A quick guide to XBRL filing in Singapore – Several advantages of XBRL

by Mike Nelson Accounting Services Provider

XBRL Filing

 

If your company is old enough, let’s say 13-15 years, you already know that ACRA (Accounting & corporate regulatory authority) has implemented a new rule, where all the incorporate companies have to file their annual financial report in XBRL format.

 

XBRL stands for eXtensive Business Reporting Language, which is a type of open standard reporting language, made with a primary objective to enhance the quality of your annual financial data reports. The director of the company must make sure that the input data are accurate and deliver the correct information. The job is not only time consuming, but you need in-depth knowledge of accountancy and should be accustomed to all the current or changing tax filing trends.

 

In this case, the company or more specifically the director has two choices,

 

1. Either he/she can manage all by themselves, which may or may not cause errors
2. They can XBRL filing services Singapore and free themselves from all the hassles.

 

Choose the best XBRL filing services

 

But, before you make any judgments, you need to make sure if your company is fitting in all the criteria or not, as exceptions are there for a few companies.

If you are for help to do XBRL filing in Singapore, you must choose a company that is not only experienced but has more ratings in customer satisfaction. Make sure that they have the most skilled professionals, who can file your financial reports on time with 100% accuracy and no delays.

 

When it comes to file the annual ACRA-complaint XBRL report, many people get scared, especially the newly established companies. So, if you aren’t qualified enough to do them by yourself, you are more inclined towards mistakes that will cost your time and money. If you don’t want to go through all that, just get in touch with a reputable agency that is indulged in XBRL filing Singapore.

 

XBRL: Advantages

 

After reading all of these things, the most important question is spinning around your head that why XBRL? What are the advantages of it? Well, surely there are several advantages in XBRL filing, otherwise why would the ACRA come up with this!

 

 

• If you want to read, analyze or compare your data, XBRL would be the best option for you as it has one superpower, where it can make any information readily accessible to anyone. With XBRL, it is much easier to go from the stakeholders to the company analysts and from there to the governing bodies.

 

• Today if a business faces several errors, you can rest assured that they are still going with manual processing. With manual processing, you aren’t only facing too many error cases, but it takes a very long time to prepare and review the daily, monthly or annual statements. With XBRL filing, you can just forget about that time consuming manual data processing, which means you, can spend more time analyzing the reports.

 

 

• A lot of people think that XBRL is only related to financial data filings, which is nothing but a misconception. You can use XBRL for non-financial data filing as well, like you can use XBRL to keep track of your inventory information more efficiently. So, XBRL is not only improving the financial region, but can also help you in different sectors of your business.

 

• A recent data shows that after implementing XBRL, the entire cost of preparing annual financial report filing has reduced by half. It may come as a surprise to you, but after using XBRL the companies are saving up to S$ 8000 on average.

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Created on Mar 19th 2020 17:50. Viewed 401 times.

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