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.

Continued...

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Comments
should_be_working's picture

Remember 'I-Sky' in Private Eye?

should_be_working | | Permalink

So that's ten paragraphs to say "forget Excel, buy our software instead!"

VT Accounts

peterk | | Permalink

I use VT accounts for final accounts production (an Excel "add-in"), it is very easy to use and I have never had any problem with iXBRL - it has also been voted one of the best accounts production and bookkeeping tools on the market; and all for £150!

And no, I have no affiliation with VT.

Excel accounts production on the run post-iXBRL

Bruce Maclennan | | Permalink

Firstly, I do have an interest in this topic - and if I should not be posting here I apologise.

Simply Accounts is just about to launch it's fully integrated iXBRL accounts package, not Excel based and very easy to produce - no manual tagging - but only for Abbreviated Accounts and no CT 600.