September 17, 2019

The growing number of electronic money institutions in Lithuania has encouraged to create of a new service

Fininbox, a company offering the banking system as a service, has introduced a new accounting service developed for electronic money institutions (EMIs) licenced in Lithuania.

Over the last few years, Lithuania has become one of the most attractive countries for financial technology start-ups all over Europe. Presently, there are as many as 52 holders of electronic money licences in the country. This is the second best result on the Old continent.

According to the representative of Fininbox, the increasing unavailability of highly qualified financial accounting specialists in the Lithuanian market has become the main reason for the company's decision to offer an accounting service.

“Electronic money institutions, especially the foreign ones, need the assistance of the local experts due to rather strict Lithuanian laws and requirements. Submitting of accurate reporting to supervisory authorities, such as the Bank of Lithuania, the State Tax Inspectorate, the Centre of Registers and the social insurance company SoDra, is crucial for them. Only by knowing the nuances of the Lithuanian laws and procedures, it is possible to properly prepare the accounting documentation, and this is our main advantage,” said Tadeuš Šturo, director of Fininbox.

According to him, the quality of preparation of the accounting documentation sometimes can even determine further business development and performance of a company.

“The success of any financial services provider depends on the consumers’ trust, thus, any wrongdoing can be fatal. You cannot expect to build a reliable FinTech business, if your company receives warnings or even fines from supervisory authorities. They affect not only the company's image, but also the sustainability of the business,” said Tadeuš Šturo.

According to the Fininbox director, the new accounting service embraces the preparation, recording, and processing of the documents (invoices, bank statements, accounting certificates, etc.), preparation of mandatory reporting statements, salary accounting, and other additional activities, such as inventory of assets and liabilities.

However, the reporting service is available only to those Fininbox customers, who integrate the accounting of their economic activities with the financial accounting.

According to Tadeuš Šturo, the director of Fininbox, the new accounting service offered by Fininbox will facilitate the EMI’s activity and enable it to focus all the attention on more important work aimed at developing the business.