How do you assess the level of readiness of companies in Bosnia and Herzegovina to transition to fully digital receivables and payables management?
The readiness of companies in Bosnia and Herzegovina is uneven and depends on their size and international exposure. Large companies, especially those operating in the European Union market, have already digitized their receivables and payables management or are in the final stages of transformation. For them, digital financial flow management has become the standard for operational efficiency and regulatory compliance.
The middle market segment shows a different picture. A significant number of companies still manage these processes partially manually - with a combination of business software, Excel spreadsheets and email. This is not due to a lack of technology, but to the fact that the regulatory framework has not created strong pressure for change so far.
It is important to emphasize that the legal and technical foundations for digitization have been in place for years. Electronic signatures have been regulated by law since 2006, and qualified electronic signatures with remote signing have been available since 2024. The infrastructure, therefore, existed - a clear obligation was missing.
With the adoption of the Fiscalization Law in the Federation of Bosnia and Herzegovina, this obligation has become concrete. The digitalization of financial flows is now moving from the domain of a strategic decision to the domain of a regulatory necessity. For this very reason, we at QSS have developed the pleqsa platform - as a system solution that enables companies to implement this transition in a planned, coordinated and without fragmented solutions.
How will the new Fiscalization Law in the FBiH, together with the EU initiative VAT in the Digital Age (ViDA), affect the transformation of financial processes and the compliance of companies operating on the domestic and EU markets?
The Fiscalization Law in the Federation of Bosnia and Herzegovina and the European reform "Value Added Tax in the Digital Age" together establish a new regulatory framework that permanently redefines the way financial transactions are issued, exchanged and monitored.
The law in the Federation of Bosnia and Herzegovina introduces mandatory digital records of business transactions through the Central Fiscalization Platform, with full implementation by the summer of 2027 at the latest. One of the key provisions stipulates that fiscal data must be stored and processed on the territory of the Federation of Bosnia and Herzegovina. This means that the choice of IT infrastructure ceases to be a purely technical issue and becomes a regulatory decision.
In this context, moving to a local infrastructure is not just a matter of compliance with the law. When the overall cost structure is considered, including the tax treatment of digital services, local infrastructure also represents a more financially rational solution. Using domestic services avoids additional costs associated with the calculation of withholding tax for cross-border digital services, as well as more complex administrative procedures.
The European reform, on the other hand, introduces mandatory digital invoicing for cross-border business transactions within the European Union from 1 July 2030, while a number of Member States are introducing national mandates even earlier. The reform focuses on structured electronic formats that enable automatic validation, processing and transparent tax reporting.
For companies from Bosnia and Herzegovina doing business with partners in the European Union, this is not a matter of two parallel processes. It is a unique transformation of financial flows that requires compliance with domestic regulatory requirements and European e-invoicing standards.
That is why we have developed pleqsa from the very beginning on the basis of European standards for structured electronic invoicing, in full compliance with the domestic legal framework. We did not build a solution for a single law, but a platform that enables long-term regulatory stability and technical sustainability, without system fragmentation and improvised integrations.
What are the key business benefits of digitizing receivables and payables management and where do you see the greatest potential for optimization?
The business benefits of digitizing receivables and payables management can be seen through three key dimensions: accelerating collection, reducing operating costs and improving liquidity management.
Manual processes often extend the average collection period by 15 to 30 days, and sometimes more. The cost of manually processing a single invoice is many times higher than the cost of automated processing. For companies that process thousands of invoices annually, this difference quickly becomes financially significant and directly affects profitability.
On the receivables side, structured electronic invoicing reduces delays, disputes and data entry errors. The invoice comes in a format that can be automatically validated and processed, shortening the billing cycle. On the liability side, switching from scanned documents to structured electronic formats can reduce operational processing costs by up to 70-80%, while simultaneously reducing the administrative burden and risk of errors.
However, the greatest strategic potential lies in cash flow management. When a company has a clear overview of issued invoices, due liabilities and payment status in real time, liquidity management becomes planned and predictable. This enables more precise management of working capital and reduces the need for unplanned financing.
This is where a digital platform like pleqsa shows its full value - because it connects the entire financial cycle, from invoicing to collection and archiving, into a single system. Such an integrated structure not only brings transparency and control, but also opens up additional financing opportunities. For small and medium-sized enterprises, digitally validated and clearly recorded receivables can become the basis for easier access to financing through the receivables exchange, thereby accelerating liquidity without classic credit procedures.
Digitalization thus ceases to be a technical upgrade and becomes an instrument of financial stability, flexibility and long-term growth.
