The Value Added Tax can be easily implemented in the accounting records of foodstuff companies

The Financial- Accounting management Component within the integrated information package SIVECO Applications 2020 ^{Project:Cloud} is adjusted to the legislative changes

Just two days remaining till the new 9% VAT rate will come into force. This will be applied for foodstuff, including beverages (except for alcoholic beverages) dedicated to human and animal consumption, animals, live poultry from domestic species, seeds, plants and ingredients used for food seasoning.

The companies can adopt the new payment system for the value added tax (VAT) with help of  Financial- Accounting Management Component – which is part of the integrated information package SIVECO Applications 2020 ^{Project: Cloud} .

Alexandru Mihail, Technical Leader SIVECO Applications within SIVECO România, declares: "The business management information System SIVECO Applications 2020 can be easily adjusted and, therefore, VAT implementation will be done very easily by any customer. Practically, the accounting reporting situations are already prepared for this change ,  and for the imminent changes to follow. The fact this system is 100% Romanian  and observes the legislative changes, aligning itself to them in a flexible and intuitive manner, comes in support of the companies which have chosen or will choose to use it, making the accommodation period necessary for the specialized staff easier".

The Financial- Accounting Management Component has a modular construction, allowing for simple to do data collection and the single introduction of information into the system. From the architecture point of view, benefitting from the theoretical concepts and the practical solutions of Oracle  technology, the system is complaint with international standards for organization and management.

The Financial- Accounting Management Component ensures a uniform control of the primary documents’ financial flow and full financial- accounting record keeping at both synthetic and analytic level. At any moment, end of month closing operations can be simulated and can be automatically printed the information and synthesis documents required by the legislation in force.

The Financial- Accounting Management Component has a scalable architecture, on several layers, ensuring the monitoring of any economic activity’s performance. The module interacts with all the other system components, through complex workflows. Any value type of information resulting from the business activities is immediately mirrored in the Financial- Accounting Management Component.