Vassil Minev, Financial Director of S&T Bulgaria, shares his experience with the challenges with the transition of the payroll and accounting function in S&T from in-house to outsourcing.
“The company was having difficult times.” said Vassil Minev. “An expensive and bloated accounting department was among the problems, which did not correspond to the business during 2010.”
S&T opted for fully outsourced accounting and payroll functions and performed a thorough market research in the area. Main selection criteria included uncompromising adherence to deadlines, high professional level, knowledge of applicable tax laws, national & international accounting standards, quick learning of the corporate terminology and application of modern technology solutions.
“I chose NOVACON,” – said Vassil Minev. “as their approach was pragmatic; quickly mastered the business process in S&T, demonstrated that they had the needed resources and they also had the references which proved their expertise.”
The transition was not easy, shared the Financial Director of S&T, due both to specifics of S&T business process and corporate reporting structure, and to the opposition of the in-house accounting department in dismissal.
Good planning and NOVACON’s team dedication let to successful completion of the transition process and the first monthly report was submitted within the deadline without any delays.
The processes are further optimized, template information exchange forms are prepared and implemented and S&T also started using Teamlook DMS (Documentary Management System), suggested by NOVACON.
“For the two and a half years which we already work together [with NOVACON], we never missed a deadline and the synergy we achieved is perfect. I think this proves that we made the right choice.” said Vassil Minev.