The Implementation Process That Gives You In-House XBRL-Printing Capability.

XBRL is coming soon, and the standardised reporting format will likely become a requirement across multiple reporting and regulatory bodies.

This means you’ll need to implement a solution that benefits your business in the long term.

How are You Implementing XBRL Reporting in Your Business?

There are three ways you could be doing XBRL reporting to the CIPC. We list them from the most likely current setup to the most effective and beneficial integration. Examine the pros and cons of each and decide which is the best long-term strategy for your organisation.
Cortell FPM in Real-Life Header - analytics with hand
OUTSOURCING XBRL

Sending your financial reports to the 3rd-party financial printers each time they are updated.

Pros:

  • Reduces responsibility within your teams
  • Saves time on the setup and management of the XBRL Software
  • Saves Costs of Installing an In-House Solution

Cons:

Reduces the actual reporting time-efficiency due to:

  • Manual Updates
  • Re-Tagging for any change
  • Verification and sign-off responsibilities are in your organisation, but external parties have created the data.
  • The risk of incorrect data slipping through is increased on each hand-over.

As we can see from this breakdown, an outsourced financial printing solution may not give you all the benefit it appears to.

IN-HOUSE XBRL

A better solution, which still has a distinct disconnect from your actual financial software and FPM solution, is the option of hosted, in-house applications. However, this solution is still not linked to the source material, and still requires all the work for the outsourced solution, without the benefit that outsourcing provides.

What’s the solution that will effectively reduce errors, give you assurance, and save time and money in the long-term?

AN INTEGRATED CDM, XBRL, AND FPM SOLUTION

An integrated reporting solution which connects your Source Data through your CDM software directly to the XBRL reporting interface allows you the full control of an in-house solution, with the time- and resource-saving benefits that are offered by an outsourced financial printer.

The solution links directly to your source data, through the CDM System.

The integrated XBRL Cycle

This gives you numerous benefits:

  • Tag once and allow the CDM integration to remember your choice.
  • Optimise process consistency and automate manual actions to save time.
  • Access a single-view, secure version of your company financials.
  • Create dynamic reports directly from your source data.

Standardise the review and validation processes to ensure consistent and accurate numbers.

With Cortell’s focus on Intelligent Business Solutions, we aim to optimise your business processes as much as possible, so that you have more work-hours dedicated to optimising your output.

An integrated XBRL and CDM solution is a long-term investment. Consider starting today.

Discuss XBRL with Cortell

Contact Tiani Annandale, our resident expert.

Cortell is a CIPC-recommended service provider.

If you have any queries about the necessity of XBRL reporting functionality in your CDM system, contact us to discuss your business requirements.

Email Tiani

Have a different query about your FPM solution, CDM implementation, or reporting systems?

 

Contact Cortell: 0861 267 835 | info@cortell.co.za   

March 9, 2018in Articles, Business, Newsby Alison KrummComments Off on The Implementation Process That Gives You In-House XBRL-Printing Capability.