Tips to Choose the Right XBRL Service Provider for Singapore Business
Singapore’s Accounting and Corporate Regulatory Authority (ACRA) was among the initial regulatory authorities in the world to mandate XBRL filing of annual financial statements (AFS). Since its mandate, XBRL has helped companies streamline their reporting process by increasing accessibility, accuracy, and transparency. It allows companies to switch to standardised and machine-readable formats, making it easier to submit AFS with ACRA.
It is essential to meet compliance requirements as per laws and regulations laid out by ACRA. Non-compliance can cost your business money, time, and reputation. Therefore, looking out for certain things is vital while choosing the right XBRL service for your business. The following blog discusses some tips to help you choose an XBRL service vendor.
How to Choose an XBRL Service Provider?
Tips to help you choose the best service provider and ensure error-free reports include:
- Company Profile: It is important to thoroughly research the XBRL provider before selecting a service provider. You must gather information about the following:
- Their experience in the XBRL field
- The size and composition of their team
- The services they offer
- The countries they provide solutions in
- Client Portfolio: When choosing a service provider, make sure to ask the company about their past and present clients. This can help you gain real insights into the working culture of the XBRL service vendor.
- Data Security: Today, data security is the topmost priority for any business. Therefore, while selecting a service provider, it is important to check if they have data management and security systems at every level. The provider should always maintain data confidentiality.
- Cost-Effectiveness: Here, cost-effectiveness does not mean the service provider that offers the lowest prices. Instead, businesses should compare prices by considering the quality of services and the turnaround time of services they offer.
- Proper Communication: Communication gaps between a company and their outsourced partner can lead to several errors and delays. Proper communication is important not only between the two parties but also among the team members of the outsourced partner. Since XBRL filing is time-based compliance, prompt and transparent communication is crucial.
- Support Services: Another important factor to consider while choosing the right XBRL service provider is their support services. Enquire about the channels of support contact, ease of getting assistance, after-filing support services, etc.
Why Choose DataTracks for XBRL Outsourcing Services?
ACRA requires companies in Singapore to file error-free reports before deadlines, fulfilling compliance requirements. DataTracks can help you with all these XBRL requirements. With 18 years of experience in the XBRL field, the professionals at the company have gained expertise in preparing timely reports free from errors.
DataTracks has a record of preparing over 348,000 compliance reports for more than 23,400 clients. The services offered by DataTracks are ACRA-compliant, ensuring transparent, accurate, and effective XBRL conversions for every client. Furthermore, the company has a robust data security system in place to ensure the confidentiality of sensitive client data.
So what are you waiting for? Talk to a DataTracks expert @ +65-31-582-850 or email enquiry@datatracks.com.sg to know more about their XBRL services.