iXBRL Success
IRIS customers have successfully filed over 192,000 sets of
iXBRL compliant accounts since April 2011.
If you are yet to submit the majority of your accounts, are new to
IRIS or haven’t yet embarked on iXBRL,
here are a few things to consider.
The 5 R’s of iXBRL success:
| 1. |
Review: If you have already made a submission,
take a step back and review how the process went. What
worked? What would you change next time around? Is more
training and education needed?
|
| 2. |
Refine: There is no one-size-fits-all solutions
for iXBRL. The end goal is the same but there are different routes
that you can take in order to reach compliance:
a. Accounts production
software: IRIS Accounts Production will ensure that elements
within a set of accounts will be automatically tagged with the
appropriate iXBRL definition. You can still change the tags
as required but IRIS Accounts Production providers the quickest way
of producing iXBRL compliant accounts.
b. Tagging tools: If you prefer to complete
your accounts in Microsoft Word or Excel this is still possible,
but a separate tagging tool, such as IRIS
OpeniXBRL, can be used in order to make the accounts
iXBRL-compliant.
c. Outsource to the experts: IRIS makes iXBRL
easy but if you prefer to outsource, you should look at IRIS
OpenResourcing. Trained experts will ensure your submission is
compliant either in IRIS Accounts Production or by converting a set
of accounts produced in Microsoft Word or Excel, or Adobe PDF
format.
|
| 3. |
Responsibility: iXBRL is a complex issue and it
is here to stay. Many accounts managed to get through the
Government Gateway with the bare minimum of sixteen elements tagged
in response to the April deadline, but you will need to get to
grips with more than 5,000 tags eventually… It’s worth having a
dedicated member of the team to keep an eye on HMRC
requirements.
|
| 4. |
Roadmap: Many accountancy professionals
underestimated how long it would take to make their first iXBRL
submission. For your next group of submissions, work out a
timeline leading up to the deadline and make sure you stick to it
to avoid a peak in your workload.
|
| 5. |
Revolutionise: While many firms have seen iXBRL
as a challenge, it is also an opportunity for accountancy
professionals to review the way they work. Eliminating
inefficient processes could help boost productivity and free time
for higher fee generating work.
|
4
iXBRL-compliant solutions from IRIS, choose yours
now...
Register for a
no obligation software demonstration and we'll talk
you through your options. It's a great way to see first-hand how
IRIS can handle your iXBRL requirements.