Outsourcing iXBRL Services: Less Operational Costs, More Accuracy

The Companies and Intellectual Properties Commission (CIPC) of South Africa was the first regulator in Africa to roll out full-scale implementation of iXBRL in 2018. The primary reason for introducing and mandating iXBRL filing was to streamline the financial reporting process for companies in South Africa. However, the tasks involved in iXBRL compliance, such as software investment, hiring experts, and ensuring validation, have increased the burden for several issuers. 

Complying with CIPCs iXBRL requirements requires companies to hire an in-house team with in-depth knowledge of the CIPC iXBRL taxonomy and the different iXBRL tagging approaches.

Know: What is iXBRL Tagging? and How to Choose your Ideal iXBRL Tagging Partner?

Furthermore, the professionals in the group must stay abreast of all the latest changes updated by the CIPC. Is it a task involving a lot of costs and scope for errors? Fret not! One effective solution to this problem is outsourcing your iXBRL requirements. Outsourcing iXBRL services will reduce operational costs and ensure error-free filing. How? Read on to find out. 

Benefits of Outsourcing iXBRL Services

1. Re-Allocation of Resources

To execute iXBRL tagging, the team should know all the latest iXBRL rules and guidelines. Hiring and training a full-time staff is one option to achieve this. However, outsourcing is the best solution if you want to cut operational costs without compromising the quality of work. 

By outsourcing iXBRL services, you can get a team of trained professionals well-equipped with the latest iXBRL software. Outsourcing iXBRL services save you the cost of setting up an in-house team and allow you to reallocate the funds for business expansion. 

2. High Accuracy of iXBRL Reports

The outsourced XBRL service vendors have a team of individuals with rich experience and the required skill sets. So you can rest assured that your iXBRL reports are being prepared by professionals who are up-to-date with the financial reporting standards and the know-how of South African taxonomy. 

Getting professional help from a fully trained staff will help you ensure error-free reports for CIPC filing. Moreover, it will eliminate your need to spend a lot on acquiring and training new employees. 

3. No Additional IT Costs

Businesses that prepare their iXBRL reports in-house must bear the additional costs of investing in and updating software. However, you can avoid these costs altogether if you outsource your iXBRL requirements

If cost is a factor that you wish to minimize, outsourcing can be the best bang for your buck! 

Learn, When to Outsource iXBRL Preparation?

DataTracks – The Most Trusted iXBRL Vendor

To conclude, outsourcing iXBRL services can help businesses save time and money and ensure error-free reports; what else can one want? If you are looking for a trusted partner with years of experience and expertise, DataTracks can be your top pick. With more than 18 years of experience, DataTracks has become a global leader in compliance reporting. The professionals at the company have prepared more than 348,000 compliance reports for over 23,000 clients.

So what are you waiting for? Speak to an expert @ +27-10-446-9061 or email enquiry@datatracks.co.za TODAY! 

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