Benefits for business

SBR-enabled software allows you to complete the bulk of your reporting requirements directly from accounting or payroll system. It is affordable, easy to use, produces demonstrable gains in productivity, and can be integrated with existing business systems.

Not only will SBR-enabled software help to streamline your reporting obligations, it will help you to track how your business is going and where it is heading.

Micro businesses and small to medium enterprises

SBR helps to untangle the red tape by standardising and simplifying reporting information across forms and government agencies.

It reads the financial data in your accounting system, pre-fills your forms with the required information, allows you to check for accuracy, and then delivers the forms to the relevant government agencies through a safe, secure online channel.

Benefits for micro-businesses and small to medium enterprises

  • Paperless lodgement - eliminates the hassle of paper work and associated costs
  • Electronic record keeping - your reports are securely stored in your accounting or bookkeeping system
  • Pre-filled forms - reports are automatically pre-filled with information existing in your accounting or bookkeeping system, as well as from information held by government, saving you valuable time
  • Ease of sharing - between you and your accountant, tax agent or bookkeeper for checking
  • Secure AUSkey authentication - lodge online securely to a range of government agencies
  • Same-time validation - receive a fast response that your lodgement has been received

Large business

Large business has a wide range of reporting obligations that can be challenging to meet. Some of the challenges large business faces on a daily basis include:

  • complex corporate structures with many reporting entities,
  • the need to source data from multiple software applications, and
  • implementing a range of manual processes to meet reporting obligations.

For some of the more complex reporting requirements faced by large business, the benefits of implementing SBR could be significant.

Benefits for large business

  • A single reporting language to report to government: eXtensible Business Reporting Language—XBRL—an international standards-based business reporting language developed by accountants for financial reporting
  • Reduce costs - reduction in the cost of assembling, analysing, and providing data to government
  • Streamline the process of aggregating data - Opportunities exist for streamlining the process of aggregating data across different internal departments, or business units of a company. 
  • Increased access to comparable performance information -SBR uses the same standard (XBRL) as mandated by the US Securities Exchange Commission (SEC). It simplifies and adds integrity to the performance of capital market comparisons by analysts and investors.
  • Compliance and alignment with regulatory reporting standards -SBR is fully compliant with the International Financial Reporting Standards (IFRS), as well as the appropriate Australian Accounting Standards (AAS) and each participating agency’s specific regulations.
  • Secure AUSkey authentication -lodge online securely to a range of government agencies
  • Same-time validation - receive a fast response that your lodgement has been received

Support for large business: SBR has developed the Large Business Methodology to guide large Australian businesses through the steps needed to implement SBR. It includes a set of resources, defined processes, tools and techniques, some of which can be used directly by businesses and others in sessions facilitated by SBR Program staff.

Last updated: 11 Apr 2012
Page ID: 12437