4 Reasons Outsourcing iXBRL tagging is still ideal in 2024 & Beyond
It’s a decade since iXBRL was made mandatory in the UK, and technology has made iXBRL report preparation effortless. For most businesses, it has become an integral part of the accounts production process, and thus a majority have adopted tagging in-house.
Yet, some companies continue to prefer outsourcing parts of the reporting process. And here are the reasons why outsourcing iXBRL tagging is still ideal in and relevant in 2022.
Considering the unfolding of pandemic, most professionals are increasingly questioning the durability of scaling up teams to overcome challenges like preparing accounts, seeking directors’ and auditors’ approval and signature, and finalizing the reports. Many companies have realized the outsourcing iXBRL tagging process is a better option to meet their demanding requirements.
For instance, during the pandemic, there was shortage in availability of staff at required times to complete the iXBRL tagging. Companies who encountered resource challenges sought assistance of managed tagging service providers. This predominantly enabled them to file their CT returns to HMRC on time and avoid penalties.
Here are four other reasons outsourcing iXBRL tagging could be beneficial to you in 2022
- Off-load iXBRL responsibility from overburdened teams
Why should you master XBRL rules when you can outsource to experts? From applying the correct taxonomy to mapping the appropriate tags for a complex annual reports, the experts handle it best as they are familiar with the latest rules and guidance of XBRL. Moreover, the experts’ unmatched experience from tagging financial statements of various industries will bring you top-notch deliverables.
- Assured Quality and Filing
iXBRL tagging requires domain knowledge of the taxonomies and accounting standards. There are possibilities to encounter errors in the iXBRL reports, and the challenge could be overcome by outsourcing dedicated iXBRL tagging experts. This is achieved by multiple reviews and quality checks, ensuring error-free reports.
- Flexible Turnaround
Outsourcing provides best in class iXBRL tagging service according to your needs. You need not worry about delay in accounts preparation internally or approval from the directors and auditors. Be it your accounts finalized on time or in the last-minute, our flexible turnaround times support you with normal or last-minute iXBRL tagging requirements.
- Global disclosure management solutions
Outsourced vendors can act as a single source of disclosure management solution – helping to comply with multiple regulations and regulators such as SEC US, ESMA EU, EBA EU, EIOPA EU,HMRC UK, Revenue Ireland, ACRA Singapore, SSM Malaysia, CIPC South Africa, etc. DataTracks for instance provides solutions to comply with regulations in 26 different countries.
DataTracks’ XBRL service can help you convert your financial reports into XBRL format for submitting to HMRC. With experience of more than 16 years, DataTracks has successfully prepared more than 200,000 compliance reports for more than 19,900 clients worldwide. To know more about their XBRL services, get in touch with an XBRL expert @ +44 20 3608 8035 or email at enquiry@datatracks.co.uk.