The Client
In early 2023, a renowned European company in the perfumes and cosmetics trading industry announced its expansion into the Albanian market, an exciting development for local consumers and a significant milestone for the brand’s regional growth. After a thorough evaluation of potential advisory firms and local partners, the company chose Eurofast Tirana as its trusted local advisor. This decision marked the beginning of a successful and dynamic collaboration between our team and the client.
The Challenges
Being selected as the client’s first point of contact in Albania was both a privilege and a challenge. Eurofast supported the company in every stage of its market entry, from preparing the documentation for company registration and advising on tax compliance to developing a tailored accounting strategy and facilitating connections with key local service providers to meet operational needs. Throughout the process, Eurofast was always there for the client, offering hands-on support and practical consultancy.
One of the main challenges was designing a tailored accounting framework aligned with the client’s specific business model, and suitable for international financial reporting. After reviewing the company’s structure and operational needs, management decided to handle all sales centrally from their headquarters abroad, a decision that presented additional difficulties under Albania’s legal framework for electronic invoicing. Local regulations require that all sales invoices to be fiscalized through a licensed Albanian provider, making seamless coordination between systems.
Additional Challenges and the Eurofast Approach
After two years of market research and operational setup, the client officially launched sales in Albania. At first, everything appeared to be running smoothly. However, during a routine review of the national e-invoicing platform, our team detected inconsistencies in e-invoicing data across several invoices, a subtle irregularity that could easily go unnoticed but carried significant compliance risks.
Eurofast immediately informed the client and requested detailed sales reports from both the company’s internal system and the fiscalization service provider. Our team then developed a custom reconciliation model to cross-check and match the data, enabling us to identify discrepancies. While both parties believed their systems were operating correctly, our in-depth analysis identified the exact invoices affected.
Ultimately, the issue was traced to a technical glitch in the data transmission between one user’s data entry in the client’s system, and the fiscalization platform. Thanks to Eurofast’s quick action and attention to detail, the client was able to resolve the problem quickly, ensuring full compliance and avoiding any disruption to their sales operations.
The Results
Eurofast’s role in this case was primarily involved managing monthly accounting and tax declarations. Technically, our responsibility was limited to declaring and reporting sales based on the official data retrieved from the e-invoicing platform. However, our team went far beyond standard responsibilities. It was our attention to detail, professional integrity, and commitment to client success what pushed us to go beyond our core duties.
As a result, the client maintained uninterrupted operations, avoided potential financial penalties, and gained full confidence in the accuracy and reliability of their accounting and reporting systems in Albania.
This case illustrates the importance of choosing the right local partner, one that doesn’t just deliver services but actively protects your interests and supports your long-term success. That level of dedication is what sets Eurofast apart.