Choosing the Right XBRL Software Solution for SSM Filing: Considerations for Financial Companies

XBRL (eXtensible Business Reporting Language) software is a specialised tool designed to create, edit, and validate financial reports in XBRL format. It is a global standard for the electronic exchange of business and financial information, making it easier for organisations to prepare and share financial data in a structured and standardised manner.

Factors to be Considered Before Choosing XBRL Solutions

Choosing the right XBRL software in Malaysia is a critical decision, and it should be based on a complete analysis of the following factors to ensure it aligns with your regulatory obligations and meets your organisation’s specific reporting needs. These factors include:

User-Friendliness

Opting for software with an intuitive interface is crucial for simplifying user adoption and reducing the learning curve. A user-friendly design allows your team to quickly get up to speed, enhancing their efficiency in preparing XBRL reports.

Look for features such as easy navigation, clear instructions, and helpful tooltips. An intuitive interface can significantly minimize training time and reduce the likelihood of errors, ensuring that your team can focus on accurate and timely reporting.

Data Validation and Error Checking

Prioritising software with robust data validation and error-checking capabilities is essential for maintaining the accuracy and compliance of your financial data. These features help identify and rectify issues in real-time, ensuring that your reports meet all regulatory requirements.

Automated validation checks can flag inconsistencies, missing data, and formatting errors before submission, reducing the risk of non-compliance and potential penalties. Effective error-checking tools also streamline the review process, allowing for quicker and more reliable report preparation.

Customisation

Evaluate whether the software allows for customisation to align with your organisation’s unique reporting requirements. This flexibility is critical for accommodating diverse industries and company-specific needs.

Customisable templates, reporting fields, and workflows enable you to tailor the software to your specific reporting processes, enhancing its usability and relevance. Customisation options can also support the integration of industry-specific metrics and compliance requirements, ensuring that your reports are comprehensive and compliant with relevant standards.

Integration

Confirm that the XBRL software seamlessly integrates with your existing financial and reporting systems. Compatibility with accounting software and data sources is pivotal for a smooth and efficient reporting workflow. Integration capabilities reduce the need for manual data entry, minimising the risk of errors and saving valuable time.

Look for software that supports API connections and data import/export functionalities, allowing for easy data flow between systems. Effective integration ensures that your financial data is consistently accurate and up-to-date across all platforms.

Reviews and Reputation

Seek feedback from Malaysian organisations using the software to gauge its reliability and performance. A positive reputation and track record indicate a trustworthy solution, giving you confidence in the software’s ability to meet your XBRL reporting needs.

Customer reviews and case studies can provide insights into the software’s strengths and potential drawbacks, helping you make an informed decision. Additionally, consider reaching out to industry peers or professional networks for recommendations and firsthand experiences.

Updates and Maintenance

Regular software updates are essential to comply with evolving reporting standards and regulations. Ensuring the software provider is committed to ongoing updates and maintenance demonstrates their dedication to supporting your long-term reporting requirements.

Timely updates ensure that your software remains compliant with the latest XBRL standards and regulatory changes, reducing the risk of non-compliance. Additionally, regular maintenance can enhance the software’s performance, stability, and security, providing a reliable solution for your reporting needs.

Data Export and Reporting Formats

Consider the software’s ability to export data and generate reports in various formats. This flexibility is vital for adapting to changing reporting needs and collaborating with stakeholders who may require data in different formats.

Support for multiple export options, such as PDF, Excel, and XML, allows you to meet diverse reporting requirements and share information seamlessly with auditors, regulators, and other stakeholders. Flexible reporting formats also facilitate data analysis and decision-making, enhancing the overall value of your financial reports.

Industry-Specific Solutions

Depending on your industry, specialised XBRL solutions tailored to your sector’s unique reporting requirements can streamline the reporting process and ensure compliance with industry-specific standards. Industry-specific solutions often include pre-configured templates, validation rules, and reporting guidelines that align with regulatory requirements.

This tailored approach can simplify the reporting process, reduce the risk of errors, and enhance the accuracy and relevance of your financial reports. By choosing software designed for your industry, you can ensure that your reporting processes are efficient, compliant, and aligned with best practices.

DataTracks: The Most Reliable Name for XBRL Filing

If you are looking for a company that can provide you with all of the above and more, then we at DataTracks are the right platform. Choosing a company like DataTracks for XBRL reporting can provide significant benefits, including expert guidance, compliance with global standards, customisation, efficiency, data security, and quality control. It allows corporates to focus on their core operations while entrusting their XBRL reporting needs to a reputable, experienced service provider.

Contact our proficient team to streamline your XBRL filing processes in the most professional and expert ways. Get in touch with us at +60 392126125 or email us at enquiry@datatracks.my.

FAQs

Why is XBRL important in Malaysia?

In Malaysia, XBRL filing has been introduced by Suruhanjaya Syarikat Malaysia (SSM) for certain types of companies and business entities. This initiative aims to enhance transparency, efficiency, and accuracy in financial reporting.

What are the benefits of using XBRL software?

Improved data accuracy and consistency
Faster reporting and analysis
Enhanced comparability across companies and industries
Compliance with SSM’s XBRL filing requirements
Automated tagging and mapping of financial data

What types of companies need to file XBRL reports in Malaysia?

According to SSM’s guidelines, the following companies are required to file their financial statements in XBRL format:

Public listed companies
Companies with paid-up capital exceeding RM25 million
Companies that meet certain criteria for revenue, assets, or number of employees

How does XBRL filing software work?

XBRL filing software typically allows users to map financial data from their accounting systems or spreadsheets to XBRL taxonomies (predefined data structures). The software then generates XBRL instance documents that can be submitted to regulatory bodies like SSM.

What are the key features to look for in XBRL software?

When evaluating XBRL software, consider features like:

Compliance with local XBRL taxonomies and regulations
Ease of use and integration with existing systems
Validation and error-checking capabilities
Support for multiple reporting formats (e.g., PDF, HTML, iXBRL)
Audit trails and version control

DataTracks is a leading provider of XBRL software solutions that meet these criteria. Our XBRL reporting software is designed to streamline the MBRS XBRL filing process, ensuring compliance with local regulations and providing a comprehensive set of features for efficient and accurate XBRL reporting.