Software support for financial reporting on the internet in the practice of companies in the Republic of Serbia

Abstract

Modern business conditions and the development of information technologies impose the need for introducing software solutions which will, if necessary, enable access to financial data via the internet. A significant segment of business activities of a modern company is to ensure the availability and processing of financial information at anytime and place. A great challenge encountered by companies today is the need to improve their operational efficiency in the creation and distribution of financial statements in accordance with legal regulations. Accordingly, the most advanced software solutions for financial reporting have been developed around the world. Thanks to the application of online accounting software, it is possible to access financial and business reports using a regular web browser, at anytime and location if internet access is provided. This paper includes empirical research of the features, advantages, functionalities, and modules of software solutions for web financial reporting in the practice of companies in the Republic of Serbia. The aim of the paper is to perform an aggregate and quantitative analysis of software solutions that are most used in the practice of domestic companies, as well as to compare their characteristics with the characteristics of the best online accounting software solutions used worldwide, in order to point out their level of quality and functionality in modern business conditions.