The number of e-money companies is increasing rapidly – both worldwide and here in Lithuania.
Due to the country’s excellent infrastructure and favourable laws regarding the establishment of a company, Lithuania is on the verge of becoming the European FinTech (financial technology) hub.
Therefore, in this article, we’ll take a look at e-money companies in Lithuania, focusing on the importance of finding high-quality and reliable accounting services.
Lithuania as a FinTech hub
Every year, more and more e-money companies are established in Lithuania. What is more, an ever-increasing number of foreign companies choose Lithuania as a country to open their subsidiaries.
Lithuania is highly valued due to its strategic geographic location, great infrastructure, talented employees, and government support regarding the establishment of companies.
Currently, the Bank of Lithuania supervises 73 e-money institutions, including Via Payments, Paysera, Wallter, Perlas Finance, Paydoo Payments, and more.
E-money companies that the Bank of Lithuania licenses have the right to:
- issue e-money,
- perform money remittances,
- perform payment transactions,
- perform direct debit or credit transfers,
- and more.
An increasing number of e-money companies in Lithuania means that the need for services to support e-money companies is as strong as never before.
Accounting services are of particular importance. Handling money-related operations are key for such companies in terms of financial gains and further development.
Therefore, finding a reliable and experienced team of accountants is crucial.
Choosing accounting services for e-company
When it comes to choosing accounting services for an e-money company, there are some key things to consider:
- Reliability. In the FinTech world, time is money. Therefore, missed deadlines are not acceptable. To ensure collaboration with a trustworthy accounting services company, conduct thorough research and rely on high-value recommendations and reviews.
- Choose a provider licensed by the Bank of Lithuania. Doing so will ensure the likelihood of getting the top quality services with no costly mistakes.
- Excellent English skills. Working in an international environment requires mastering English skills. Hence, accounting companies must hire professionals who are fluent in oral and written English.
- Experience with international clients. Working in a national environment is not the same as sharing the playground with the world’s biggest players. Therefore, it is vital to opt for an accounting services provider with enough experience and understanding of what it’s like to work with the best in the world.
- Track record. For your e-money company to achieve the best results, choose an accounting services provider with a track record. That will help to prevent the same mistakes and focus on gaining as much as possible.
Why Baltic Assist is an excellent accounting services provider
The limited partnership company Baltic Virtual Assistants works daily to break international barriers and provide cost-reducing accounting services for businesses, including e-money companies, worldwide.
Since 2015, the company has been focusing on ensuring cost-efficient accounting assistance virtually. That way, the client saves both time and money without sacrificing quality.
We are used to working within tight deadlines while ensuring top quality. Our main goal is to ensure that our international partners get their accounting services delivered on time and with zero mistakes.
By working with us, you access top-notch expertise, maximum efficiency, and, above all, proactive project management that saves your company money.
In case you haven’t found the best service for you, make sure you contact our team. We are positive that we’ll offer accounting services suited to your e-money company’s individual needs.
With a constantly increasing number of e-money companies in Lithuania, the demand for high-quality accounting services is likely to increase.
In this article, we’ve shared the key factors to consider when choosing an accounting services provider and why Baltic Assist might be your best fit.
Investing in reliable and top-notch accounting services will foster your business’s growth and ensure its further development.