Key Points to be Considered While Hiring iXBRL Specialists
Companies in South Africa are mandated to file their Annual Financial Statements (AFS) in iXBRL format with CIPC. By rolling out the iXBRL mandate, CIPC aimed at bringing transparency in AFS filing for South African companies. Since its inception, iXBRL has been linked with greater accuracy and reliability, improved analysis, and much more.
However, filing AFS in iXBRL is a complex and tedious procedure that requires the expertise of specialists in iXBRL. Every element of the financial statements needs to be carefully tagged and checked thoroughly to ensure 100% accuracy. To maintain this accuracy in your reports, you can either outsource your filing requirements to a trusted iXBRL vendor or hire in-house experts to build a strong iXBRL team.
If you have sufficient resources and choose to build an in-house team of iXBRL experts, consider the following points while hiring iXBRL specialists.
Things to Look for While Hiring iXBRL Specialists
While iXBRL software can automate a large chunk of your filing activities, your team of iXBRL professionals should be well-versed in its use to get the work done and look out for errors. Here are some key points to look for in iXBRL experts.
Well-Versed With the South African Taxonomy
Taxonomies are the reporting-area specific hierarchical dictionaries that define the specific tags for individual items of the financial statements, their attributes, and their interrelationships. iXBRL specialists should stay abreast with the changing taxonomy, rules, and regulations to file accurate reports with CIPC.
Filing iXBRL reports with CIPC is a complex process that requires experts to have a thorough knowledge of accounting. While hiring iXBRL specialists for your in-house team, make sure that the candidates at least have an undergraduate degree in accounting from an accredited university.
Working knowledge of preparing and filing financial reports with CIPC can help iXBRL specialists file error-free reports for your business. Look for professionals who have knowledge of iXBRL format, IFRS, spreadsheets, word processors, accounting systems, and software.
While you may have to constantly train your employees to update themselves on the latest rules and regulations, the candidates must have some expertise in working with the South African regulatory environment; the various accounting taxonomies, and the commercially available iXBRL applications.
So, if training iXBRL employees is not something you dread, you should keep in mind the points mentioned above while hiring iXBRL specialists. Or, you can focus on your core activities and outsource your CIPC requirements to a trusted iXBRL vendor…
DataTracks – Experts in iXBRL Solution for CIPC Filing
The iXBRL solution provided by DataTracks is all about quality, accuracy, and reliability. With a track record of 17 years, DataTracks has successfully delivered 220,000 compliance reports for over 21,500 clients in 26 countries. The company provides 100% error-free iXBRL reports to meet the CIPC iXBRL filing requirements. Be rest assured, DataTracks will ensure the confidentiality of your finances.
So if a hassle-free CIPC filing is what you are looking for, get in touch with an iXBRL expert TODAY @ +27-10-446-9061 or email at email@example.com.