A quarter of all SMEs want online tax reporting integration in their accounting software, according to cloud accounting software provider MYOB’s latest SME Snapshot.
With the ATO changes simplifying tax reporting, SMEs have told the Snapshot they are embracing online reporting and want further simplification of the tax reporting process.
While 64 per cent of SMEs reported doing their Business Activity Statement (BAS)/ Instalment Activity Statements (IAS) reporting themselves, there was still a significant number (31 per cent) of businesses outsourcing their reporting.
Twenty-five per cent told the survey a priority is integration between BAS and IAS reporting and their accounting software, and 30 per cent of SMEs wanted to see the introduction of a simple online process.
MYOB CEO Tim Reed said the business was determined to develop a solution allowing businesses to take advantage of the changes the government has recently made.
“SMEs have long been lobbying for simplified activity statement systems. In addition to these SME Snapshot results, our recent MYOB Business Monitor survey revealed 64 per cent of SMEs supported policies that significantly simplified the GST/BAS reporting process,” Reed said.
“With policy to simplify reporting being actioned in this year’s budget, our Online Activity Statement leverages the simpler laws and makes SMEs job a whole lot easier. The system can pre-fill sections of the BAS and IAS forms using businesses online file and because it’s online and integrated with MYOB accounting software, it now means that BAS can be filled through one easy process rather than double handling.”
“Online Activity Statements are utilising computer automation to simplify success for small-business owners, bookkeepers and accountants.
“These survey results highlight that bookkeepers and accountants continue to play a vital role for many businesses. As the experts in tax changes like simpler BAS reporting, many SMEs will continue to rely on their expertise and guidance,” Reed concluded.
