Economic and financial efficiency on a European level | SIVECO Romania

Economic and financial efficiency on a European level

Thursday, August 9, 2007

Bucharest, 9th of August 2007 – In all areas of activity, the recent admission of Romania into the European Union calls for business management solutions that should meet all European requirements and standards. The launch of SIVECO Applications 2010 package at the beginning of this year - a version developed so as to meet the requirements of the unique market – was SIVECO Romania’s „answer” to the market demands.

Recently, a research has been developed on a representative sample consisting of company clients, according to which SIVECO Romania understands its clients’ long-term needs and strategies. The main reasons for this appreciation – made by the company beneficiaries themselves – were: the good communication, the rapid reaction to solicitations, the quick adaptation to the new legislative requirements, the good understanding of long-term requirements and developing needs, the flexibility of the products offered. The beneficiaries of the implementation services provided by the company mainly appreciated the fact that solutions were always found, problems were always solved in little or no time, and the SIVECO team always came up with quick solutions. In fact, most respondents have pointed out that the company’s main advantage was the care towards quality – especially manifest in observing the SIVECO methodology for implementing solutions at the client company.

“The unique European market offers multiple business opportunities, but it also requires an active and competitive orientation; thus, the ERP solutions (Enterprise Resource Planning) increasingly became „the core” for the future development. And the financial-accounting management component may be considered the core of the SIVECO Applications 2010 package, since it ensures the monitoring of the performances of all economic activity”, declared Aurora Crusti, Line of Business Senior Director, SIVECO Romania. The Financial-Accounting Management interacts with all the other system components, through complex working fluxes. As a matter of fact, all value information resulting from the business activities is immediately reflected into practice.

In order to identify the main requirements in the financial area, the company has recently conducted a research among a large number of accounting experts in Romania. The results have indicated a high necessity among Romanian companies to keep the accounting evidence and the operative financial administration, on an analytical and synthetic level, in close connection with both the specific nature of a given area of activity and the valid legislation, including the new European requirements.

The research conducted by the company illustrates the ability of the SIVECO Financial-Accounting Management solution to assimilate and administer the newest specific regulations of the European Union, by including certain functionalities allowing to:

  • keep an evidence of the VAT-paying codes, for VAT-paying companies;
  • keep an evidence of the Tariff Codes, according to the Combined Classification List;
  • obtain the specific account reports: Declaration 394 – „The informative declaration concerning the deliveries/conscriptions and acquisitions made on the Romanian territory”, The Recapitulative Declaration, Intrastate Acquisition/Delivery, Non-transfer Registry Book, Registry of assets received from another state – also member of the European Union, etc.

The solution suggested by SIVECO Romania fully covers the financial-accounting flux, starting with the management of the issued/received primary documentation, and continuing with the cashing/paying operations, the possibility of compensating the sums for certain partners, the possibility of obtaining the balance of analytical and synthetic examination, the editing of the analysis reports.

This solution was found under the guidance and with the direct collaboration of a great number of financial-accounting specialists, accounting experts, analysts and programmers. Moreover, those who have used the product so far have contributed to its improvement by the high demand levels and the constant communication with the SIVECO Applications 2010 package developers. In addition, the adhesion of our country to the European Union has led to the development of certain functionalities allowing for the alignment of the activity of any given organization to the requirements and legislation of the unique market.

Any type of organization needs an integrated management of the financial-accounting patrimony, under the circumstances of completely and unitarily monitoring the financial flux of the primary documentation. With our solution, the SIVECO clients have gained numerous benefits, including the possibility of automatically generating all account reports, the real-time information about the treasury flux and the ability to predict it, and the automatic on-project distribution of indirect expenses. We offer our beneficiaries the advantage of elaborating the financial reports in conformity with the international accounting standards and the EU requirements, insuring data security and confidentiality in 100% of the time”, says Sorin Dimofte, Direct Sales Manager, SIVECO Romania.