Have you heard the saying about putting a Band-Aid on a bullet wound? It describes a situation where someone attempts to deal with a serious problem in an inadequate manner. At CaseWare, we create solutions that allow our clients to handle situations and tasks as comprehensively as possible. When it comes to XBRL, Band-Aid solutions might seem like attractive options, but they quickly fall short.
We chatted to our XBRL experts about the differences between end-to-end and Band-Aid solutions. They outlined a few reasons why these solutions miss the mark.
Band-Aid solutions may appear more cost-effective than an end-to-end solution, but they prove to be more time-consuming and are generally inefficient in the long run.
For example, for your financial statements to be XBRL-compliant, the Companies and Intellectual Properties Commission (CIPC) requires certain fields in the financial statements to be tagged. If you are using a Band-Aid solution, you first need to prepare financial statements and the output must be manually tagged by the service provider. While that may not sound complicated, all financial statements must be 100% correct before the service provider can tag them. This process is quite complicated and delays your submission to the CIPC. And let’s not forget that because the output is tagged, there are no saved versions, which means that companies have to repeat this process every year.
How CaseWare simplifies the process:
- CaseWare Working Papers offer an end-to-end solution for XBRL.
- CaseWare Working Papers uses the taxonomy for XBRL, laid out by the CIPC, to tag the relevant fields while the financial statements are being produced and they can then be submitted to the commission right away.
- Where competitor solutions require manual tagging, CaseWare’s template tags the relevant fields automatically. This also happens while the financial statements are being produced.
- If something is not tagged correctly, the Working Papers make it easy to correctly tag things before outputting.
- CaseWare’s end-to-end solution saves the tags so that future financial statements are tagged in exactly the same way. There is no need to repeat the process several times over.
- CaseWare’s template has been tested with real-life clients, some of whom could submit their financial statements to the CIPC in less than 10 minutes.
- Because CaseWare involved clients in the process, they could provide feedback to improve the software.
Are you ready to submit your annual financial statements to the CIPC in an XBRL-compliant format? If the answer is no, then our range of end-to-end XBRL solutions will ease the process for you. Contact us to find out more.