DataTracks UK Adds Two Large Accounting Firms as Clients for iXBRL Services

DataTracks UK (www.datatracks.co.uk), a leading provider of iXBRL managed tagging services in UK, has addedtwo large accounting firms as their clients for iXBRL services.This indicates a positive start to the second year of iXBRL conversion services for DataTracks UK.

DataTracks UK is the first provider of managed tagging services recognized by HMRC, for converting financial statements and tax computations into iXBRL format. DataTracks UK has been providing these services for over a year now, and has prepared several thousand statements in iXBRL format in 2011. DataTracks UK offers its services through its web portal www.datatracks.co.uk, where users can set up accounts, pay online, upload inputs (for conversion into iXBRL format by DataTracks UK), and download output instance documents. Several companies and accounting firms have chosen DataTracks for its simple, effective and easy-to-use online services.

“Our client base includes accounting firms as well as companies in UK. DataTracks’ services help our clients focus on their core business, leaving aspects of regulatory compliance to us”, said Sneha Rajagopal, Vice President, XBRL Services, DataTracks.

iXBRL conversion initially appeared to be a daunting task for companies. DataTracks assessed the pain points faced by clients, and concentrated its efforts in addressing them. First, DataTracks set up an easy-to-use ecommerce portal through which customers could transact for XBRL conversion. Second, DataTracks adopted a pay-as-you-go pricing model, making it attractive for clients to subscribe. Third, DataTracks deployed qualified Chartered Accountants with UK GAAP and IFRS domain expertise to ensure high quality iXBRL output.

“We consider these client wins as a positive indication of the quality of service provided by DataTracks UK. We are confident that the current year will turn out to be more successful than the previous year,” said Sneha.

DataTracks currently offers XBRL solutions for US, UK and India markets and plans to extend its services to other countries in the near future.