When to Outsource iXBRL Preparation?

iXBRL has been contributing towards the streamlining of the South African financial reporting landscape since 2018.

However, companies still struggle to file annual financial statements in the iXBRL format. Why?

• Is it because companies don’t have access to the proper technology or software? No, it’s readily available online.
• Is it because organizations refuse to hire help? Maybe, are you?
• Or is it because the help is expensive? No, there are affordable options available.

Well, whatever challenges your organization may face, outsourcing can be the one-stop solution to all your financial reporting problems.

Here are some signs

When you should be looking out for outsourced iXBRL filing solutions?

• When Costs Start Getting Exorbitant

Setting up an in-house team of financial experts and investing in agile iXBRL solutions can get very expensive very quickly. The number of resources you’ll require, both in terms of personnel and technology, can break the bank. And as soon as that begins to happen, it’s time to seek expert guidance from outsourcing iXBRL service providers.

Several service providers are offering flexible and cost-effective pricing plans that can suit your business requirements and budget perfectly.

• When the In-house Experts are Unable to Manage All the Accounts

iXBRL is not as straightforward as posting journal entries or preparing the ledger; it requires meticulous analysis, mapping, and tagging. Only specialists who have prowess in iXBRL and an in-depth understanding of the South African taxonomy can tag and create accurate reports.

However, if your business requirements include multiple accounts, you have two options – you can either hire more resources, or you can outsource to service providers who already have an army of financial professionals with the expertise to deliver error-free reports. Which one do you think is going to be an ideal and cost-effective option?

• When You are Looking for a Balance Between Speed and Accuracy

Preparing iXBRL financial reports is more than just entering figures into relevant boxes and clicking on submit; it requires revision, modifications, and crinkling out errors before submission. This process requires a balance between speed and accuracy, especially when the deadline is near. Moreover, it can get tedious and time-consuming.

So if you are chasing a deadline or are simply striving for the perfect combination of speed and accuracy, outsourcing is your best choice. Outsourcing service providers can take care of submitting iXBRL AFS (Annual Financial Statements) to the CIPC, the regulatory authority of South Africa, without lapse in compliance or format.

Enter DataTracks – The Global Leader in iXBRL Solutions

DataTracks boasts a commendable track record of 16+ years in iXBRL filing, tagging and conversion solutions. Having successfully delivered over 200,000 reports, DataTracks has become the one-stop solution for iXBRL tagging services and software. So whether you are aspiring to meet the CIPC’s iXBRL filing requirements or looking for 100% error-free reports, the financial experts at DataTracks have covered you.

To know more about the iXBRL software and services offered by DataTracks, please speak to an expert @ +27-10-446-9061 or email at enquiry@datatracks.co.za.