How Standard Business Reporting (SBR) works
SBR, is built into business/accounting software making it SBR-enabled.
- SBR-enabled reports available within the software use a dictionary of standard terms (Taxonomy) needed for each report. These standard terms are used across government for multiple reporting requirements as well as for the development of software.
- When you select the relevant report to be completed, your SBR-enabled software knows what information is needed for that report and fills it out for you.
- If you agree with the information presented in the report you can send it securely and directly to the relevant government agency. If you need to make changes, you can also do that in your business/accounting software and submit an updated report.
- You then receive immediate confirmation from the government agency saying the report was received.
For business this means you no longer have to spend hours filling out paper forms, re-entering information into different systems and portals, or interpreting agency specific terms on forms to understand what is required.
SBR is the easiest and quickest way to lodge on line, as there is no need to create electronic files of reports and log into a portal to lodge them. It all happens directly from your business/accounting software, with just a few clicks.
Find out how SBR can benefit your business.