Proceedings

CONCLUSIONS
In our opinion web-based accounting will be the new wave for the future of SMEs.
Such a system can bring enormous benefits to those entities considering their
characteristics as well as the characteristics of economy as a whole. This system is
easy accessed, with reduced costs of maintenance and use, requires few technological
knowledge are has wide possibilities of application. It is a system open to a great
number of integrated solutions, internally and for third parties for the extension of
functionality and for fitting the specific needs.
The system has great possibilities of integration with other applications, especially
Excel in the analysis and reporting as well as for importing information into the
system. It has also great chances for the development of business intelligence
especially by accessing accounting information in due time by the company
management. At last but not at least, this system allows the integration and easy
transition to the XBRL reporting system as well as the transition to the EDI
(Electronic Data Interchange) system. Actually, this is one of the great advantages of
the so-called “cloud based accounting”.
The web technology is one of the areas with the widest spread today, and SMEs
cannot stand by and not apply these technologies.
Although security related problems can still occur with these systems, mainly
concerning the transmittal of information and databases, we consider that these will be
solved in the near future. We rely for this on the fact that several banks and companies
started to work exclusively online already, engaging 100% of their activity in this
way.
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