ALEXANDER GEORGIEV: QUALITY FIRST

When Alexander Georgiev and two colleagues, Anna Zhelkova and Gergana Staneva, founded the ZSG Accounting Office in 2006, they started small. This gave them the agility to respond effectively to the ever-changing accounting environment and became a cornerstone of their success over the next 20 years. Today, ZSG has a reputation for reliability, precision, and professionalism in accounting, HR and payroll services, auditing, management accounting, and tax advisory for companies in Bulgaria.

Alexander Georgiev's professional and personal life embody the core principles of ZSG: striving for perfection and innovation. In the 1990s, he ran his own company and worked as both a stagehand and a bit-part actor in two of Sofia's most prominent theatres. He became an accountant in 1997, and by 2003 he was already the deputy chief accountant of a major Bulgarian company. Married, with two children and a dog, he plays tennis, snowboards, kayaks, cycles, and collects mugs. A liberal conservative and devout Eastern Orthodox Christian, he is a man one can truly trust.

You founded ZSG nearly 20 years ago. What ideas and ambitions motivated you and your business partners to take that step?

The idea to establish ZSG Accounting Office came at a time when the three of us were working together as an accounting department. We already had solid professional experience and a wide network of contacts behind us, while the situation at the time – both for us and our employer – was highly uncertain. That motivated us to try and create something of our own. I would not say we had ambitions. But we hoped to continuing our careers further, ensuring that our wellbeing depended on ourselves.

Where is ZSG today?

According to our latest financial report, our annual turnover is around 700,000 euros. The company currently employs 19 people. We serve around 200 clients – both small businesses and large international investments. Our focus is on working with international clients and increasing our share in the payroll services market. Based on these indicators, we are a med-size accounting firm. Each year, our turnover increases – the clearest sign that we are growing in the right direction.

The major shift brought by AI did not bypass our industry. After a period of scepticism (quite typical for accountants), we found a product that has proved useful and allowed us to continue evolving.

We have created an atmosphere of friendly, collegial relations within the team. Everyone has full freedom to choose where and when they work. But all team members are familiar with the tax calendar, the specific requirements of our clients and the company's internal quality standards.

We regularly invest in hardware, which gives us independence and full control over our databases. We work with long-standing partners who meet our core needs. For example, since the very beginning, ZSG has relied on the same companies for both our main accounting software and for maintaining our hardware and software systems.

But perhaps one of the most important principles we follow is that all obligations – including staff salaries – are paid first. Only then do we take our own remuneration.

What was the greatest challenge you had to face over the years?

There were several challenges. First and foremost it is delivering a high-quality service. This is achieved through continuous staff training, a productive control environment and properly designed and functioning internal control procedures.

The second challenge is finding and building a team of highly skilled professionals. That involves marketing the company effectively as a good employer and offering a competitive compensation package. Recently, one of the largest HR agencies on the labour market confirmed that the salaries at ZSG are excellent for our company's size and industry position.

In recent years, it has become increasingly difficult to find qualified and motivated personnel. But so far, we are managing. I believe that sooner rather than later people from other countries will work as accountants for Bulgarian companies – just as it happened in many other sectors in the country.

Another significant challenge is attracting foreign clients. Our experience shows that foreign investment in Bulgaria has been declining in recent years. We believe that with Bulgaria's accession to the eurozone, more new investors will arrive.

And what is ZSG's greatest achievement?

Our greatest achievement is delivering a high-quality service for 20 years. We have built a reputation as an honest and reliable partner. We are proud of our excellent team, where both professional and friendly relationships thrive. Personally, I also find great satisfaction in our regular participation in the Bulgarian Christmas initiative. Regardless of who the president of Bulgaria is, we have taken part consistently for the past ten years.

Which key competencies set ZSG apart from others on the market?

We have developed and continue to uphold a very high level of corporate culture. This is extremely important for our international clients. Maintaining high service quality and understanding our clients' needs also give us a competitive edge. Our flexibility, commitment and the understanding that our service should provide added value to the client are other traits that clients truly appreciate.

Good accounting services in 2025 are…

… high-quality and timely.

Sofia, 35-37 Dimitar Hadzhikotsev St, ent A, ground floor
+359 (2) 421 47 49
www.zsg-accountingoffice.com