Software applications support users in transparent and rapid adoption of the new payment system of value added tax (VAT)

The financial-accounting management component of the integrated package SIVECO Applications 2020 Project: Cloud can be easily adapted to changes that occur in the legislation

Companies can adopt the new payment system of value added tax (VAT) using the integrated information system SIVECO Applications 2020 ^{Project:Cloud} , the accounting management component.

"Our business management system is 100% Romanian and is therefore easily adapted to the changes occurring in the legislation. Through the Financial Accounting Management component the VAT logs are updated according to the implementation rules of the Tax Code, and on their basis is operated the VAT return (Statement 300) that is submitted each month to the Tax Administration. Any legislative change concerning the VAT can be implemented easily. The application’s accounting mechanisms are configured so that the adoption of new rates to be implemented very simple by any client", says Alexandru Mihail, Technical Leader SIVECO Applications.

The Financial-Accountant Management component - part of the integrated package SIVECO Applications 2020 ^{Project:Cloud}– provides a unified control of financial flows of primary documents and a complete financial-accounting evidence at synthetic and analytical level. At any time, monthly closing operations can be simulated and disclosure and summary documents, required by law, can be automatically printed.

The Financial-Accountant Management component has a multi-level scalable architecture, ensuring any economic activity performance tracking. The module interacts with all the other system components through complex work flows. Any value information resulting from the business activities is reflected immediately in the Financial-Accountant Management component.