficiency;
• Ensuring a flexible and scalable system to support the group’s growth.

ERP Project Objectives

• Covering and standardising processes across nine companies with different business lines;
• Standardising accounting processes and working with a unified chart of accounts;
• Optimising and streamlining key business operations;
• Ensuring centralised and efficient data management;
• Increasing flexibility and opportunities for future system upgrades;
• Supporting a rapidly growing business with a scalable solution.

Solutions

The two software solutions enhance MFG’s financial management and operational efficiency by improving data accuracy, reducing manual tasks, and enabling faster business decisions.

A specialised Lucanet module has also been implemented within the Group, which consolidates and loads company-specific financial data into the system. It enables traceability and comparability of transactions between related parties.

Statistical data integrated into Lucanet supports the creation of company-specific KPIs to measure business performance.

In parallel, Enterpoint ERP has been implemented in nine companies within the group, standardising accounting and operational processes, introducing a unified chart of accounts, and creating a more flexible and efficient business management environment. Together, the two solutions give MFG better control, faster data access, and a stable foundation for sustainable growth.

Results of the Lucanet Implementation

• Simplified and accelerated financial consolidation and management reporting processes;
• Significantly expanded capabilities for financial data analysis;
• Quick comparison of transactions carried out during the year.
• Improved accuracy of financial information and minimisation of errors;
• A single version of the truth;
• Freeing up time for key employees to focus on strategic activities;
• Accelerated and simplified tracking and comparison of financial results across Group companies.

Results of the Enterpoint ERP implementation

• Fast and effective implementation of the ERP solution without delays;
• Optimisation of key business processes;
• Faster start-up of the system;
• Simplified business management through an intuitive interface;
• Support for multi-company operation;
• Easier management of a unified chart of accounts;
• Ability to easily customise and upgrade the system;
• Increased flexibility to meet the needs of a dynamically growing organisation;
• Accelerated business transformation through a well-planned and expertly; implemented solution.

About the Company

Boni Holding AD is a leader in pork meat production and one of the most established producers of meat products and processed meats.
The company operates hybrid and commercial pig farming facilities, as well as one of the most modern meat processing complexes in Europe, equipped with technological capabilities for producing an unlimited range of meat products.

ERP Solution for More Efficient Management

In its pursuit of higher efficiency and integrated process management, Boni Holding implemented the cloud version of the SOFTONE ERP system in partnership with its long-term technology partner, Balkan Services.

The system has been deployed across eight companies within the holding, using a custom-designed architecture tailored to the specific characteristics of pig farming and feed production.

Results:

• Quick access to correct business information, unified in one system;
• Automated, significantly accelerated and integrated with each other specific processes in the pig and feed production;
• Easy tracking of business value and performance indicators;
• In-depth insight into individual cost elements and their weighting, hence facilitating decision making for their adjustment;
• Ease of document production and ensuring full traceability of movements through automatic connectivity between pig farms;
• Facilitated tracking of indicators throughout the pig life cycle, analysis of the accumulation of rearing costs as pigs move from one pig farm to another;
• Dramatically reduce the time to monthly closures – from a few days to a few clicks;
• Application of a common standard and comparability of data analysis metrics by company and in aggregate;
• Eliminating the need for additional scale software through direct integration between the ERP system and the scales;
• Unify and standardize the way of working across companies;
• Supporting users’ work with multiple automatic checks;
• Freeing up the time of key employees;
• Bringing the team together.

Accelerated Financial Consolidation

Balkan Services has implemented the specialized consolidation and planning solution LucaNet in Boni Holding. The platform combines a standardized model for preparing consolidated financial statements with a high degree of flexibility, with certain predefined structures specifically adapted to the group’s individual requirements.
The solution consolidates financial data received from the holding’s subsidiaries.

The system offers a rich set of core and additional functionalities, including consolidation adjustments (additional accounting entries), hierarchical consolidation structures, automated cash flow statements, statements of changes in equity, reports on non-current asset movements, cost center segmentation, and more.
The planning module enables dynamic monthly, quarterly, and annual planning.

Results: 

• significant reduction in consolidation time;
• minimizing errors and deviations;
• historical traceability of the consolidation operations and procedures;
• references including non-financial information allowing the creation of operational key indicators that support management decisions;
• data details;
• comparability of key indicators among individual companies, data for different time periods;
• data visualization by type of activity in the group;
• possibility of subsequent deconsolidation of subsidiaries;
• minimum hardware requirements.

BI System for Better Data Management and Analysis

As part of the long-term partnership between Boni Holding and Balkan Services, a BI solution was also implemented to improve data management and analysis within the company. 

Users use Qlik for data visualization, reporting, and multidimensional analysis.

The application enables comparisons of sales, returned goods, and performance against previous periods and planned targets. Key performance indicators are calculated, and receivables by customer and payments can be easily analyzed with drill-down capabilities down to document level.

Digitalization of Sales Processes through CRM

A CRM system has been implemented, enabling sales representatives to manage their activities via mobile devices.

The system allows on-site order placement at retail locations, real-time order transmission to distributors, and the collection of information on competitors’ product availability and pricing.

The CRM solution also supports visit planning and reporting, route optimization for sales representatives, and provides operational reporting aimed at optimizing the performance of the sales team.