DataTracks, a global leader in compliance reporting and financial services, attended Accountex 2016 in May for the third year running. It was an important opportunity for DataTracks to meet up with a wide variety of professionals in the accounting and financial world. Enquiries included FRS 102 managed tagging services and the challenges being faced by filers since the new UK GAAP transition earlier last year. The DataTracks solution generated a lot of interest amongst prospects due to its competitive pricing, secure and easy-to-use interface and, importantly, its automated processes.
FRS 102 is substantially different from the previous UK GAAP in terms of financial instruments, investment properties, business combinations, deferred tax and defined benefit pension schemes. With a market presence of 10+ years in the compliance reporting and financial services industry, and having successfully completed over 35,000 iXBRL filings, DataTracks has easily transitioned to the new accounting standards FRS 101 and FRS 102. Accountex provided a platform to engage first hand with accountancy professionals and talk about actual difficulties faced by filers. Challenges include last-minute changes, multiple jurisdictions, quick turnaround times and having the capability to comply with the changing taxonomies. Fortunately, DataTracks is already equipped to deal with these demands.
Rajesh Krishnaswamy, VP of Business Development, commented: “We found that the Accountex delegates were particularly interested in our quick turnaround times, error-free reporting and dedicated support until the filing is successful. Many did mention expensive in-house resource time was spent on working with their software as against our simple 3–step service option.”
As one of the first vendors for managed tagging services, recognized by HMRC and accredited by ICAEW, DataTracks makes the process of converting financial statements and tax computations to iXBRL reports effortless. Clients simply register online, choose the turnaround time, pay the fees and upload the set of accounts. The iXBRL files can be downloaded as soon as they are ready. This is complemented by competitive pricing and world-class customer support all the way to successful filing with HMRC or Revenue Ireland.