IXBRL accounts:Tag accounts or use accounting software?
I have previously prepared our statutory accounts using Word. Going forward I can either use tagging software on my Word document or use accounts prep software that also tags accounts. I like the flexibility that Word gives me but this should be weighed against the fact that I have no experience of using accounts preparation software. What would be the best route forward. The accounts are currently in UK GAAP.
If you don't start you'll never get it
Word gives a lot of flexibilty - the main flexibility is to allow mathematical errors!
I wouldn't worry about whether you have experience at this stage. That's the point of experience - it makes you better the more you have.
I use Digita Accounts Production and it's very flexible.
Arrange some demos 1 thanks
Following on from Peter's comment, once you have used (decent) software to produce accounts you'll wonder how/why you ever did it manually. So have a look at a few systems to get a feel for what they can do. VT seems to be a firm favourite with AW members with Iris & Digita following on with more integrated and far reaching facilities.
Knowing that the numbers you put in will end up being disclosed in the accounts is a key benefit but, for me, so is the fact that they then get picked up by the tax element of the software to produce the tax return & comps.
Decent accounting software should automatically tag maybe 90% of what you produce otherwise you can get intelligent tagging tools (eg Iris Openixbrl) that will interpret your word or excel accounts and maybe cover 50% to 60%. If you do go for this option make sure that the system you use "learns" from your tagging, ie next year it will do a better job itself.
iXBRL tagging...
From experience at DIGITA, and trying out most systems I would advise the "proper" software route. The tagging systems will guess a certain amount (and most do "learn") but it is often going to be more fiddly long term than learning a final accounts package.
Try out (or demo) VT and DIGITA (both are standalone accounts production) and see what you think. If you are just undertaking final accounts and ixbrl work you do not need a big system like IRIS.
Whichever you go with it may be worth investing in training from the vendor....
Dan
Tagging
Use VT Software to create an iXBRL file. It saves time.