The introduction to mandatory iXBRL filing has brought about a revolution in the way companies prepare and submit their financial information, especially in this post-covid situation. This transition has led to major challenges for finance professionals as it requires a clear strategy, amount of time, and dedicated resources for successful implementation. Given the scale of complexity involved, it’s hardly surprising that companies are looking to opt for an outsourced iXBRL partner.
However, with so many service providers available in the market, choosing “THE ONE” becomes challenging and tedious. So, here’s a 4-point checklist to selecting the ideal iXBRL partner for your business:-
● Check the iXBRL Partner’s Credentials.
Research the background, experience, and credentials of the iXBRL reporting service provider. Visit the website and check for:-
➔ Years of experience
➔ Number of iXBRL professionals available
➔ Countries or taxonomies they have worked with
➔ Number of iXBRL filings they have handled to date
Such scrutiny gives you a clear impression of the credibility of the service provider.
● What is the TAT?
If you opt for an outsourced iXBRL service provider, make sure you inquire about their turn around time to convert documents into iXBRL. The ideal TAT for iXBRL conversion ranges between a week to ten days.
● Look for References
Before hiring any outsourced service provider, ask for current customer references. You can speak to their existing clientele to gain insight into how well the service provider fulfilled their requirements, what issues they faced, and whether the quality of the iXBRL documents was at par.
● Make Sure they are Offering Expert iXBRL Support.
Considering the introduction of new CIPC regulations almost every other day, it has become more critical to seek expert guidance. So make sure the solution provider is offering adequate support and expert assistance as and when required. Furthermore, some service providers also charge extra for additional support hours, so look closely at the contract before finalizing.
A Reliable iXBRL Partner is a Key to Error-free Filing.
● Are they able to handle multiple accounts at once?
● Can the service provider offer the same level of service to every client?
● Do they have skilled and experienced staff to cater to customer needs?
The above mentioned are the critical questions that you need to ask before choosing the iXBRL service provider. After all, it is iXBRL filing for YOUR firm, and YOU are finally accountable for it. Choosing the right partner gives you peace in mind that your taggings are accurate and the process is robust. So make that choice wisely!
DataTracks is one of the most trusted global leaders in iXBRL conversion services. Since 2005, DataTracks has produced over 1,85,000 compliance reports for over 18,000 clients all across the world. With a niche in IFRS taxonomy and an in-depth understanding of CIPC regulations, DataTracks caters to the iXBRL needs of all eligible entities of South Africa.
For more information about the iXBRL conversion services offered by DataTracks, speak to an expert @ +27-10-446-9061.