TechnologyOne customers to benefit from Government reporting initiative

TechnologyOne has become the only enterprise software solutions provider to obtain certification for the Australian Government's Standard Business Reporting (SBR) initiative and is projecting that more than 600 customers will be SBR-enabled by June 2011.

SBR provides an electronic interface that enables businesses and their intermediaries to report to multiple government agencies directly from their accounting and payroll software.

The Government has cut two-thirds of repetitive reporting elements as part of this major initiative, which it claims has the potential to save businesses around $800 million per year.

Customers using the latest release of the TechnologyOne Financials and Human Resource & Payroll solutions will now be able to streamline Business Activity Statement (BAS), Tax File Number and Pay as You Go (PAYG) summaries.

Adrian Di Marco, Executive Chairman at TechnologyOne, said the initiative was beneficial for all businesses as it offered easier, quicker reporting and peace of mind.

"SBR-enabled customers now require one ‘log-on' to submit all reports electronically, whereas previously there were separate portals and businesses had to supply the same data to a number of agencies using multiple usernames," Mr Di Marco said.

"With SBR, users can save a significant amount of time  and the secure and reliable process will also give our customers greater peace of mind."

"As the reports are now submitted electronically in real time, customers know the Australian Tax Office has exactly the same data as they do, as they don't have to rely on paper forms and the person handling those forms to enter data correctly."

A similar initiative is underway in New Zealand, where TechnologyOne has more than 100 customers.

"Being SBR-enabled ensures our software continues to be a market leader," said Mr Di Marco.

SBR uses XBRL (eXtensible Business Reporting Language), which is increasingly being adopted as the preferred means for sharing financial information in a computerised form by accounting and financial reporting industries globally.