6 Point Checklist for Choosing Your iXBRL Service Provider

In 2018, CIPC (the Companies and Intellectual Property Commission) mandated the use of iXBRL to prepare and file financial statements. The mandate aimed to bring transparency and stabilization in AFS for South African companies. There are several iXBRL solutions in the market to help you prepare error-free compliance reports.

But which iXBRL solution fits your needs the best?

Checklist for choosing your iXBRL service provider:

• Credentials of Your iXBRL Partner

The most important thing to consider while choosing your iXBRL service provider is the credentials of the iXBRL service provider. Why? Because the accuracy of your annual financial reports depends on the solution you choose. Take the following factors into consideration:-

• • Years of experience in the business
  • Number of iXBRL professionals in the team
  • Number of compliance reports filed in the past
  • Confidence of the service provider about filing your reports with accuracy

• Tagging Approach

Ensure that the iXBRL service provider performs the iXBRL tagging on the face of your final AFS and not in a separate template or excel. Tagging items on a separate excel or template does not conform to the best iXBRL practices.

• Reviews by Customers

Asking for customer reviews is one of the best ways to know how the iXBRL service provider performs in the market. So before making your choice, check online testimonials and reviews on the website and make your decision accordingly.

• Turn Around Time

When evaluating your options in the market, consider the time that the service provider takes to convert documents to iXBRL. The average time for conversion is 10-15 days.

• Ability to Update the Solution

Is the iXBRL provider capable of updating the solution to the newer version regarding the changing CIPC validation or taxonomy rules? Something worth considering!

Before choosing the iXBRL service provider, make sure that they stay abreast of the changes in the CIPC iXBRL mandate.

• Availability of iXBRL Expert Support

CIPC keeps on updating its rules and regulations regarding AFS filing, which means that you need a service provider that offers adequate support and assistance while filing your reports. Check whether:-

• The service provider works in your timezone
• If you can contact the support team easily via phone, email, or online chat
• If they charge extra for additional support hours

Choose the iXBRL Service Provider that Caters to Your Needs

Choosing your iXBRL service provider is of utmost importance as your complete filing process is dependent on it. If you want to unburden yourself from iXBRL filing, choosing a trusted iXBRL partner is necessary. Enter DataTracks…

With an experience of more than 17 years, filing 2,20,000 compliance reports for 21,500+ clients, DataTracks assure quality and reliability in their iXBRL preparation and filing with CIPC. The company offers both iXBRL service and software to help you file 100% error-free reports to meet the CIPC filing requirements. And not just that, DataTracks also provides unmatched customer support from a team of experts throughout the conversion and filing process.

So what are you waiting for? Speak with an iXBRL expert @ +27-10-446-9061 or email at enquiry@datatracks.co.za to know more about the services offered by DataTracks.