How SBR works for businesses transcript
This is Kate. Right now, she's on the go running her business, where her daily activities include taking bookings, ordering supplies, paying invoices and so on. But boy, she gets frustrated with all of the government reporting she has to do.
Right now, a new system in dealing with government is available to businesses just like Kate's. It is business software that is enabled to use Standard Business Reporting or SBR. So with this SBR enabled software, while Kate's going about her business activities, her software is filing away her important business information behind the scenes.
Let's give you an example of how this works, Kate purchases some stock. The information about her purchases get filed away in her general ledger. This kind of filing is a normal part of her business.
As Kate gets on with managing her business, an alert may pop up advising her that a 'government report' is due. Kate sees this and opts to have the report prepared straight away.
Her business software references the latest government report and combines her filed business information to automatically complete each question on the form. So the information is accurate, and there's no need for Kate to spend extra time looking for data, or doing calculations.
Within a few seconds, Kate can check her report and choose to send it to her accountant or financial adviser, or submit it to the government herself.
Once Kate (or her advisor) is happy that the information is correct, the report is encoded and sent to the government agency. The Agency receives and decodes the report, and uploads the information into the agency's system.
Kate then gets confirmation that the report has been received by the relevant agency. The uploaded information is transformed to meet the requirements of the Agency's system.
All the preparatory work is done within the business (SBR enabled) software - making it fast, efficient and completely transparent to business owners like Kate - which means she can spend less time filling in forms and focus on running and growing her business.
To find out more about SBR go to www.sbr.gov.au