DataTracks in India offers three options: Templates, Self-service, and Full-service
Companies (or their external advisors such as Chartered Accountants or Company Secretaries), obliged to file financial statements with the Ministry of Corporate Affairs (MCA) in India in XBRL format can use DataTracks in any one of the three ways:
- Template: We have created a template with a standard set of line items; all you need to do is fill in the numbers and press a button. The financial statements are generated in XBRL Format for filing with MCA. You can download the XBRL output and file with MCA.
- Assisted Self-service: We have made available an easy-to-use tool in our web portal; all you need to do is to invoke the tool, upload your financial statements and tag. The software in our portal is constantly updated with the latest taxonomy and is easy to use. You can download the XBRL output generated and file with MCA.
- Full service: We take care of everything send us your financial statement. We will send you back the XBRL output. You do not need to worry about the software being up to date or learn XBRL skills that are not core to your immediate challenges. Merely because you have an appendix, would you not bother to learn how to perform an appendectomy yourself?
Choosing the appropriate XBRL Service
Choosing the appropriate service from DataTracks is based on the complexity level of the financial statement. Financial statements can be of Low, Medium, or High complexity, as assessed by a qualified accountant. The illustration below show a user can choose a service from DataTracks, based on the complexity of the financial statement:
Typical turnaround time in each service
The time spent by users in XBRL conversion depends on two factors:
Level of Complexity of the financial statement
- Familiarity of the users with MCAs XBRL taxonomy
Typically, Template based the user can complete XBRL conversion in 2 to 4 hours. Depending on the complexity of the financial statement, users can complete XBRL conversion using Assisted Self-service in 2 to 5 business days. Turnaround time for Full Service is normally 10 business days, but this could vary based on the size and complexity of the input document.
Why DataTracks?
- Track Record: DataTracks Global prepares more than 10,000 XBRL files per annum across UK and US. The core business focus of DataTracks is on XBRL services.
- Expertise: Our Accounting Professionals have expertise in global accounting standards (India GAAP, UK GAAP, US GAAP and IFRS). Our resources guide you through your XBRL conversion activity.
- Credentials: DataTracks is ISO 9001:2008 certified for Quality Management and ISO 27001:2005 certified for Information Security Management
- Offerings: There is an offering to meet every user need. Do you want to do XBRL conversions yourself? User our Template or Assisted Self-service. Do you want to focus on serving your most valuable asset, your clients? Leave XBRL conversion to us through Full Service.
- Competitive package: DataTracks services are available at competitive price points. All our services are available online, making XBRL conversion a hassle-free experience for you.
DataTracks India is part of DataTracks Global, leaders worldwide in preparing financial statements in XBRL and iXBRL formats for filing with regulators. DataTracks Global prepares more than 10,000 statements a year in XBRL format for regulatory filings with SEC in the United States, HMRC in the United Kingdom and MCA in India.
The views expressed are that of the authors and DataTracks is not responsible for the contents or the views expressed therein. If any part of this blog is incorrect, inappropriate or violates the IP rights of any person, please alert us at ceo@datatracks.in. We will take immediate action to correct any violation.