Since the day iXBRL concept was introduced by the CIPC, South-African companies have been hustling with additional compliance requirements and overburdening their finance professionals. However, that’s not why iXBRL was introduced; it was instituted to standardise the financial reporting process and reduce the compliance burden of businesses.
No matter what approach business owners take – hire an in-house expert or outsource the entire filing process, iXBRL is here to stay.
Speaking of hiring in-house professionals and outsourcing, which one do you think is best for your business? There are several reasons to in-source, but there are innumerable reasons to outsource. Some of which are:-
● Understanding iXBRL Tagging and Taxonomy Requires Expertise
Comprehending the taxonomy and tagging of iXBRL is no walk in the park. You may have an idea about the taxonomy; however, it requires expertise and training to ace the domain. And being a business owner/stakeholder, you want to focus on your core business operations. Moreover, outsourcing service providers are already equipped with the right software and expertise, so why not leverage that to your benefit.
● It’s More Convenient to Outsource
You may be pondering over the thought, “why outsource when I can simply hand it over to my finance team,” right? Well, here is where the burden begins to add up. First, you need to train the team and get them well-versed with iXBRL tagging and taxonomy. Additionally, there’s the additional task of staying updated with the changes being introduced by the CIPC. So why not let your accountant do the job he/she is precisely hired to do. Moreover, if you have access to outsourced service providers at cost-friendly prices, it is a better and more efficient approach.
● Outsourcing Can Reduce the Compliance Burden
Outsourced iXBRL service providers take care of converting financial statements into the iXBRL format by correctly tagging the accounts. So no more worrying about complying with the CIPC’s regulations any more. Moreover, by outsourcing the conversion and filing process, you can have access to a standardized format, which can also help you analyse company data efficiently to make data-driven decisions.
Leverage the Benefits of Outsourcing to DataTracks
Outsourced service providers like DataTracks provide an intuitive way to tag financial statements that ensures your reports are error-free. With a commendable partner like DataTracks by your side, you can rest assured of the quality and accurate filing of financial statements in iXBRL format. Boasting 15+years of experience in preparing quality iXBRL financial statements, DataTracks can be your ideal iXBRL partner.
Get in touch with one of the experts @ +27-10-446-9061 and make your way to convenient and affordable iXBRL conversion services.