September 14, 2020 10:36 am | by Archana
As SapphireOne has all Standard Business Reporting rules of the ATO built-in within its Management Mode, it is a SBR software.
In this capacity, it collects the required information for each individual government report directly from the client’s business records.
Standard Business Reporting is a standard approach to record-keeping that was introduced by the Australian Government back in 2010 to simplify the obligations of companies regarding business reporting. When a report is required, our SBR software pulls the required information from the data file and fills it out automatically via the functionalities contained within the Management Mode. Consequently, our clients spend less time collating information, filling in forms and submitting reports to participating government agencies.
The Management Mode not only offers access to all the benefits of using an SBR software, it also incorporates various other helpful items such as:
- Run all End of Month and End of Year functions, either in one go or separately for Financials, Assets and Payroll
- Create all Standing Transactions
- Access Cash and Accounts Movements Reports, Payroll Tax and Monthly Activities for Payroll Reports, a Statement of Equity and GST Summary Accrual Reports for review
- View Statement of Position Reports, Business Activity Statements and Bank Reconciliation Reports
- Produce By Period Reports of all Records changing the values in the General Ledger
- Print Audit trail Reports for any transaction files in Accounts Mode (Receivables, Payables and General Ledger)
Businesses that use an SBR software are able to easily report using information already recorded as part of running their business. With this option, the use of the Management Mode saves a lot of valuable time of the accounting staff and it ensures that the reports are error free.
If you would like to find out more about the simplicity and ease of use of our SBR software via Management Mode, visit our blog.
February 2, 2017 3:09 pm | by Archana
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.