Outsourcing iXBRL Tagging

Outsourcing iXBRL Tagging

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Can anyone advise what a reasonable fee for iXBRL tagging a set of accounts should be (SME set of accounts) Apart from recommendations where would one source a provider. Currently our external auditor does this but I want to look elsewhere as it seems very expensive. Would VT accounts (other packages) allow me to do it myself and is this easy to use. Stat Accounts are already in Word format so don't want to have to enter it into another system myself.

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By johngroganjga
17th Sep 2014 12:52

Yes VT accounts does it for you - as I am sure all other accounts production packages for limited companies do, or else they would not be fit for purpose.

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By TheBeancounter
17th Sep 2014 13:31

 

 

Thanks John, wasn't sure whether iXBRL was bolted onto VT etc as standalone. So if I have stats in word can I just tag it with VT or do I need to enter it?

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By johngroganjga
17th Sep 2014 13:44

No I meant when you use VT to prepare your accounts one of the outputs it produces automatically is a set of iXBRL tagged accounts.

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By TheBeancounter
17th Sep 2014 13:53

 

 

Oh okay understood. I see there are some companies that one can outsource to I'll see if I can find any reviews unless anyone here can share recommendations or experiences.

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By TheBeancounter
17th Sep 2014 13:59

 

 

There are a few on the HMRC Website, anyone used any of these?

 

1st Choice iXBRL Limited

 

Essential iXBRL

 

Innodata

 

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By User deleted
17th Sep 2014 14:28

iXBRL

 

 

I outsource this service.  I provide a TB and have the accounts produced and submitted to HMRC and Companies House.  It costs £70 per set of accounts

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Replying to Accountant A:
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By qad999
17th Sep 2014 22:25

£70 for one ixbrl ? thats really expensive

you can buy a package to do it yourself for not much more ( for unlimited clients numbers

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By TheBeancounter
17th Sep 2014 14:39

 

 

Some of the HMRC providers seem to be about £150-200  for about £20 pages

Presumably £70 is just for tagging not preparing the accounts :) Who do you use?

Our current accountants charge an obscene amount hence looking for alternatives.

I'm wondering whether a tagging provider is better or will a software solution be more cost effective over a few years.

 

 

 

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By User deleted
17th Sep 2014 14:44

No, it is not just tagging.

 

It is for preparing the accounts and submitting them.  I do all the journals for depreciation, accruals, stock etc and send her a TB.  She sends the accounts back for signature and then submits them.  

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By bonnere
17th Sep 2014 15:35

Datatracks

I have used these for the past 3 years, there have been no issues and they are cheaper than the auditors price.

http://www.datatracks.co.uk/

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By TerryD
17th Sep 2014 15:56

With all due respect

I don't see how you can get a full set of accounts prepared (whether for £70 or £70,000) by simply sending somebody a trial balance as so much of the legally required content of the accounts does not derive from the trial balance.

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By User deleted
17th Sep 2014 16:50

With due respect

All my accounts are done from bank statements, purchase invoices, sales invoices etc.  Everything is verified and the bank is reconciled.  I have asset registers etc.  In the event of an investigation I have everything to hand - what more could you want?

 

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By User deleted
17th Sep 2014 17:07

With all due respect

By the way TerryD, I am a qualified accountant, but sub-contract this function out purely because I am too busy.

 

I would be interested to know what the difference would be between me producing them, or someone else producing them and checking them myself?

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By martinscutt
17th Sep 2014 17:12

I think that what he is saying

Is that a full set of accounts usually includes more info than a simple TB can provide, not that you cannot work out a TB correctly.

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By User deleted
17th Sep 2014 17:15

That's why I normally steer away from these forums.  I was trying to help someone, but it's full of people blowing their own trumpets and looking down on others

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By User deleted
17th Sep 2014 17:19

Your Loss

That's what I thought - I was only trying to help someone.  Get a life

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By TerryD
17th Sep 2014 17:40

All I was saying was that,

All I was saying was that, for a limited company set of accounts, there is a lot more content than can be gleaned from a TB alone. E.g. Directors' Report, Related Party Transactions note, secured creditors, controlling party, etc., etc. So I don't understand how such accounts can be produced solely from a TB, whoever produces them. If my comment caused offence, then I apologise - none was intended. But I'd still like to know how you achieve a legally compliant set of company accounts from just a TB.

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Replying to atleastisoundknowledgable...:
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By qad999
17th Sep 2014 22:23

you cant

I agree you cant produce  stat accounts from just the tb .. you need the other info . thats where professional training comes in .. you are taught these things (disclosure requirements etc )

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By 3569787
03rd May 2016 16:28

Free tagging site

;

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By User deleted
17th Sep 2014 17:51

I bid you farewell!
I must admit my main reason for joining this forum was to refer work. I thought it would be nice to strike up relationships, and pass on a few jobs as I can't keep up with my growth at present.

I can see that this is the wrong place.

I wish you all well

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By TerryD
17th Sep 2014 17:59

@Liane

Please, before you go, just tell me what got you so upset - and if you could answer my question, that would be even better!

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Euan's picture
By Euan MacLennan
17th Sep 2014 18:34

We prepare iXBRL accounts for others

We help out a couple of other accountants by (re)producing accounts in IRIS in iXBRL format for medium-sized companies or small companies with unusual aspects which the HMRC CT Online service cannot handle.  Subsequently, we file the (abbreviated) iXBRL accounts at Companies House and the full iXBRL accounts with the CT return and computations at HMRC by internet direct from IRIS.

Posting from a TB is much the quickest way of getting the figures into IRIS (or probably, any other statutory accounts software), but to answer TerryD's question, we input all the narrative notes from the accounts which the other accountants have prepared for their clients (and we reproduce the other accountants' tax computations).  They are not our accounts and we accept no responsibility for them, other than to transcribe them correctly into iXBRL format and to file them on behalf of the other accountants.

However, we charge more than £70 for the service.

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By qad999
17th Sep 2014 22:20

why outsource ?

jeez... why outsource ?..  its simple if you use a cheap package like vt , you dont need to use it as a bookkeeping package either  , just enter the final trial balance which you might have used excel to produce. .... and  you just click the option to  produce the"ixbrl" format and  you can attach that in your normal tax package

 

vt is a bit raggedy around the edges for stat accounts production.. from memory it didn't pick up directors remuneration from the tb and it had to be entered manually again ... there were also  couple of other things .. eg..problems with related party notes - had to be entered directly in the "accounts notes" worksheet whereas they should really restrict all the data input to the tb worksheet or a  supplementary data input sheet  .. also dividend note formulae needed correcting in notes ... just a little messy around the edges , but nothing that you cant sort out .. just remember to print off and cross-check it first and you will see where the  problems are

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