If I had to explain SBR in less than five words, I think I would just have to say SBR is good. SBR will save you time.
The exercise of compliance and reporting is not very efficient, and SBR really promises to change that.
It takes a lot of time and effort to do a lot of what's asked of us, and that's where Standard Business Reporting is going to be a very good solution to that problem.
As soon as it was announced probably five years or so ago, we were on board saying yes, our members want this, our members need this. It recognises that they're not data entry operators, they're professionals who know their job and they don't need to rekey things three and four different times to every government department.
They can report one set of information instead of having to report it repeatedly to all the different agencies and for all the different purposes and using all the different forms. So I effectively talk about it as an electronic post box.
Before they used to look at stuff, print it out and check it, cross reference it, fill out other forms. Now they just simply press the button and transmit.
Issuing the declaration electronically is a fraction of the time and the data is accurate. So there's no transposition, no manual intervention, no postage, no paper. It's all electronic.
It's just a very effective way of getting the information that's already in your ledgers out to the government.
There's no filling in documents, there's no going back and forth and plugging in numbers. It's very, very simple. We're moving from something that's very paper based to paperless, basically.
It used to take well over half an hour just to fill in a BAS statement. Now all you've got to do is look at the BAS statement and if you agree with it, press a button and it's all over. Two minutes as compared with perhaps a minimum of half an hour.
Someone who hasn't used the product before, and within minutes can actually look at it, start using it, and start lodging it, that's where you know that you've done your job.
It's improved business efficiency, reduced administrative overheads of filing documents, and improved accuracy obviously because it's coming direct out of a system.
Of the 87 reports that are in scope for SBR, our plan is to implement all of them.
We really want one robust system to be able to transmit to government, and for us it's SBR.