Olja Milovanov, Head of Marketing
With the rise in retail fraud, several countries have introduced fiscal laws to control the grey economy by mandating all the retailers to submit cash transaction revenue reports to the authorities. As fiscal environment entails high risks, most retailers face challenges in expanding their business in the fiscal countries and managing the daily activities that take place at the POS in the retail stores. Moreover, fiscal laws documentation is mostly done in local languages that add to the confusion and further complicates the communication with responsible tax administration. If the retailers fail to understand the requirements or changes added to the fiscal laws within the legitimate timeframe, high fines become the only eventuality. To that end, retailers need effective solutions that eliminate every fear and doubt in terms of fiscal laws. Catering to this need is Fiscal Solutions, a Serbia-based company that provides fiscal-related solutions and services backed by well-choreographed support throughout the process for international retailers in various countries. “We play the role of a strategic partner to our clients’ international business development teams. So, we excel as the ambassadors of retail industry know-how and initiators of creative retailing,” states Olja Milovanov, Head of Marketing at Fiscal Solutions.
With a core philosophy to provide a holistic approach to fiscalization, Fiscal Solutions combines three highly significant but unrelated knowledge areas—legal, technical, and retail.
“While legal expertise is crucial for law interpretation, technical knowledge is required for the implementation of the law requirements. Accordingly, we have formed teams of consultants who educate our clients on these topics all around the world,” highlights Olja. Fiscal Solutions team is actively developing solution and organizing workshops and webinars about fiscalization, soon to be in Germany, where new regulation will be implemented from the 1st of January, 2020.
We play the role of a strategic partner to our clients’ international business development teams
Fiscal Solutions offers S4Fiscal middleware tailored for all types of fiscalization and independent of any country-specific law. Once this middleware is integrated into a retailer’s POS system, it can be implemented for all the other fiscal countries with minimal adjustments, and Fiscal Solutions can be a single point of contact for gathering all the fiscal-related information across the globe. The company works on three types of fiscalization—hardware, software, and online. While fiscalization based on hardware defines the mandatory use of special devices like fiscal printer, software-based fiscalization implies the installation of fiscal modules in front or back office. Online fiscalization revolves around sending each transaction to the fiscal authority for real-time digital signature.
Two of Fiscal Solutions’ clients, H&M and Aldi, were facing challenges a few years ago in having their old operating systems on POS adapt to the new requirements of online fiscalization in the Slovenian market.
They were searching for ways to integrate their existing systems to a new solution that would allow smooth online communication of the POS with the tax authorities. After installing Fiscal Solutions’ middleware on their old operating systems, they could successfully send the necessary data to the web service of tax administration, adhering to all safety protocols.
Having 15 years of experience in successful partnerships with global hardware and software companies of the retail market, the dedicated team of Fiscal Solutions has mastered all the processes, procedures, as well as trends that shape the global retail ecosystem. Fiscal Solutions’ passion toward the fiscal law space is best reflected in its active membership in international institutions for technology standards consortium, such as Object Management Group– OMG (former ARTS) and FiscalAPI.
At present, Fiscal Solutions is catering to 17 European fiscal countries. Moving forward, the company plans to expand its scope across the Asian, Latin American, and African markets. The company intends to cover all fiscal countries in the world by 2028 by further adding new functionalities to the existing wide range of fiscal products and services.
