Why should Auditing Firms Adopt DataTracks Rainbow iXBRL Software?

iXBRL has been mandated in South Africa for more than four years now. While companies have got the hang of preparing their financial reports in iXBRL format, there is still the debate of whether iXBRL preparation should be kept in-house or outsourced. Both have their pros and cons. 

If you have an in-house team for preparing and filing, iXBRL reports with CIPC, investing in good iXBRL tagging software can help you improve business efficiency. The following blog discusses why Datatracks Rainbow Software is the best choice for auditing firms and their iXBRL preparation in South Africa. 

First-Class Features of DataTracks Rainbow iXBRL Software

In adherence to market requirements and price compatibility, DataTracks Rainbow Software is the best choice to help audit firms with efficient and accurate conversions. With an advanced algorithm, Rainbow Software has compatibility with both IFRS and GRAP taxonomies

The features that make the software a must-have for auditing firms in South Africa include the following:

Features of DataTracks Rainbow Software:

  • Roll-Forward: DataTracks’ Software can carry over iXBRL tags from the previous period to help users minimize the time spent preparing iXBRL reports from scratch. It also enables audit firms to create multiple templates and reuse them for their filing companies. 
  • In-Built Validation Engine: The tagging software includes a list of all business validation rule errors or warnings provided by CIPC, enabling companies to generate 100% error-free reports. The in-built preventive validation mechanism can filter 95% of errors while tagging the document. 
  • Access Restriction and Audit Trail: The software provides privileges for each user and grants them section-specific access to ensure better authorization management. Furthermore, the comprehensive audit trail can help audit firms track user activities with detailed granularity. 
  • Easy Tagging: Rainbow Software’s easy tagging feature allows auditors to drag and drop financial information from the input software. This helps users to select multiple facts simultaneously and tag XBRL attributes. Additionally, the multiple input capability of the software can populate data from several MS Office software, such as Excel, Word, and PowerPoint. 
  • Data Cloning: The users can link facts present in different sections of the data within the software. Additionally, changes made at one location will successfully update the facts in other document locations, adjusted to scale and decimals. 

And the best part? DataTracks Rainbow iXBRL Software regularly updates the latest CIPC taxonomy version. 

Read: Who should use iXBRL Product?

iXBRL Software – Bottom Line

If you have an in-house team for iXBRL filing, consider opting DataTracks Rainbow iXBRL Software for efficient and accurate conversion. Or you can outsource your iXBRL filing requirements to DataTracks. With 18 years of rich experience, DataTracks has served over 23,400 business enterprises in 26 countries. DataTracks software and services have prepared over 3480,000 compliant reports so far. So what are you waiting for? Get in touch with an expert @ +27-10-446-9061 or email enquiry@datatracks.co.za TODAY! 

Frequently Asked Questions

What makes auditing firms opt for DataTracks Rainbow iXBRL managed software?

Auditing firms appreciate its accuracy in converting financial statements to iXBRL, along with advanced features such as roll-forward functionality and built-in validation.

What sets DataTracks Rainbow apart in financial reporting?

With its intuitive tagging system, robust security measures including access restrictions and audit trails, and compatibility with both IFRS and GRAP taxonomies.

What methods does DataTracks Rainbow use to guarantee accurate iXBRL reports?

The iXBRL software is equipped with a validation engine that automatically detects errors to guarantee compliance and accuracy in reports.

Is DataTracks Rainbow equipped to handle updates in financial reporting requirements?

Yes, the system is regularly updated with the newest CIPC taxonomy versions to ensure compliance with regulatory changes and requirements.

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