Australian businesses can reduce the chance of an audit by adopting new online accounting software under the Government’s new Standard Business Reporting (SBR) initiative.
The Interactive Accounts Manager (IAM) software is designed to meet the reporting requirements of all participating government reporting agencies and ensures that standard business reports are submitted directly to government agencies such as the ATO and ASIC.
The fact that any queries from participating government departments are dealt with quickly and conveniently means that businesses and ABN holders are much less likely to be audited, according to Managing Director of Impact Management Group Tiana Tran.
“We estimate that by using our software correctly and complying with ATO requirements, there is a 95 percent chance of avoiding an audit.”
“Due to the nature of IAM’s interactive interface, users can store a soft copy of the business transaction documents into the software, so all the information is a click away if the ATO asks a question about any particular transaction. The quicker you can respond to an ATO query, the less likely you are to be audited,” added Ms Tran.
All information in IAM can be synchronised, centralised and integrated, meaning that accounts, transactions and information are available anytime from any computer or PDA, on any platform.
The direct and easy-to-access nature of IAM means that a business’s financial workload will become less intimidating overall affirms Ms Tran.
“We also offer extra peace of mind for those users who may not feel entirely confident with their accounting skills by providing an audit insurance policy.”
In the event that a business or ABN holder using IAM is selected for a random tax audit, they can be covered for costs up to $2,000 per BAS audit and up to a maximum of $8,000 per year.
