How DataTracks enables smooth filing with CIPC ?
Since the CIPC mandate came into effect from 1 July 2018, qualifying companies have had to submit their annual financial statements in iXBRL – the global standard for exchanging financial information.
Companies have to calculate public interest scores to find out if the mandate applies to them. For companies that it does apply to, XBRL conversions can seem daunting. But with the right research and right tools, the process can be greatly simplified.
DataTracks is a leading provider of XBRL and iXBRL solutions around the world, and is an official, CIPC recognised Software Service Provider. To make research easier for you, here is how DataTracks’s conversion service compares to market standards in South Africa.
All AFS generated using DataTracks are validated through CIPC’s test gateway to ensure that there are no errors in the statement. This way, the document submitted finally to the CIPC is always accurate, and eliminates the back-and-forth required for correction of errors.
Data capture and approval
Most conversion services have cumbersome intermediate steps in the processes of data capture and approval. When data capture is fragmented like this, it runs the risk of errors during capture, which can ultimately undermine the integrity of the entire report. For validation, extra steps contributes more bottlenecks and delays in report generation.
With DataTracks, there is no risk of error because data is captured automatically. The final reports are of the highest quality and have the least chance of inaccuracies. Once the conversion is over, you also immediately get to review the statements in Excel format, thus ensuring your conversion goes smoothly and you get the best output at the quickest turnaround times.
Ease of use
Unlike most other services, DataTracks allows amendments to statements free of cost at any time. All amendments are incorporated within 24 hours. And irrespective of the time of year, the output is delivered within 5 business days from the date of submission, offering consistent reliability.
Another advantage with DataTracks is that internal auditing and secretarial teams can operate independently as conversions happen. The workflow is simple, and does not infringe on the time of internal teams. Once the conversion is done, you receive a notification that your file is ready. You can simply head over to the portal and copy your file over directly. There are no complications involving having to save files to locations on servers that are difficult to access.
In addition to all of this, our users see a clear profit margin in administration costs, compared the other providers they’ve evaluated. DataTracks guarantees the highest quality and degree of accuracy, the highest security, in a package that offers you the most value.