Being the first vendor to be certified and recommended SSP by CIPC, DataTracks has proved its standpoint in South Africa as an iXBRL service provider. Now in adherence to the market requirements and price compatibility, DataTracks is ready to serve with a new version of iXBRL Tagging software.
DataTracks Rainbow - Cloud-based iXBRL Tagging Software
If you already have an in-house team that consolidates the financial data in MS Word or Excel and are looking to convert the financial statements into iXBRL format, consider opting for a cloud-based iXBRL Tagging software solution for efficient and accurate conversion.
You can also do the tagging of your Annual Financial Statements yourself by using our DataTracks Rainbow Software. Our iXBRL Tagging Software includes the CIPC validation gateway that provides the list of all business validation rule errors or warnings upfront enabling you to iterate and generate 100% error-free iXBRL reports.
How DataTracks iXBRL Tagging Software works?
DataTracks robust software helps you generate iXBRL format at ease
Roll forward
The ability to carry over iXBRL tags from the previous period significantly enhances the efficiency of iXBRL tagging, allowing users to minimize the time spent preparing iXBRL reports by up to ten times compared to starting from scratch. This process not only streamlines report preparation but also enables Audit firms and group companies to create multiple templates for iXBRL tagging. These templates can then be reused across their filing companies, further simplifying the process and ensuring consistency in report generation.
In-build validation engine
With our preventive validation mechanism, 95% of the errors will be filtered as and when you do the tagging. The iXBRL document, before generation, will go through the CIPC validation gateway and provides the list of errors, if any, before submission avoiding the possibility of rejections.
Collaboration and co-authoring
Split the document into as many sections as you might need, enabling collaboration and co-authoring. Further, it grants section-specific access to users, maintaining confidentiality until the document is published for submission.
Data cloning
Link facts present in different places of the data within the software. Changes at one location will update the facts in all the locations in the document, adjusted to scale and decimals.
Multiple input capability
Populate data from a variety of MS Office software such as Word, Excel and PowerPoint. Our proprietary linking feature lets you associate and link data from offline Excel spreadsheets.
Access restriction and Audit Trail
Define privileges for each user for better authorization management. Our comprehensive Audit Trail helps you to track any user’s activities within the software with detailed granularity.
Powerful formatting options
Our iXBRL Tagging Software is tuned to retain the format as in word document. In case any changes are required, users can use various formatting options provided in our Editor.
Frequently Asked Questions
With the DataTracks Rainbow- iXBRL software, any company or auditing firms boasting qualified accountants can effortlessly convert traditional financial documents into the iXBRL format. This innovative platform not only streamlines the process of iXBRL tagging but also ensures compliance with regulatory requirements.
By simplifying the reporting process, DataTracks Rainbow enables seamless communication between companies and regulatory bodies. The inclusion of iXBRL tagging within the software’s capabilities means that financial data is accurately and efficiently tagged, ensuring that documents are machine-readable and fully compliant with the latest standards.
This iXBRL Software represents a significant step forward in financial reporting, offering a solution that is both user-friendly and powerful in its compliance and reporting capabilities.
DataTracks iXBRL Conversion and Tagging Experts in South Africa converts your financial statements easily into the high-quality CIPC iXBRL format through the Cloud Based iXBRL Software named “DataTracks Rainbow“. Our SaaS Based product makes it easy for you to upload the complex financial statements, tag it as pert the Taxonomy, convert it and validate it as per the CIPC validation gateway. DataTracks iXBRL Conversion Software effectively throws up the error warning before iteration and delivers 100% error free iXBRL reports to download.
DataTracks Rainbow- iXBRL Tagging Software is a cloud-based software that can be used to tag annual financial statements into iXBRL format. It has features such as:
- Roll forward
- In-build validation engine
- Collaboration and co-authoring
- Data cloning
- Multiple input capability
- Access restriction and Audit Trail
- Powerful formatting options
We offer comprehensive support to assist you at every stage. From onboarding to AFS file uploading assistance, our support team is ready to address any queries or challenges you may encounter.
Purpose-Built for Financial Teams DataTracks’ iXBRL software is designed with finance teams in mind, minimizing the need for IT support. This empowers finance professionals with direct control over iXBRL tagging, streamlining the reporting process.
Consolidated Reporting Confidence: Our integrated solution for iXBRL tagging, consolidation, planning, and reporting ensures that you can trust your data. This unified approach enhances confidence in the accuracy and integrity of your financial reports.
Dedicated Implementation Support: The DataTracks team, alongside our experienced partners, excels in delivering comprehensive support for iXBRL software and tagging. Our consistent track record of successful implementations underscores our commitment to your success.
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