Every year, Dutch businesses have to deliver numerous mandatory financial reports to various parties, including banks and government agencies. That takes time, money and energy. With Standard Business Reporting, reporting gets better, faster and simpler.
Jointly with market organisations, such as audit firms, bookkeepers, software vendors and banks, the Dutch government has developed Standard Business Reporting ( SBR ). Essential in SBR is that information is labelled in the business administration in a way that makes it easy to compile and deliver different reports, being:
To the Tax and Customs Administration:
- Value Added Tax
- Corporation Tax Return
- Abbreviated Corporation Tax Return
- Income Tax Return
- Reports concerning Intracommunity Performances
To the Chamber of Commerce:
- Annual Reports
To the Central Statistic Office:
- Production and investment statistics
To the banks:
- Annual credit reports
Saving in time
That means a saving in time, no more double work and less errors. SBR also assures that the reports have been delivered and received.
All in all, SBR has quite an impact. More time to do business, fast and more digital communication, efficiency and quality improvement. And, with an eye on the future: a substantial decrease in transaction costs and a more advantageous international trade position for The Netherlands. SBR therefore goes beyond streamlining the individual business administration!
How it works
SBR is all about data, processes and technology. Key word however is: standardisation. Labelling information in a standard way in the administration results in unequivocalness and thus the data can be reused in different reports.
A standard language gives meaning to this information ( XBRL ). In addition, a digital line ensures the correct report is being sent to the correct party. A credit report is being sent to the bank, a tax return to the Tax and Customs Administration. Standardisation at its best, which means that there are many more options with SBR than purely the exchange of financial reports. Over time, SBR enables exchanging other types of reports in a standardised manner.
Standard Business Reporting is already operational. The processes have been organised, the technology is ready. Software vendors can supply software enabling SBR to be used in everyday practice; the secure digital line to the government is steady. Businesses and their audit firms are able to compile and deliver their financial reports and experience the benefits themselves.
The main benefits are:
- SBR reduces reporting and administration work
- SBR offers efficiency benefits: once-only input, several deliveries
- SBR improves the quality of reports: less errors, early error detection
- SBR assures the reception and processing of the reports
- SBR is always actual as far as changes to current legislation are concerned
- SBR is used internationally.
SBR is a Dutch Government initiative that has been developed and expanded in close cooperation with market parties. Around 100 companies and organisations have entered into a contract to continue developing SBR . The SBR Programme takes care of the implementation.