Prevailing Myths about Outsourcing iXBRL Preparation
A new mandate always comes with a buffering time to accept, implement, and deliver the output. Ever since iXBRL was made as a mandate by HMRC, filing in iXBRL has revolved around myths and facts. This document aims to give insights into the misconceptions on iXBRL filing and preparation.
Let us quickly go through the prevailing myths and the facts that bring light to reality.
iXBRL filing is a burden
Filing an iXBRL enables handling financial data that gains efficiency and improves the transparency of business information. Moreover, it allows auto-check information, thereby reducing the chance of error.
If you have a complex financial statement, outsourcing makes conversion and filing easier. Read here to know how DataTracks makes the process of filing easier
iXBRL brings a change in accounting standards
iXBRL is concerned with introducing machine-readable tags into business reports; however, it does not affect the nature and content of a business report. On the reality side, filing an iXBRL simplifies the process, but preparation requires an expert to work on this task to create an error-free report.
Outsourcing is only about Compliance
Filing an iXBRL is not easy to post journal entries or ledger preparation; specialists must quickly analyze and deliver reports. This also needs stability between doing the process fast and providing the report with accuracy. Outsourcing is not just the ideal option; it is cost-effective as well.
If you are looking for a budget-friendly, well-experienced, and reliable service provider, check how DataTracks helps you prepare compliance reports with ease.
DataTracks, with a global presence, has successfully delivered over 200,000 reports. In addition, the iXBRL solution offered by DataTracks is collaborative and agile, so you don’t need to worry about being compliant with the HMRC’s filing regulations.
Speak to an iXBRL expert +44 20 3608 8035 or email to firstname.lastname@example.org and make your way to iXBRL preparation TODAY!