DataTracks India opportunities for CA firms and CS firms in XBRL area
With the second phase of XBRL filings mandated by Ministry of Corporate Affairs (MCA) expected to extend to 150,000 companies in India, there arises a number of business opportunities for chartered accountant (CA) and company secretaries (CS) firms.
How CA firms and CS firms can benefit by outsourcing XBRL Services?
This year, being the first year of XBRL filings for many companies, a majority of them would prefer to outsource their work to CA and CS firms. The first phase of XBRL filings that included listed companies with a turnover of 100 crores or a paid-up capital of 5 crores amounted to around 30,000 companies .In this first phase of XBRL filings, a majority of companies preferred to outsource the work to CA or CS firms.
The opportunity presented here for CA and CS firms is to provide an additional service to their existing clients and also to look for new clients by providing XBRL conversion services exclusively. This is proven by the fact that several current providers of XBRL conversion services are CA or CS firms.
XBRL services can be offered in one of the following ways:
- Buy XBRL software: Buy XBRL software and provide XBRL conversion services for clients.
- Outsource to XBRL conversion services providers: Outsource to existing XBRL conversion service providers, if the CA/CS firms do not have adequate capacity to handle the work in-house.
- Partner with XBRL end-to-end service providers: Partner with XBRL end-to-end service providers such as DataTracks and buy XBRL software to manage some of the XBRL workload and outsource it to DataTracks if there are capacity issues in the handling the work in-house. This is the preferred option with most accounting firms.
DataTracks India helps companies convert their financial statements to XBRL format in one of the three ways:
- XBRL template: Use the pre-tagged XBRL template. Enter only the values against placeholders in the template. It is best suited for financial statements of small scale enterprises.
- Assisted-self service: Use the web-based XBRL software. Tag your financial statement. It is best suited for financial statements of medium scale enterprises.
- Full service: Send us your financial statements and we convert it to XBRL format. It is best suited for financial statements of large enterprises
DataTracks India is part of DataTracks Global, leaders worldwide in preparation of financial statements in XBRL and iXBRL formats for filing with regulators. DataTracks Global prepares more than 10,000 statements a year in XBRL format for regulatory filings with SEC in United States, HMRC in United Kingdom and MCA in India. DataTracks Global is a unit of DataTracks Services Limited(www.datatracksglobal.com)
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