Standard Business Reporting: high-quality data and reliable reports

High-quality data and reliable reports

Given the amount of data available today, organizations are looking for ways to turn that data into valuable information and reduce administrative burdens. Traditional reporting methods using ad-hoc spreadsheets are no longer enough, data is often outdated and collecting and analyzing it takes too long. In the financial services sector alone, businesses spend up to 10% of their annual revenue crafting compliant reports for a patchwork of divergent regulatory bodies.

Standard Business Reporting (SBR) sets a standard for the digital exchange of business reports, ensuring that companies can access and report on structured information. It helps you make informed decisions based on real-time, validated data.

Common structure and established definitions

With SBR, data is exchanged between parties using a common structure and established definitions. As a result, (financial) data is standardized, digitally transferred and processed automatically. The standard structure and definitions in SBR are determined using an XBRL taxonomy. This taxonomy is like a dictionary that provides context and extracts information from data. In short, SBR helps all parties in the reporting chain speak the same language, resulting in a clear interpretation of data and higher data quality.

Visma Connect spearheaded the design and implementation of the Netherlands’ SBR program, which has earned two European Best Practice awards. We design, develop, host and maintain Digipoort, the Netherlands’ electronic post office for SBR, processing millions of tax declarations, financial reports and reporting messages between businesses and government institutions.

Who is this for?

Financial institutions like banks, insurance companies and treasury companies
Intermediaries, such as accountants and tax specialists who submit client reports to bodies like the tax authorities, insurance institutes and chambers of commerce
Companies that submit reports to the authorities and among themselves.

Benefits

Real time data validation: Get structured data in a secure way, with the click of a button;
100% compliant: Our services ensure compliance for government institutions and companies, meeting the highest quality standards;
Lower administrative burden: Visma Connect simplifies and automates your financial reporting process;
Data integration: Data from different systems can be combined in our SBR platform. This prevents costly systems integrations.

Why Visma Connect?

Visma Connect is a leader in the implementation of Standard Business Reporting. We have developed taxonomies for the Dutch Chamber of Commerce, which now uses over 10,000 predefined elements to streamline (financial) business reporting in the Netherlands. We have also developed a taxonomy for the State of Florida, the first state in the U.S. to require reports in machine-readable XBRL format.

Contact us

Say goodbye to reporting variability and ease administrative burdens. Visma Connect is the foremost supplier of tools, taxonomies and expertise for information and data exchange, sustainability and accountability reporting.

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