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DataTracks UK (www.datatracks.co.uk) has been providing fully managed tagging services in preparing financial statements (and tax computations) in iXBRL format for filing with Her Majesty’s Revenue and Customs (HMRC, the tax regulator) for companies and accounting firms in the United Kingdom since April 2011.

DataTracks has recently signed up with a few leading accounting firms to provide iXBRL conversion services to address the high volume, quick turnaround filing requirements of their clients during this peak period.

DataTracks offers services through a user friendly portal www.datatracks.co.uk, where users can setup accounts, upload inputs (for conversion into iXBRL format by DataTracks UK) and download the output instance documents. Several companies and accounting firms have chosen DataTracks, for its simple, effective and easy to use online services, with a pay-as-you-go flexibility. DataTracks has a proven track record for providing iXBRL services with high accuracy and quick turnaround for HMRC filing.

With the peak season approaching, there has been a surge in the number of new clients signing up and in the volume of returns that DataTracks has been receiving for the iXBRL conversion services. As the peak period approaches, more and more accounting firms prefer a fully managed service with minimal burden on expensive accounting resources and without the hassle of having to learn and manage a new technology. Surprisingly the cost of fully managed conversion services are quite competitive and compare well with the cost of acquiring a software.

“Accounting firms require a service which is simple, easy to use, producing high quality output at low costs. In addition, the ability to turn around high volumes very quickly is a critical factor for accounting firms in addressing the expectations of their clients. DataTracks has been able to successfully scale up its delivery capability with qualified iXBRL experts. Accounting firms find this a very appealing value proposition” commented Sandeep John, Business Manager, DataTracks UK.