4-Point Checklist to Pick the Right iXBRL Solution
In 2018, the CIPC mandated the use of iXBRL to streamline the filing process. With that came a surge of iXBRL solutions in the market. In fact, if you search Google for iXBRL software, you’ll be bombarded with around 84,000+ results. And these results entail small vendors to global service providers offering compliance reporting solutions that boasts error-free conversion and hassle-free filing.
iXBRL solution Checklist
But which one to choose? And how to choose?
Let’s help you choose the right iXBRL solution for your business.
1. Cover All Your Basis – Credentials, Experience, and Certification
First things first: accreditations of the iXBRL software are a must. The effectiveness and accuracy of your reports will depend on the solution you choose.
- So check how long the solution service provider has been in business.
- How many employees or financial experts they have on board.
- How many compliance reports has the service provider filed.
One way is to go through the website of the service provider. Another way to go about this is to check whether the iXBRL software is certified by XBRL International.
2. Check What Other People Are Saying
- Does the iXBRL software and vendor have positive reviews?
- Are there any firms you know that are using the same iXBRL solution for filing with the CIPC?
- Is there any client reference that you can speak with?
Online reviews and testimonials are the perfect gateways into knowing how the product is actually doing in the market. So before making a choice, check the website and Google reviews for the software service provider.
3. Does the Software Simplify Data Transfer?
Most iXBRL software doesn’t allow uploading or copying financial data from an MS Excel sheet, which means manual keying of numbers, and that can be tedious and painstaking.
So while selecting the right iXBRL solution, choose the one that allows you to upload or copy financial data from MS Excel. You can also ask whether the software allows comparison and internal sharing.
4. Does it Offer iXBRL Support?
The CIPC keeps on updating its list of requirements, which means you will need support and expert assistance while filing your AFS. Check if the service provider operates in your time zone and if you can reach the support team easily via phone, email, online chat, or any other medium.
Choose Carefully, Choose Wisely
Choosing an iXBRL software service provider is an extremely pivotal decision as your entire future filing depends on it.
When it comes to iXBRL filing, there’s nothing better than an agile and error-free software that can help you prepare accurate and hassle-free reports. DataTracks is offering both, a software and service that is accredited, agile, and robust. What’s more? Having served over 19,400 clients and preparing 1,95,000+ compliance reports, DataTracks boasts of a 16+ years exceptional track record. The company also offers technical support via email and phone.