Top 6 Factors You Should Consider when Hiring an XBRL Solution Provider
An enriched data dialect of XML, XBRL has revolutionized the way businesses manage their financial information in Singapore and around the world, as it has become an international standard for tagging, filing, and analyzing financial reports and statements.
Accounting and Corporate Regulatory Authority (ACRA) were amongst the initial regulatory authorities in the world to mandate companies filing AFS with ACRA to file them in XBRL format. XBRL format not only streamlines reporting and filing processes, but also ensures greater accuracy, accessibility, and transparency.
However, there are multiple and stringent guidelines that need 100% compliance on the company’s part when they are filing AFS in XBRL format. A trusted and expert solution provider can help you introduce, train, migrate, advise and progress to XBRL smoothly and constructively.
Therefore, the biggest question is, how do you find the right partner for your XBRL needs?
Well, we have enlisted a comprehensive checklist of key determinants to help you find you the perfect XBRL solution provider.
- Company Profile: What’s their experience, the services they offer, etc.?
Your selection should always be backed by thorough research of the XBRL solution providing company. Your research must be able to gather valuable information on the following points: –
- How long have they been in the field of providing XBRL filing, tagging, training, and other related services?
- What’s their team size, composition, and sub-specialization?
- What services do they cover in the field?
- How many work centers do they operate and whether they provide solutions in other countries, as well?
A robust company profile can help you get the most experienced team working for you, slimming down the chance of discrepancies, fraud, and other issues.
- Company’s Client Portfolio: Who are their past and current clients?
Ask the company about their clientele and demand a few references. Have a concise list of questions ready to ask the references that can help you gain real insights into the working culture and structure of the XBRL solution provider.
- Approach for XBRL Tagging: Is your company doing template-based tagging?
Well, one of the fundamental factors to look into while finalizing your XBRL solution provider is their tagging approach. ACRA is looking for complete readability of your information, i.e., the machine-readable data and the human-readable data in the form of the content on XML / HTML. This is only possible if the tagging is done correctly on the AFS document.
Therefore, any company doing template-based tagging may serve as a warning alarm for you to reconsider your hiring choice.
- Training and Support Services: Is the company offering training sessions and other support services?
The company’s financial management team and other authorized managers must review and accede the XBRL tags and files, and to do so, your XBRL service provider must assist in successful training.
A company that can counsel and train your teams and answers all their queries are important traits to watch out for before you zero in your XBRL service partner.
Apart from this, look out for value-added and support services offered by the company. Time zone convenience, channels of support contact available, ease of availing human assistance, after-filing support services, single point of contact, etc., all add up to their overall appeal.
- TAT & Cost-Effectiveness: Can the company provide timely services in pocket-friendly rates without compromising on the quality?
Many companies make a common mistake of comparing pricing structures in isolation leading to faulty decision-making. Businesses should always compare prices with the turnaround time for services and the quality of services provided to them.
- Data Security: What are the measures taken to maintain the confidentiality of your data?
Data Security has become the top concern for any business that is operating online. Therefore, when you are looking to hire an expert in XBRL services, one must look at the data management and security systems deployed by the service provider at all its development centers at every level. The confidentiality of your data should never be compromised at any level and it should be backed by legal documents that must be duly attested and signed by both parties to eliminate any future gaps and ambiguity.
The Company that Ticks Off Every Point on this Checklist With a rich experience of over 15 years in the field of XBRL services, across 4 continents, covering 24+ countries, over 17,000 satisfied clients, and delivered over 180,000 compliance reports, Data Tracks is the most trusted and preferred XBRL service provider in Singapore. All our operations and services are ACRA-compliant, thereby ensuring 100% accurate, transparent, and effective XBRL conversion for our clients at affordable prices with quick TAT. For more information call us on +65-31583654 or write to us @ firstname.lastname@example.org