Choosing the Right XBRL Software Solution for SSM Filing: Considerations for Financial Companies

XBRL (eXtensible Business Reporting Language) software is a specialised tool designed to create, edit, and validate financial reports in XBRL format. It is a global standard for the electronic exchange of business and financial information, making it easier for organisations to prepare and share financial data in a structured and standardised manner.

Factors to be Considered Before Choosing XBRL Solutions 

Choosing the right XBRL software in Malaysia is a critical decision, and it should be based on a complete analysis of the following factors to ensure it aligns with your regulatory obligations and meets your organisation’s specific reporting needs. These factors include: 

• User-Friendliness: Opt for software with an intuitive interface to simplify user adoption and reduce the learning curve. A user-friendly design enhances your team’s efficiency in preparing XBRL reports.

• Data Validation and Error Checking: Prioritise software with robust data validation and error-checking capabilities. These features are essential for identifying and rectifying real-time issues and ensuring your financial data’s accuracy and compliance.

• Customisation: Evaluate whether the software allows customisation to align with your organisation’s unique reporting requirements. This flexibility is essential for accommodating diverse industries and company-specific needs.

• Integration: Confirm that the XBRL software seamlessly integrates with your existing financial and reporting systems. Compatibility with accounting software and data sources is pivotal for a smooth and efficient reporting workflow.

• Reviews and Reputation: Seek feedback from Malaysian organisations using the software. A positive reputation and track record indicate a reliable solution, giving you confidence in the software’s performance and reliability for your XBRL reporting needs.

• Updates and Maintenance: Regular software updates are essential to comply with evolving reporting standards and regulations. Ensuring the software provider maintains its relevance demonstrates its commitment to supporting your long-term reporting requirements.

• Data Export and Reporting Formats: Consider the software’s ability to export data and generate reports in various formats. This flexibility is vital for adapting to changing reporting needs and collaborating with stakeholders who may require data in different formats.

• Industry-Specific Solutions: Depending on your industry, specialised XBRL solutions tailored to your sector’s unique reporting requirements can streamline the reporting process and ensure compliance with industry-specific standards.

DataTracks: The Most Reliable Name for XBRL Filing 

If you are looking for a company that can provide you with all of the above and more, then we at DataTracks are the right platform. Choosing a company like DataTracks for XBRL reporting can provide significant benefits, including expert guidance, compliance with global standards, customisation, efficiency, data security, and quality control. It allows corporates to focus on their core operations while entrusting their XBRL reporting needs to a reputable, experienced service provider.

Contact our proficient team to streamline your XBRL filing processes in the most professional and expert ways. Get in touch with us at +60 392126125 or email us at enquiry@datatracks.my.