XBRL Conversion – Are You Making the Right Decision?
XBRL is not a mandate yet in Malaysia. However, it is still the most sought after reporting system and especially amidst the pandemic, XBRL has emerged as a Good Samaritan. But, does it uphold its errorless reporting and high data authority reputation? Is it right for your business? Why use XBRL? Well, to answer these questions, first you need to ask yourself:-
● Are You in Favour of Quality Reporting?
With a robust quality control process and security measures, XBRL boasts high authority data reporting. And high-quality data allows users to quickly analyse and gather accurate information, which means the easy expansion and onboarding of new investors. Additionally, when it comes to market reputation, any company using XBRL for financial reporting earns the tag of being upright and trustworthy.
● Do You Want to Reduce Manual Data Entry?
Manual entries increase the chances of errors. However, with XBRL, you don’t need to worry about that. Since all the entries and tagging are controlled by stringent quality checks, the chances of error are almost minuscule. So you need not worry about submitting inaccurate or incomplete financial data due to manual entries; XBRL has got you covered.
● Are Data Collection and Reporting on the Table?
By using XBRL, companies can automate the data collection process. Data from different facets with different accounting systems can be assembled quickly, cost-effectively, and efficiently, if their sources have been upgraded to support XBRL. Once the data is gathered in XBRL format, you can prepare different types of reports with minimum effort.
● What About Data Consumption and Analysis
Users of XBRL receive data electronically and can automate its handling, cutting out time-consuming and costly re-entry of information. Additionally, XBRL software can immediately validate data and highlight errors and gaps that can be addressed on the spot. It also assists in analysing, selecting, and processing the data for comparison or re-use.
Make Your Way to Error-less XBRL Reporting
If you affirmatively answered all the aforementioned questions, then you need to switch to XBRL. DataTracks, a global leader in XBRL services, can assist you with this transition. Boasting a commendable record of preparing 185,000 compliance report and 15+years of extensive experience, DataTracks is your simple and smart solution to switch to XBRL. Their eminent team of financial experts has prowess in SSM taxonomy and extensive knowledge of Malaysian accounting standards. So with DataTracks by your side, you can keep all your worries about XBRL tagging and taxonomy at bay.
For any query or information regarding their services, please speak to an expert at +60-392-126-125