Excel accounts production on the run post-iXBRL
Accounting practices have reduced their reliance on Excel spreadsheets and Word documents to cope with the demands of filing electronic accounts with HMRC in the iXBRL format, according to CaseWare.
During the summer the accounts production specialist conducted a survey among its clients firms and found that for three-quarters, just one in ten of their clients were still using Microsoft Office tools to produce their accounts.
The result was "encouraging", CaseWare said, but that represented a large number of companies that were still relying on Excel and Word. Seven out of ten of the practices surveyed reported that clients preparing spreadsheet final accounts added on average around two to six hours' extra work for their accountant.
Automated accounts production tools are natural territory for accountancy firms preparing multiple accounts for their clients, but the iXBRL effect was extending into the corporate world, according to CaseWare sales and marketing director Shez Hamill
"iXBRL is starting to drive Excel out of accounts," he said.