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Sbr Enabled Software

By Expert Author: GovReports

GovReports is extending its online compliance lodgment services to the corporate sector.
GovReports is Australia’s leading XBRL and Standard Business Reporting (SBR) products and solutions provider. Its application integrates with various finance, payroll, tax and ERP software typically used by small & large, international and multi-national corporations to provide them with the capability to lodge compliant reports simply and accurately with ease of file upload or direct access from the software.
This will enable companies to make significant gains in cost efficiency, time and resources.
GovReports Director, Tiana Tran is pleased with the integration with Thomson Reuters ONESOURCE Indirect Tax for Australia as the development will provide further options to corporates to report to Government online.

“As we know, successive Governments talk constantly about cutting red tape and reducing costs for business. Our product and solution is leading the way in helping realise the Government’s red tape reduction agenda.

Through streamlining business reporting to Government, which is still heavily manual and labor intensive, business will save time and money.

In 2012, the Australian Productivity Commission estimated potential benefits of SBR to business, under the program’s initial financial reporting scope, to be in the order of $500 million a year based on 60 per cent take up.”

“We now have successful integration with a number of popular accounting and financial packages used by businesses and their advisers,” Ms Tran said.

“Lodgment reports and receipts are accessible for five years to help companies meet retention and auditing requirements.”

Businesses can now take advantage of the integrated applications and be able to lodge IAS/BAS in real time. Their lodgment data is securely stored, encrypted and backed up across multiple servers for up to 5 years which is required by ATO if in case of auditing..

GovReports cloud based lodgment portal allows AUSkey holders to easily submit reports to the ATO from a wide variety of web-enabled devices. Infor-mation is pre filled from the ATO as well as from software packages, with online accessibility and easy to manage reporting and compliance process.

GovReports will continue to expand its new offerings throughout 2014.

About GovReports

Impact Management Group (eIMPACT) is Australia's leading XBRL and Standard Business Reporting (SBR) products and solutions provider. A fast growing company, GovReports is the company’s leading product and it is leading the way in realising Australian Government's red tape reduction SBR Program with the largest collection of SBR forms in the market to date.

A strong commitment to XBRL and SBR technologies within the organisation, GovReports is positioning itself as a technology leader by continually building and providing innovative management solutions to the Australian market and beyond.

GovReports, an online SBR lodgment portal service allows the businesses, accountants and tax practitioners to lodge MYOB and or Reckon BAS Reports in a flash via SBR channel.

GovReports is the cloud based client management and lodgment portal, designed for AUSkey holders including accountants and bookkeepers to manage and submit statutory reports to the ATO, OSRs and ASIC from a single website. In addition to Business Activity Statement, PAYG Annual Summary and Tax File Number Declaration Forms, GovReports includes tax return forms for all entities.
Standard Business Reporting (SBR) brings ongoing relief to the businesses using the new electronic lodgment services via SBR enabled software. Recent estimates of the benefit to businesses exceed $500 million per year if SBR is adopted fully. ATO, ASIC and all States and Territories Revenue Offices participated in the SBR program development. Tax payers are encouraged to check with their software vendor for the SBR capability of their product.

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