Sights on Cloud Accounting, Tax Return software integrating with accounting software

Posted on 24 September 2012

After delivering MYOB and Reckon data file integration into GovReports(Tax Return Software), Impact Management Group (Impact) is now ready to work on integration with Xero and SaaSu.

MYOB and Reckon data file integration have been a success in greatly reducing the time it takes to complete and report BAS and IAS. Using a MYOB BASLink or Reckon BAS file, an activity statement can be completed and reported under 3 minutes - a big time saving factor for the average overworked tax practitioner. Data file integrations have been a large factor for many tax practitioners moving away from legacy systems such as ECI and BAS Agent Portal. The speed of the SBR channel is another.

Xero and SaaSu integration is a natural progression for GovReports, tax return software to integrate with major accounting platforms. The average tax practitioners use more than one accounting solutions in their practice and thus reporting from each is generally a burden. GovReports not only can pull the required information accurately - it manages and archives reports for additional security and compliance requirements from the ATO.

During the July/August lodgment season, there has been a record number of BASlink and BAS files being lodged via GovReports to the ATO. To extend similar service to Xero and Saasu users, GovReports would be opening its door to more than 50,000 businesses that are using these software for the preparation of their books to submit Activity Statements online.

The benefits of cloud reporting is not only time and cost saving, but also increased accuracy as reports are automatically prefilled and acknowledged with lodgment receipts instantly. GovReports integration with Xero and SaaSu would mean a more seamless reporting process for these software users in lodging BAS, PAYG Annual Summary Reports and or TFN Declaration.