SBR-enabled software transcript
In the coming months you will start hearing the term SBR
enabled software in the context of running your business - so let's take a look
at what this means for you.
We know that businesses spend time and money providing
information to government.
We know that often businesses are often required to send the
same information to multiple government agencies.
We also know that most of this time and money is spent on
the collection and data entry of this information into your business systems.
Standard Business Reporting, or SBR, was conceived as a
solution to this.
SBR will save you time and money.
SBR, is a major cross government initiative that uses
standards and modern digital technology to help address these issues.
Using SBR enabled software makes it easier to identify and
store information in your business systems, share it with your intermediaries
and send to government.
Let's take a look at what we mean by this… PLAY VIDEO
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
Let's give you an example of how
this works. Kate purchases some stock. The information about her purchases gets
filed away in her general ledger. This kind of filing is a normal part of her
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
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.
Kate then gets confirmation that
the report has been received by the relevant agency.
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
Right now SBR is already incorporated in some of the more
common business management software packages.
Over the coming years the majority of business management
software will have SBR enabled functionality.
This means that in the near future SBR enabled software will
provide better access to electronic invoicing, reduce data entry, simplify your payroll, reduce the number of
forms you need to complete, and the ability to tell government "once" when your
business details change.
SBR will also make it easier for businesses to deal
internationally when importing and exporting.
To help transition to SBR enabled software the government
has announced a $100 tax offset for the 2017/18 financial year to small business.
Start talking to your intermediaries and your software
providers and make your move to SBR-enabled software.
To hear more about SBR including videos from intermediaries
and businesses please go to SBR.gov.au