Use iXBRL Outsourcing Services Intelligently and Refine Your Financial Reporting Processes.

With the pandemic disrupting the entire global economy, companies need to give some serious thought on how they plan to prepare and report their Annual Financial Statements (AFS) in the iXBRL format.

Companies have two options when it comes to complying with the CIPCs mandate. The iXBRL reporting process should be either outsourced to a third party or manage it in-house. Many organizations hesitate to make the switch, while many firms may opt to outsource to expert service providers. The reasons could be several misconceptions. And while this decision may seem harmless, for companies, it could mean relinquishing the opportunity to streamline their financial reporting processes.

So, let’s discuss how you can use an outsourcing service to refine your financial reporting processes.

●    Secure your Unpublished Reports

Unpublished financial data is always at the risk of an information security breach. The trends around the world indicate that companies using outsourced services for their iXBRL reports are less prone to virus attacks, cybersecurity risks, and other dangers linked to digital security.

What’s more, the documents that companies share with the outsourced service providers are done through online cloud-based software – a highly secure medium. So, all the data is encrypted on the cloud and there are stringent security measures in place to make sure the data is accessible only to authorized personnel.

●    Efficient Streamlined Process

The overall preparation of AFS is highly iterative with tight deadlines. The need to deal with a lot of numbers and tagging with even more edits can be daunting if companies don’t have an efficient way to deal with it. Outsourced service providers follow a centralized approach ensuring that the financial reporting processes are accurate and streamlined.

●    Superior iXBRL Report Quality

If you opt to in source your iXBRL reporting, there is the burden of sourcing and training professionals to do the job. There is also a matter of inexperience, which may lead to widespread quality issues, incomplete results, and inconsistent data being reported.

However, such issues are eliminated in the case of outsourced service providers. These companies employ qualified experts who are trained and certified to handle iXBRL tagging explicitly, ensuring that your financials are always error-free.

Are you looking for an Error-Free iXBRL Tagging?

Engaging professionals can be a very affordable option, especially for those companies that don’t have a proper resource to tag their accounts and prepare iXBRL Reports.

DataTracks has experts with wide experience in tagging and preparing XBRL reports for qualifying companies in South Africa. To find out more about DataTracks iXBRL conversion services, you can reach out to our expert at +27 10 446 9061 or write to enquiry@datatracks.co.za.