Preparing XBRL for ACRA Compliance In-house. Is It Worth Your Time?
In-house XBRL: An Opportunity or a Misfortune?
The new financial reporting format from ACRA comes with a complex set of taxonomies and regulations – True. But just like humans, data also needs to communicate in a common language; thus, the need to introduce XBRL.
With the mandate of submitting financial statements in the XBRL format, businesses are left with no choice other than to comply with ACRA’s XBRL requirements. Now, the big question is whether to prepare in-house XBRL financial statements or outsource?
Are You Ready to Hire Full-time Resources?
If you are looking to prepare in-house financial XBRL statements, you need to hire XBRL experts. And, one expert won’t suffice; you’ll need an entire team of professionals dedicated to preparing financial statements, converting into XBRL formats with proper tagging and taxonomy as well as uploading to ACRA error-free. So, if you have the budget and resources for it, opt for in-house XBRL preparation.
Can you Fight the Fear of Rejection?
This is a major concern for businesses in Singapore. Before the final submission of financial statements to ACRA, most of the errors are pointed out by the software; however, the accuracy of financial data still cannot be determined. With the help of credible and experienced XBRL service partners, you can now fight the fear of rejection of inaccurate financial data. But, this means more time and resources invested in software and more headaches. So, before setting up an in-house XBRL team, you need to ask yourself, are you ready for such an investment?
Did You Know XBRL has a Variety of Uses?
XBRL is not just a mere financial reporting tool; it can be used in a variety of situations that include sharing business information to different users. Be it for in-house financial data analysis or sharing business information with stakeholders or investors, XBRL facilitates internal corporate efficiencies. However, the issue here is that you need to hire a set of financial analysts who can gather, analyse, and share insights about your data.
So, Does it Seem Like It’s Worth Your Time?
If you think it’s worth spending the amount of money on an in-house team to work on XBRL-based software, go for it. However, with a commendable partner like DataTracks by your side, you can not only save money but also have access to error-free reports. Boasting 15 years of extensive financial reporting experience, DataTracks strives to deliver the best and most efficient solutions for all your XBRL needs.
Complying with ACRA’s new XBRL filing requirements doesn’t have to cost an arm and a leg anymore. Now, DataTracks provides complimentary XBRL upload service to the ACRA portal for its clients. Contact a DataTracks expert @ +65-315-836-54 today to know more.