What should you look for in an iXBRL tagging services provider?
With the increasing number of iXBRL tagging service providers in the industry, it becomes vital that companies and accounting firms choose the right iXBRL tagging service provider.
Here are some tips on how you should decide on an iXBRL managed tagging service provider:
Track record
Does the Managed tagging service provider have prior experience in providing high volume/high accuracy/technology driven services?(DataTracks has prior experience in handling high volume and deliver with utmost quality)
Reserving capacity
Does the Managed Tagging Service Provider require prior planning of capacity to protect the quality of service? (DataTracks insists on accounting firms and other big clients providing reasonable forecast to ensure the right number of people are hired and trained. Quality resources cannot be created overnight).
Quality Assurance
Can the Managed Tagging Service Provider demonstrate a tiered quality review process, with separate visual, process and accounting checks?(As tagging is subjective there should be a clear escalation process for difficult decisions, with the client being informed of ‘controversial’ tagging decisions in a structured way. DataTracks has these processes in place and is accredited with ISO 9001:2008 certification for quality management system).
Alterations Process
Does the Managed Tagging Service Provider acceptunlimited and frequent changes with a quick turn-around process? (DataTracks offers unlimited number of changes with short turnarounds at no extra cost).
Data Security
Does the Managed Tagging Service Provider protect your data? (DataTracks UK hosts your data in a high quality data centre in the UK and has a strong ISO 27001:2008 accredited information security management in the delivery centres (of its parent DataTracks) it uses to prepare the iXBRL documents)
Cost
Does the Managed Tagging Service Provider offer a significant saving? (DataTracks does).
DataTracks provides iXBRL managed tagging service to help you convert your financial statements and tax computations to the iXBRL format. You will need to
- Register as user
- Create entities
- Place an order
- Pay online
- Upload files and
- Download files when ready
To find more about DataTracks, visit www.datatracks.co.uk or send an email to enquiry@datatracks.co.uk.
The views expressed are that of the author’s 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.co.uk.We would take immediate action to correct any violation.