What Effects does Digital Reporting have on Your Business in Malaysia?
In most Malaysia-based companies, paper-based reporting works just fine; people are satisfied, managers are content, and so are the accountants. Well, there’s really no one to be blamed because up until now, there wasn’t a better way. But now there is. And that better way is known as digital reporting in the form of XBRL.
Did you know that XBRL, one of the top digital reporting languages around the world, is used by over 100 regulators, governments, data providers, analysts, investors, and accountants in more than 60 countries?
Source: https://www.ssm.com.my/Pages/Training_Academy/SSMNC_2018/Documents/session_6_khuzairi_yahaya.pdf
Find out the benefits of digital reporting and how it will affect your business.
Benefit or Effect of adopting Digital Reporting for Business in Malaysia:
#1 Decisions Become More Analytical
Of course, the primary reason to improve or, rather, digitize financial reporting is quality and the promise of better decisions. And since the required information must be extracted from various accounting and regulatory bodies, there’s not a lot of room for error.
This is where XBRL comes into play – by collating data from various sources, XBRL helps maintain the accuracy and efficiency of financial as well as business reports. So get ready to make your business decisions more analytical rather than gut or intuition-based.
#2 Data Collation and Submission Becomes Hassle-Free
As mentioned earlier, XBRL automates the data collation, conversion, exchange, and submission process, making it hassle-free. This software will improve the user experience by enabling them to extract financial information at the click of a few buttons.
And not just that, XBRL will take over the grunt work by automating the production of reports. The same tool can also be used to reshape the future of forecasting and predictive analytics. So that’s another benefit in the bucket to look out for.
#3 Financial Reporting will Finally be Streamlined
Everyone can benefit from the enhanced quality and value of reports generated from potential investors to shareholders, managers, and regulators. This benefit can be reaped by both the producer of the reports and the user.
Why? How? Well, the digital reports generated will be error-free and of high authority, which means the decisions taken will be more accurate, and the financial information reported to the authorities will be transparent.
#4 Every Piece of Financial Information Will be in a Common Digital Language
XBRL captures financial information from different account systems and in various formats, converting them into one digital language that both humans and machines can understand. And what does that do? This ensures that all the financial information that floats through the system is streamlined, transparent, and authentic.
Transition to XBRL TODAY!
Digital reporting is the future of forecasting, predictive analytics and XBRL is the future of digital reporting. So make the transition to XBRL TODAY with DataTracks, a global leader in XBRL services and solutions. DataTracks has a commendable track record of delivering 200,000 reports to 19,900+ clients in over 16 years. Needless to say, DataTracks has the resources, expertise, and experience required to make this transition as smooth as possible.
To know more about the XBRL-related services offered by DataTracks, speak to an expert @ +60-392-126-125 or email at enquiry@datatracks.my.