Maggie Stancheva and Danail Koev are the founders of VEDA Accounting. The accounting firm is where tech start-ups get knowledge from professionals with years of experience.
VEDA Accounting: a dream come true
Danail Koev, an accounting firm owner in Bulgaria and Maggie Stancheva, a talented accountant in the UK, met on Facebook. After a coffee meeting, VEDA’s future changed. Even though they were strangers, their shared values assured both that co-founding a company was a great idea.
Setting up a branch of VEDA in the UK wasn’t just about starting a business but making Maggie’s dream of becoming a practice founder come true. VEDA’s founders’ interest in tech companies came from Maggie’s start-up experience and Danail’s dream to become a developer. That’s why they decided to help tech companies achieve greatness.
Helping the tech industry serve the world
Choosing a specific niche is a risky move when it comes to entrepreneurship, but VEDA has solid reasons.
Maggie explains: “If I can’t see how I’m adding value, I’m not the best advisor for a company. We don’t always deny non-tech companies, yet we’ll likely decline a manufacturing business because it hasn’t been our focus for the last ten years. They need someone who can help with knowledge, not research things as they happen.“
“Going into the tech industry, we can help build something people can use.”
“Focusing on a specific industry allows you to gain a lot of know-how, which helps you across all your clients. You get precise knowledge of how a tech start-up begins its journey, how operations should be set up, and what the growth stage entails. After that, we move on to acquisition, external financing, funding, etc. Knowing how to set up the operations from the start makes it easier when you hit the growth stage. It works when they have just one, 300, or a million clients without restructuring everything.”
“Knowing is much better than waiting for things to happen in firefighting mode – when there’s a fire, you’ll fight it.”
At VEDA Accounting, the commitment to ethical business practices and integrity is paramount. Maggie declares, “We collaborate exclusively with reputable companies that uphold the values of transparency and compliance. “VEDA’s approach revolves around guiding companies towards responsible financial strategies, ensuring complete adherence to regulatory requirements.
VEDA Accounting has helped unicorns become real
Maggie Sancheva mentions two honourable partners VEDA has helped: Payhawk and Dronamics.
Payhawk is Bulgaria’s and VEDA’s first unicorn, and VEDA has been their partner since day one.
“The original product concept, shared with us by the founders during our first meeting, underwent multiple stages of refinement, transforming into what Payhawk is today,” Maggie says. Recently, Payhawk achieved a significant milestone in obtaining a UK Electronic Money Institution EMI license, solidifying its position as a leading innovator in expense management.
Dronamics is the world’s first cargo drone airline and has been a partner of VEDA since its founding.
“Every start-up has its humble beginnings, sparked by a moment of inspiration. For Dronamics, that spark ignited with a simple desire: to deliver Bulgarian cheese to loved ones in the Netherlands. Fast forward to last year, when VEDA’s team gathered around the TV in the office, eagerly awaiting the first flight of the Black Swan, Dronamics’ flagship aircraft.” Maggie tells us.
For VEDA, being part of this remarkable journey is inspiring and highlights the potential of innovation, the strength of determination, and the impact of collaborative efforts.
Finding partners for an accounting firm
VEDA consider themselves partners with the companies they work with. Maggie explains: “We don’t feel like a service provider and don’t want a client-service provider relationship; we want to be part of the business’s journey towards mutual growth and success.”
The accounting firm offers services on a subscription basis. Maggie Stancheva says: “We want to be close to the business and look at their finances monthly. This approach enables us to leverage our expertise to enhance their financial processes and provide guidance on operating in the most tax-efficient manner possible.”
Most companies come to VEDA Accounting from word-of-mouth advertising. Maggie adds: “We often see returning founders who, after encountering challenges, return to us with fresh ideas or new ventures.”
“It’s a community of people who want to create something great. When they like something, they recommend it to others.”
At VEDA, the ethos revolves around a steadfast commitment to extending help whenever and wherever it’s needed, whether to an existing partner or someone searching for guidance. This dedication to offering support, irrespective of formal engagements, has proven to be a cornerstone of their approach.
As Maggie reflects: “We firmly believe in the power of offering assistance, even if it’s not tied to a specific contract. It’s about fostering genuine connections and making a positive impact.” Over time, this philosophy has yielded unexpected dividends, manifesting in new partnerships and reciprocal assistance when VEDA is needed.
“It pays off to do a good job, whether it’s a paid job or just helping someone.”
Software supports VEDA’s everyday life
With technology, the accounting firm is as successful as it is today. Accountants are becoming more advisors instead of people who type numbers into computers.
“I’ve never typed in numbers or entered invoices. That’s done by somebody else or software.”
VEDA’s accountants use task management software to track tasks and deadlines. Maggie reveals, “I’ve created automated task lists for every company we work with. When a new partner joins, I enter the information, and the software generates the tasks. It’s just what Uku does!”
Uku, the practice management software, automates accountants’ daily tasks to make work easier. With automated workflows, emails, and invoicing, accounting firm managers know their clients are served well. In addition, by collaborating with software, managers get data-based business insights to see places for improvement, revenue possibilities and other much-needed benefits.
“We don’t use paper. Nothing around us is old school.”
Accounting practice management connects with Companies House and tells you when required tasks are due. Maggie states, “We use anything that helps us do our job better, eliminating manual work or having to remember tasks or deadlines – we let the software remind us of things.”
VEDA utilises Discord as its primary communication platform for interacting with partners and enhancing collaboration among team members and stakeholders. Each partner has access to the entire VEDA team, consisting of 40 skilled accountants, payroll specialists and a legal team, allowing for seamless knowledge sharing and support whenever required.
Additionally, VEDA Accounting has established a vibrant community of entrepreneurs and dream-chasers on Discord, fostering networking opportunities and sharing learning experiences.
Helping self-employed people with new regulations
The HRMC is soon coming out with a regulation that requires self-employed people to do quarterly self-assessment returns instead of annual returns using software rather than manually completing them.
Danail Koev, Maggie Stancheva, and two developers are creating software called TaxRest that helps self–employed people in the UK do their tax returns digitally.
“We are solving the problem that is coming soon, and no one is solving it yet.”
Maggie says: “As part of my job, I have people who want help with their self-assessment returns, and to be honest, it’s not the area where I can offer the most effective support. But why can’t I help them? We’re creating a platform for other accounting firms to help their self-assessment clients.”
VEDA Accounting is more than a group of accountants. It’s a tech start-up’s support group with unlimited knowledge from professionals. If you plan on making your company the next unicorn, contact VEDA Accounting; they know how to get you there.