Tag: Business activity statements (BAS)

  • How to Access SBR Software for ATO Reporting

    How to Access SBR Software for ATO Reporting

    Access your integrated SBR Software via Management Mode

    As SapphireOne has all Standard Business Reporting rules of the ATO built-in within its Management Mode, it is a SBR software.

    SapphireOne includes all Standard Business Reporting (SBR) rules mandated by the Australian Taxation Office, built directly into Management Mode. This makes SapphireOne a fully integrated SBR-enabled software solution.

    In practical terms, SapphireOne collects the required information for each government report directly from your business records. When a report is required, the system automatically extracts and pre-fills the necessary data from your live data file using the tools available in Management Mode. This significantly reduces the time spent collating information, completing forms and submitting reports to participating government agencies.

    SapphireOne management-SBR

    Standard Business Reporting was introduced by the Australian Government in 2010 as a consistent approach to business record-keeping, designed to simplify reporting obligations. By embedding SBR functionality into SapphireOne, compliance becomes a by-product of day-to-day operations rather than an additional administrative task.

    Standard Business Reporting within SapphireOne Management Mode

    Management Mode provides access to SBR reporting alongside a broad range of core financial and compliance functions, including:

    • Running End of Month and End of Year processes, either together or separately for Financials, Assets and Payroll
    • Creating and managing Standing Transactions
    • Accessing Cash Movement and Accounts Movement reports, Payroll Tax and Monthly Activity reports, Statements of Equity and GST Summary Accrual reports
    • Viewing Statements of Position, Business Activity Statements and Bank Reconciliation reports
    • Producing by-period reports across all records, with General Ledger values recalculated by period
    • Printing full audit trail reports for Accounts Mode transactions, including Receivables, Payables and General Ledger

    Because SBR reporting draws on information already recorded as part of normal business operations, accounting teams avoid duplicate data entry and minimise the risk of reporting errors. Using Management Mode as the central point for reporting not only saves time, but also improves accuracy and confidence in compliance.

  • Benefits of Accounting Software for Business Efficiency and Financial Control

    Benefits of Accounting Software for Business Efficiency and Financial Control

    benefit of accounting software

    Benefit of Accounting Software

    You are most probably using or thinking of using, a range of spreadsheets to manage your business. Unless you are spreadsheet genius, this will usually mean inefficient use of resources as searching and collecting data can be cumbersome and data entry process will usually be doubled or even tripled up to obtain the required information across the business. So what’s the benefit of using accounting software. The main benefit is to make your life easier by saving you time and effectively money. It helps to organize your finances and store all your invoices, bills and reports in one place. Accounting software will allow you to easily check your financial statements to ensure that your operation is running smoothly.  The whole process of bookkeeping should be made a lot faster. Just create the invoices and bills and it automatically gets accounted for in your profit and loss and balance sheet. There are many benefits of using accounting software –

    Information retrieval – A good accounting software system blesses you with the functionality of superior information retrieval. Obtaining information from a single database is much quicker than trying to collect from multiple modules or spreadsheets. Searching for information such as which suppliers you paid last month is as simple as clicking on a standard report generator.

    Connect to your bank – This allows the import of bank statement transactions to be automatically reconciled in the accounting system. This is a huge time saver.

    Automatic Value Added TAX (VAT)/ Goods and Services TAX (GST) preparation – All the transactions are accounted automatically and update the VAT/GST return within the software. GST-registered businesses need to issue tax invoices for their customers, to collect GST and to send that to TAX office with business activity statement (BAS). Accounting software produces tax invoices and automatically generate reports of company’s GST liabilities and credits at BAS time. Hence, a good accounting software streamline and accelerate the preparation of VAT/GST returns.

    Year-end becomes so simple – Just check the report to see if you have accounted for everything correctly and see the position of your income statement and balance sheet in any one moment in time. A good accounting software has standard business reporting forms needed to report to the taxation office such as Business activity statements (BAS).

    Greater control of your finances – Just click on report and check who owes you money, who you owe money to, check your budgets and how you are performing against them. This will lead to better decision making.

    SapphireOne is offering Sapphire Single-User and SapphireOne Client Server ERP Accounting Software solutions. Discover how SapphireOne software suite can help you and stretch the capabilities of your business to enterprise level by requesting a live demo.