3 Incredible Reasons to Switch to XBRL TODAY!
Why shift to XBRL if it is still voluntary?
Why go through the trouble of investing in setting up an XBRL team in-house or hiring an outsourced service provider?
Why not follow the old reporting format you’ve been following since the inception of your business?
XBRL provides a standard for tagging business and financial reports. This increases the transparency and accessibility of financial information in a standard format. If that’s not reason enough, read on to discover unique reasons that can entice you to switch to XBRL TODAY!
A More Streamlined Documentation and Reporting Process
The tagging and manual entry of transactions is an extremely mundane and tedious process. Most companies prepare their compliance documents in the Excel format, which are then transferred to the PDF format. However, the problem with PDF is that it can result in multiple revisions and errors. With XBRL, all the financial documents are combined into a single document, eliminating duplicates and modifications, ultimately streamlining the entire process.
Easier Exchange and Review of Financial Information
The collation and preparation of financial reports is a nightmare right now. It involves hundreds of hours of manual labor and data entry. Additionally, if there is no digital language to enable easy understanding and readability, the information being exchanged is of no use. However, the standard format for XBRL makes it so much easier to exchange, review, and analyse financial information to make informed decisions.
XBRL is Considered to be a Trusted Source
Annual reports or statements in a PDF format may include errors, which leads to inaccurate financial information being submitted. This is where XBRL lends a hand. By implicating several quality checks, the Suruhanjaya Syarikat Malaysia (SSM) has ensured that all the errors and duplication have been removed before final submission. This makes XBRL a trusted source as all the financial statements submitted boast of high quality and authority.
It’s Time Your Business Speaks the Better, More Simpler Language of XBRL
This is simply the tip of the “XBRL benefits” iceberg. There are several other benefits you can reap after transitioning to XBRL. A trusted and reliable XBRL software service provider is all you need. This is where DataTracks steps-in to the rescue. With 15 years of experience in XBRL reporting and compliance, DataTracks is bundled with the highest quality and error-free XBRL services. What’s more, the services are offered by professionals who have prowess and specialisation in SSM taxonomy and Malaysian accounting standards.