How much do you know about Standard Business Reporting (SBR)? When speaking with business owners we still find many haven’t heard of SBR or still aren’t sure what it is.
While electronic and paper reporting methods are still the most common ways businesses submit reports such as BAS to government, the SBR method is now another channel growing in importance.
So what is it? In a nut-shell, SBR provides:
- a real-time connection with the government through the secure SBR platform;
- a quick way of submitting wide-range forms to government;
- and a connection to the platform through your SBR-enabled software, such as QuickBooks (soon to be known as the Accounts business range)
Over the last few years more government agencies have either adopted this reporting method or have plans to in the future. So, it’s worth knowing what’s in it for you. Here are some key benefits:
- reduced time spent preparing and completing forms, or time spent completing forms with your accounting professional;
- improved accuracy through the reduced duplication of data entry;
- and quicker feedback from the government agency, such as the ATO. Through the SBR-reporting method users receive virtually instant validation that their submission has been received – a significant improvement on the anecdotal evidence that some businesses wait weeks for a response that their form was successfully received by an agency.
How can you use the SBR reporting method?
While more and more users are choosing to submit to government via the SBR method, there are still many businesses yet to try it out.
If you use a current version of QuickBooks software, you can submit BAS via the SBR method using the Reckon GovConnect module – you’ll find this under the BAS submission options. If you need any help don’t hesitate to give us a call or contact one of our network of Accredited Partners that can help you out too.
If you want to check out how it works before trying Reckon GovConnect for yourself see our video demonstration. Click here to watch the video >
Have you used the Reckon GovConnect module in QuickBooks? We’d love to hear about your experience.
Please note: SBR and Standard Business Reporting are trademarks owned by the Australian Government.