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3 Vital Reasons to Hire Experts for XBRL Filing During & Post COVID 19

It has been a difficult time for organisations worldwide as the economy has come to a startling halt to curb the spread of the life-threatening COVID 19. While you may have already begun strategizing your company’s revival post the epidemic phase, you should also be focusing on more pressing matters like the filing of your current and future annual returns and financial statements.

The Companies Commission of Malaysia (SSM) has already reactivated many of its online services like MyCoID, EzBiz Online, and SSM e-Info to enable essential operability and assistance to businesses. SSM’s Malaysian Business Reporting System (MBRS) for online filing of Annual Returns and Financial Statements in XBRL format has also been functioning in full swing, encouraging companies to swap from the conventional form of AR filing to the more progressive XBRL format filing.

Though filing your AR and FS in XBRL format is voluntary as yet, based on the industry trends, SSM might mandate it in the near future. Therefore, it’s the right time to switch from PDF to XBRL format of filing.

Now you may be aware of the multiple benefits for filing AR in XBRL format, but doing so requires high expertise and extensive knowledge. Therefore, outsourcing to field experts is the best way to get started with XBRL filing.

Still unconvinced? Well, let us give you three key reasons that make outsourcing XBRL conversion the smartest decision for your company, especially during these challenging times and in the near future:

  • Outsourcing can help you avail the service of specialists.

As you are new to or taking the first step towards the conversion, tagging, and filing of your AR and FS in XBRL format on the MBRS portal, it demands a comprehensive understanding of the MBRS guidelines, SSM taxonomies, etc.

An XBRL service provider has a team that is not only highly qualified and trained but also boasts vast experience in this field, making them an ideal choice for companies looking for top-notch quality solutions.

  • Outsourcing is cost-efficient

Hiring an in-house team for managing your XBRL services comes with a lot of direct costs like hefty pay packages and allowances along with other indirect expenses in the form of recruitment process costs, infrastructural costs, etc.

Companies are already facing a massive financial crunch due to the COVID 19-led market slump, and thus, cutting costs during the lockdown situation makes it all the more challenging to source in-house team and train them.

So, opting to outsource your XBRL requirements can cut down service costs to a maximum level, which in this epidemic scenario is nothing but a blessing in disguise.

  • Outsourcing is the hassle-free way for XBRL filing.

Amid the mounting stress of planning and preparing your business for the post-COVID 19 markets, you wouldn’t want to be worrying about your XBRL returns for filing.

Outsourcing XBRL services to an experienced company can take that load off your shoulders while also ensuring regular validation and approvals so that you are always up-to-date on the ongoing work process.

Initiating your AR & FS filings in XBRL format and outsourcing the process to a reliable company is the ideal way to ensure its accuracy and credibility. DataTracks, an expert provider of end-to-end XBRL solutions, has been operating remotely in full force even amid the lockdown period to aid companies in their XBRL filing processes. Get in touch with one of our experts and begin your XBRL journey today. Write to us at enquiry@datatracks.my.

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