The business software segment is surely influenced by the trends in cloud technologies. Cloud business applications are gaining popularity in Bulgaria, too. This is one of the main conclusions from the annual financial “Make IT Work: Finance 2015” forum.

The event was held on 24 November 2015 in Balkan Hotel (former Sheraton) and presented the latest trends in technological solutions for the financial industry. The forum was opened by Vladimir Rashev – managing partner at the host company Balkan Services. The main topics included automation of financial consolidation, a 360-degree view of insurance, cloud finances, timely reports using Business Intelligence (BI), as well as opportunities for subsidies.

The forum literally started with a bang, with several huge stone roof ornaments falling through the glass ceiling on the second floor right outside of the venue’s entrance and meters away from one of the guests and the manager of Balkan Services Vladimir Rashev, only a few minutes before the start. Neither that, nor even the pause for hall-switching prevented the conference. What matters is that none of the guests were injured. For more pictures see Facebook page of the company.

Data of the independent agency CBN – Pannoff, Stoytcheff & Co. were presented at the conference, and concerned the use of business applications in the financial industry. According to the analyser Lyudmil Stoychev, the applications from classes BI, CRM and ERP in Bulgaria are 130 in total, the industry being fifth in terms of number of ERP projects out of 19 in the country, and second in terms of incorporated solutions. “There are a total of 2000 BI, CRM and ERP incorporated systems in Bulgaria, but the concentration is still too low. For the introduction of business applications we are expecting the real business and the financial industry to be more active”, said Vladimir Rashev.

At the event Denitsa Marinova, financial analyst at Boni Holding, presented the project of introducing the LucaNet German system of financial statement consolidation and budgeting, which had been implemented in the company. Thanks to the software solution the holding is able to have the monthly financial consolidation done in minutes.

In response to trends, Balkan Services has focused its activities on cloud solutions, offering the cloud-based ERP solution NetSuite. Partnership with the American company started in 2015, NetSuite being one of the world’s top 10 financial management systems for 2014, according to Gartner.