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iXBRL - Recommendations for converting word documents.

iXBRL - Recommendations for converting word...

SME - required to tag the accounts which are currently in a word document. Then send the file to the auditors, for them to send to HMRC.

There are 3 sets of accounts, between 15-30 pages each. (The auditors fee to do it is not feasible).

Thanks in advance for any recommendations. 

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12th Oct 2011 14:40

Iris Open iXBRL

Iris run an online ixbrl conversion service, never used it but worth a look:

http://accountancy-practice.iris.co.uk/iris-openapps/iris-openixbrl.aspx 

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12th Oct 2011 15:05

False Economy

It seems unusual that the auditor's do not provide the accounts these days, particularly if you prepare your accounts in Word.

Messing about tagging them yourselves only to send them on to be lodged seems a long way for a shortcut.

 

 

 

 

 

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By bonnere
12th Oct 2011 15:10

Thanks Paul.

Roland195, they already do the accounts and tax comps, but the fees agreed didn't include the conversion of the accounts to iXBRL. It may work out cheaper in the long run to do it ourselves, hence looking around at the options.

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FirstTab
12th Oct 2011 15:39

Trying it on

bonnere wrote:

Thanks Paul.

Roland195, they already do the accounts and tax comps, but the fees agreed didn't include the conversion of the accounts to iXBRL. It may work out cheaper in the long run to do it ourselves, hence looking around at the options.

Without wanting to cast aspersions on your auditors, they should not really be trying to charge you extra for this. Generally, speaking, if they have prepared the accounts & tax computations, presumably using their own software, ixbrl tagging is a 5 second job.

Of course, there may be circumstances I don't know about here, but I (and I expect 95% + of the accountants on here) don't make a separate charge for this.

 

 

 

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13th Oct 2011 18:47

Call me Mr 5%

Rowland, I made a charge to all my clients year 1 for iXBRL and I know of several other firms that did the same.  Yes in many cases the setup & tagging was easy but in others it was tricky, also we had research, training etc to do to gear up for it which we felt justified the one-off charge and we had no complaints from clients.

Maybe the auditors use Sage and have to export the finished product to something like Open iXBRL to be certain of full compliance?

By the way, attended IrisWorld today and saw a demo of Open iXBRL, very impressive.  The benefits though might come in year 2 onwards as the system remembers & learns.

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FirstTab
14th Oct 2011 09:21

Thought I might have too

Paul Scholes wrote:

Rowland, I made a charge to all my clients year 1 for iXBRL and I know of several other firms that did the same.  Yes in many cases the setup & tagging was easy but in others it was tricky, also we had research, training etc to do to gear up for it which we felt justified the one-off charge and we had no complaints from clients.

Maybe the auditors use Sage and have to export the finished product to something like Open iXBRL to be certain of full compliance?

By the way, attended IrisWorld today and saw a demo of Open iXBRL, very impressive.  The benefits though might come in year 2 onwards as the system remembers & learns.

To be honest, at first I thought I would have to make a separate charge as it all seemed very complicated & time consuming however when I actually came to do it I found in most cases it was no where near as difficult as I thought. I have had a couple of submissions I have had to play around with but so far I have been treating this as a training cost rather than fee.

Even if there is a fee involved, the OP is suggesting that it will be substantial. Assuming that the auditor used software such as Sage for the accounts & tax comp, I cannot see the justification for a significantly increased fee (unless there are complications we don't know about).

 

 

 

 

 

 

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10th Nov 2011 11:47

Blended Solutions from Arkk Solutions

You can try our Blended Solutions at Arkk. It offers the unique benefit of a managed tagging service and in-house tagging in one package.

Our ACA's will tag your accounts for you in Year 1 using our own conversion software. Once the accounts are tagged, one of our accountants will contact you explaining the tagging decisions made. During the handover process, you will be able to make changes to the tags until you're 100% happy, we will also test submit your accounts to the HMRC and provide you with a submission certificate. You can then forward the iXBRL file to your auditors for submission to the HMRC.

After your successful Year 1 submission, you will be able to easily tag your accounts in-house as we provide you with our iXBRL tagging software. You will also get the Year 1 files as templates which means tagging future accounts will only be a few minutes review job using our import tags and review tags features in the software. This means you don't need to worry about iXBRL, what tags to use and so on, because we will work with you in Year 1 to get it absolutely right, and you can just carry on the work for future accounts.

Also, because we have our own software and only specialise in iXBRL, we are in a unique position to offer significant savings over the auditors fee. You can find out more at http://www.arkksolutions.com.

 

 

 

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