Who Should Choose iXBRL Product?
Since its inception, iXBRL has often been linked with time and cost savings, a faster review process, reliability, accuracy, improved analysis, and so much more. But why should your company choose an iXBRL product?
Scenarios where choosing iXBRL product is the ideal solution:-
Have a Large Business & Need to file AFS for multiple accounts? Choose iXBRL
Filing AFS in the iXBRL format is tedious and time-consuming. Every element needs to be carefully tagged; every value must be checked and double-checked to ensure 100% accuracy. And if you are filing more than one account, things can get very taxing quickly. This is why you need a robust and agile iXBRL solution to prepare your iXBRL financial statements in just a few clicks. However, you or your team need to know iXBRL and its tagging process even to do that.
So not only do you need to invest in an iXBRL solution and a team of finance professionals who are well-versed with the iXBRL and South African taxonomy and can speak the iXBRL language fluently.
Have a Small Business? iXBRL is the Ideal Choice
Usually, small companies focus on increasing their sales and expanding their business, which is why they don’t have adequate resources or time to invest in preparing iXBRL financial statements. But it’s a mandate, so what can you do? Enter, iXBRL solution…
An iXBRL solution allows computer-readable tags to be attached to an electronic file that can be read by both humans and machines. In addition, it takes the tedious task of manually tagging elements off your hands, which is a hand-to-god blessing; trust the experts!
Looking for a Cost-Effective Filing Solution? You Should Choose iXBRL.
If you don’t choose an iXBRL solution, you’ll need to incur the following costs:-
- Hiring and training a team of professionals
- Learning the iXBRL language yourself because you can’t get the work done unless you know about the process.
- Infrastructural investments
- Rectification costs incurred due to improper understanding of taxonomies and the iXBRL conversion process.
A robust iXBRL solution comes with pre-programmed tags, so no worries. And as far as the taxonomy is concerned, an agile iXBRL solution is up to date with the latest regulations and provisions of the CIPC, so even if your team misses a step, you’ll be notified before the final submission.
Looking for a Trusted iXBRL Product? Your Search Ends Here with DataTracks
The iXBRL solution offered by DataTracks boasts of the three pillars of CIPC compliance – reliability, accuracy, and quality. With over 16 years of commendable track record, DataTracks has successfully delivered 200,000 reports to 19,900+ clients worldwide. In addition, if you want to save yourself the hassle of converting and preparing iXBRL statements altogether, outsource the entire process to DataTracks. So rest assured, your finances are in safe and confidential hands.