A banking system provider Fininbox has just introduced a new accounting service explicitly designed for Electronic Money Institutions (EMI) licensed in Lithuania – Europe's FinTech powerhouse.
In the past few years, the European Union (EU) member state Lithuania has become arguably the most desired FinTech hotspot in Europe. There are 52 electronic money license holders in the country to date, and that is the second-best result in Europe.
An increasing lack of high profile accountants in the Lithuanian market, according to Fininbox representative, was the main reason the company chose to include accounting as a service.
"Electronic Money Institutions, particularly foreign ones, need expert help with ever-tighter Lithuanian legislative requirements. Proper reporting to regulating authorities, like the Bank of Lithuania, the State Tax Inspectorate, the Centre of Registers and SoDra is of paramount importance for them. We can offer in-depth knowledge of the Lithuanian laws and procedures intricacies, and that's our main advantage," said Tadeuš Šturo, the Director of Fininbox.
According to him, sometimes even business development may depend on how well accounting drew necessary documentation.
"The success of any financial service provider depends on user trust; that's why every misstep can be disastrous. You can't expect to create trustworthily FinTech business if you get warnings or even fines from regulating authorities. It reflects poorly on you, your product, and that's bad for business", the head of Fininbox explained.
A new accounting service includes drawing up, entry and processing of documents (invoices, bank statements, accounting certificates, etc.), drawing up of mandatory reports, payroll accounting, and other additional operations, such as descriptions of assets and stocks inventory.
It's worth pointing out that reporting service shall be available only if the client has integrated accounting of economic activities with financial accounting.
Director of Fininbox says the new accounting service will provide necessary backup to EMI's and empower them by letting to focus on more valuable daily matters.