Analysis of the Trends in First Year iXBRL Filings in UK
The past year has witnessed the marketplace for iXBRL services boom with a number of service providers vying for consumer attention since the introduction of the HMRC’s mandate. DataTracks has been at the forefront of the market, providing services to a large number of accounting firms and companies, since its launch last April 2011.
During the course of the first year of iXBRL filings, DataTracks had successfully served a mix of accounting firms as well as individual companies for their iXBRL conversion requirements. A web portal has been used as the point of focus to effectively engage with customers on their iXBRL tagging requirements. The customers are directed to this portal, to sign up for iXBRL conversion services. Upon sign-up or registration, customers are invited to add entities, place their orders online, pay and upload their files. Once the source files have been converted into iXBRL format, customers are then directed to log on to the site ,to download the final output. The DataTracks portal has proved to be a robust e-commerce solution for iXBRL services, thanks to its simplicity, security and ease of use.
The data consolidated by DataTracks over the course of the year provides key insights to the dynamics of the iXBRL market in the UK. This post captures these insights in a concise manner.
DataTracks has served iXBRL conversion requirements from two categories of customers – Accounting Firms and Individual Businesses. The pie chart below captures the percentage distribution of DataTracks’ customers between these two categories.
Individual businesses form a significant chunk of DataTracks’ customer base.
DataTracks’ customers are spread across the geography of England. However, a major customer base of about 40 % is concentrated in the London and South East England area. This trend is in line with the fact that about 40 % of businesses in UK are located in the same area.
Peak Periods for iXBRL Conversion
The peak periods of iXBRL filing include the months of December and March. This is evident from the trend observed in the volume of work signed up through the DataTracks portal.
DataTracks conducted an online survey in December 2011 among its customers. The objective of the survey was to measure satisfaction levels on the following parameters:
- Overall Satisfaction
- Quality of output
- Issue Resolution
- Accessibility of Resources
DataTracks recorded a satisfaction level of over 94 %, measured individually across all the parameters.
The high satisfaction levels recorded in the survey can be attributed to two major factors:
- The robustness of the DataTracks portal
- The quality of DataTracks’ resources, involved in delivering services to the customers.
DataTracks believes that its online presence has contributed immensely to gaining visibility in the iXBRL services market in the UK. The stage is now set for DataTracks to build on the base established in the past year.
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