SIVECO Applications is the first IT application updated according to provisions of the new Fiscal code

Starting January 1, 2016, the Fiscal Code brings important changes to the companies’ accountancy

Companies can adopt the new payment system for the value added tax (VAT) valid as of January 1, 2016 by means of the integrated IT application SIVECO Applications from SIVECO Romania. The entire mechanism of the application for VAT registration and reporting is based on a dynamic micro-system allowing any legislative changes.

"We may say that our application is adjusted to the continuously changing Romanian legislation. I want to congratulate the customers of SIVECO Applications for their choice, a choice that will help them implement the new fiscal code provisions faster, namely the VAT reduction from a rate of 24% to 20%", has stated Alexandru Mihail, Technical Manager SIVECO Applications.

The Financial - Accounting Management Component ensures the full and uniform control over the financial flow afferent to primary documents, a full financial-accounting record keeping at synthetic and analytical level. Month closing operations can be simulated at any moment, and the informing and synthesis documents required by the legislation in force are automatically printed.

The Financial - Accounting Management Component has a scalable architecture, on several layers (n-tier). This is part of the core SIVECO Applications package, ensuring performance monitoring for any economic activity. The module interacts with all the other system components, through complex workflows. Practically, any value - type of information resulting from the business activities has an immediate reflection in the component of Financial - Accounting Management.