Imagine running your business without having to manually fill-in forms for compliance with regulatory bodies such as the ATO, ASIC, APRA or the Dept of Treasury.
It would appear we are now one significant step closer to this as a reality, with the announcement by the Federal Government that the Standard Business Reporting (XBRL standard) has gone live. Since 2006, the SBR project has been focusing on an agreed standard to allow businesses to submit relevant compliance data electronically in a secure format. This will provide relief to the tired wrists of bookkeepers, accountants, HR departments, company secretaries and other compliance-related staff.
The XBRL standard was developed in conjunction with approximately 240 software development companies, forming the language in which your system can and will communicate with the government agencies now and in the future.
What do you need to do to realise the benefits of the SBR?
If you don’t have an internal integration team and would like to share in the annual savings to business, you will need the services of a systems integrator or software vendor to ensure that what you have now will be able to exchange data via XBRL as outlined in the standard.