Selecting the right software for your specific business can be a pain. There are so many options available on the market, each claiming it’s the ultimate solution for Xbrl. However, there are none better than Xbrl Suite. Not only does it offer the most advanced tools at an affordable price, but also provides you with practical business knowledge on how to use them!
Xbrl is a technical term in Europe, and in some U.S. States, meaning ‘Cross Border Trade’. In the software world it means an optimizing function that has just one parameter, which can be anything from a brand to a simple brand name such as “National Oilwell Varco” or “Texas Industries”. This term just means somebody wants to trade with somebody else or somebody wants to trade with themselves, or something of that nature. There are many websites which promote cross border trades of products and services, where the webmasters might not even know all the terms of their business. But it doesn’t matter if you do this for a living, …you still need software…
MCA XBRL Validation Tool
MCA XBRL Validation tool makes sure that only those XBRL documents which furnished the need of the taxonomy and business rules are furnished with MCA beneath section 137 of the companies Act, 2013. The MCA validation tool is essential to rectify the financial details or disclosures inside XBRL. Successful validation of the instance document is a pre-requisite before filing the balance sheet and profit & loss account on the MCA portal.
It might be specified that only successful validation of XBRL document through MCA Validation Tool shall not direct to the provision beneath section 129 of the Companies Act, 2013 which is according to it. It is essential to note down that the same validation XBRL document gives the correct and real value and considerable view of the state of affairs of the company under the financial statements opted in AGM.
MCA XBRL Validation Tool indeed furnished the human-readable pdf version of the XBRL document towards the simplicity inside the authentication and certification of the XBRL document which is furnished through the organizations to MCA. The best XBRL validation software of the MCA shall be downloaded from the official website.
- Price: Free
- Rating: 5/5
- Product Page: https://www.mca.gov.in/content/mca/global/en/home.html
Webtel Electrosoft XBRL Software
The Webtel XBRL software optimizes the simple mapping or tagging of the utility to financial & non-financial data that is Balance Sheet, Income Statement, Auditors’ report, Directors Report, Notes, and others and Financial Data for C.Y. & P.Y. under the MCA Taxonomy. It also furnishes the import-export utility needed details from or to MS-Excel Files / Word File / XML file through its established utility. The same XBRL software provides preciseness through its built validations of the XBRL instance document via the MCA validation tool so as to avoid mistakes. Generation of XBRL instance Document as per MCA Taxonomy. The software provides 100% security with auto backup along with restoration utility. Webtel supports its customers to prepare the XBRL reports and solve the issues.
- Price: N/A
- Rating: N/A
- Product Page: https://webtel.in/WEB-xbrl.aspx
Taxmann Allied Services Private Limited
The tool has been integrated seamlessly with the MCA website. It brings down the information from the MCA website through entering the DIN or CIN. it validates the XML file through the MCA utility, along with that it is just ready to upload the XML file and upload it on the MCA website. Easier import-export operations via excel templates. The software with or without information provides the download facility of the excel templates. The software has its individual feature of immediately upload or edit the information through importing pre-filed excel templates. It prepares and furnishes the unlimited returns forms in the formats such as C&I – AS, C&I – Non-Ind AS, and Cost Audit Report. It automatically files the information furnished in one field to all the relevant fields. The software guides the preparation and files the financial statements. Through the help of XBRL software, one can search in any page filed or the page from a single search box. It gives a facility to search with tags.
- Price: N/A
- Rating: N/A
- Product Page: N/A
How to Choose the Best XBRL Reporting Software?
#1 EASY INTEGRATION OF SOURCE DATA
As an organization, you can source data from a wide variety of enterprise applications. Now, the data sources you find vary in formats such as databases, spreadsheets, or XML files. Therefore, you should get a solution or software that easily integrates these data. Secondly, it needs to provide automatic sourcing of data and user-initiated sourcing of data.
#2 TAGGING OF INFORMATION
To master tagging, you need to have extensive knowledge of your business and information requirements. In XBRL, mapping files are used for the conversion and instance document generation process. The process requires further care as mapping determines the quality of the submitted data. If you rely on software instead of manual tagging, the software needs to provide an intelligent tagging feature.
#3 SMART SEARCH OF TAXONOMY ELEMENT
In tagging, the source data and taxonomy are deeply associated. There are approximately 5,030 elements in ESMA Taxonomy and more than 17,000 elements in US GAAP taxonomy. Hence, the process of finding the most appropriate XBRL element for tagging can be difficult for you. You can look for software that offers you an easy and context-based search facility.
There are other important features related to tagging such as mapping management, source document tagging, etc.
#4 COMPLEX DATA MANAGEMENT
In financial reports, both financial data and narratives remain present. Now, most of the information comes in a tabular manner or formatted content. It is done mostly for better presentation and analysis.
Therefore, your software should be capable of tagging the formatted content in the source document. Secondly, it should also maintain the same formatting in the instance document.
#5 XBRL TAXONOMY FEATURES
Taxonomy vision management is a vital aspect of XBRL reporting software. It should be capable of rolling the taxonomies forward from period to period. Customization of Taxonomy is another feature that your software should have.
Every company is exclusive and requires customization in XBRL services. The software should allow you to create and record a new element when a concept is not present in the taxonomy.
Taxonomy published by Regulator is subject to updates. Software should have the ability to quickly move from the older version to the newer version of the taxonomy.
#6 COMPREHENSIVE VALIDATION
The rules of XBRL are constantly changing and therefore, your software should come with comprehensive validation. It should be capable of providing an integrated process of validating all the criteria.
There should be validation at every stage of the process apart from a final validation. Also, it needs to provide a user-friendly report for resolving errors. Larger organizations often require a larger set of validation and business rules. For them, this feature is mandatory.
#7 INSTANCE PREVIEWER
Your XBRL software needs to have an easy instance previewer. This feature helps you to go through the report before creating an instance document or submitting it. As a result, you can get a feel of how the information tagged is looking in your instance document.
Conclusion
Nowadays it is also necessary for businesses to use some kind of accounting software. Sometimes this is referred to as financial-software since it handles all the accounting for the company. It may contain some controlling facilities like stockkeeping, payroll, and cashbook. Recently, with that certain facilities becoming more popular, Xbrl software became more prevalent. There are numerous reasons why businesses in Canada will need to use an Xbrl software.