Busting Myths About Outsourcing iXBRL Preparation
Since its inception in 2018, iXBRL filing has been surrounded by many truths and myths.
- Some say it’s a burden, while others say it’s a blessing as it ensures accurate filing and analysis.
- Some say it causes a change in the accounting standards, while others say it simplifies filing.
However, most myths are raised around outsourcing iXBRL preparation and filing.
Outsourcing iXBRL Preparation Myths Debunked:
- Some say outsourcing is easy as it lifts the burden, while others think it’s a hassle.
- Some people think outsourcing iXBRL filing is not safe and increases costs.
Is that really the case?
Today, let’s bust these myths around outsourcing iXBRL preparation once and for all.
Myth 1: Outsourcing iXBRL is a Waste of Money & Resources
When you need to install a television or repair an old one, do you do it yourself or call in an expert?
It’s exactly the same with iXBRL. Spending money to access the best iXBRL experts is never a waste; it’s an investment and an important one too. Whether you hire in-house experts or outsource the process, the experience and expertise you’ll gain will only do your business good.
Myth 2: Outsourced iXBRL Solutions are Just About Compliance
Another misconception is that iXBRL solutions are just about complying with the filing requirements of CIPC. However, that’s not the case. The solutions offered by outsourced service providers also allow you to analyze and compare financial data, which helps in decision-making.
Apart from this, iXBRL reports are considered of high authority, which means you can use them to proffer an accurate and fair picture of the financials to potential investors and stakeholders, earning their trust.
Still, think outsourced iXBRL solutions are just about compliance?
Myth 3: Outsourcing iXBRL is more Expensive than In-house Filing
Let’s knock this myth out of the park too. When it comes to in-house filing, you need a team of iXBRL experts who have prowess in the South African taxonomy and are familiar with the IFRS principles. In addition to these experts’ salaries, you’ll also need fully-equipped iXBRL software, which can cost you an arm and a leg.
The alternative to this is outsourcing the iXBRL conversion to a firm. With this option, you don’t have to spend a single Rand on hiring experts or investing in software; the outsourced service providers will have both. Simply put, outsourcing iXBRL conversion will cost a fraction of what you’ll spend on in-house implementation.
DataTracks – The Ultimate iXBRL Solution
These myths about outsourcing iXBRL are just that — myths. However, you need a trusted and reputable iXBRL partner like DataTracks to ensure the filing process is smooth sailing. With a global presence, DataTracks 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 compliance with the CIPC’s filing regulations.
Also, Read Key points to consider while hiring the iXBRL Specialist for CIPC filing.
Guidelines for filing AFS with the CIPC in the iXBRL format.
Speak to an iXBRL expert @ +27-10-446-9061 or email at enquiry@datatracks.co.za, and make your way to outsourcing iXBRL preparation TODAY!