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Why not produce the paper account from the iXBRL file?
If the paper accounts that are signed of by the directors were produced using a tool that read the iXBRL file (with no other input other then a format template) then there would be a lot less need to worry about the quality of the iXBRL tagging, as it would be picked up quickly if it was wrong.
Tagging accounts in PDF files and spread sheets just seem the wrong way around to do it.
iXBRL Tagging
I have been using Keytime accounts production software since iXBRL Tagging was required for accounts submission to HMRC. Although there have been one or two technical gliches in the software, these have been fixed relatively quickly and I have to say that I am very happy with the software and all our accounts submissions online, with the attached computations, have been successful.
The program is easy to use, once I had got over the initial learning curve and also the inputting of both last year's and this year's figures and I have been able to absorb the additional cost of the software with minimal fee increases for clients. Having now put in the figures for this and last year, when we come to do next year's accounts, the software will bring forward the previous year's figures, and therefore the time element for accounts production will be reduced.
If anyone is struggliung with iXBRL, then have a look at the keytime software. It is not overly expensive and it does work.
iXBRL tagging
I totally agree with theprovincialtaxshop. Keytime have come up with a very efficient bit of kit which is great.
VT Software
We are using VT Software for accounts production, and have only had one set of accounts rejected by HMRC, and it turned out to be an inputting error on our part. VT is cheap, and (touch wood) seems to do all the iXBRL work for you.
I am an accountant, not a computer technician so I fail to see why the onus is on the accountant to do the tagging when we pay software companies to do it for us!
RIA got the costs wrong
Here's an extract from the RIA re: joint filing / iXBRL...
" It is assumed the work will be carried out by an accounting professional at a cost to the business of £24 per hour.
This results in a one-off cost of approximately £6.00 per company. "
Alternatives - File4
It is also worth noting that for companies that produce their accounts in-house using MS Word or Excel there is technology that addresses many of these issues. File4 is software as a service that tags Word and Excel guaranteeing accurate submissions to HMRC and minimising manual input.
It guarantees accuracy because it uses HMRC validation rules, so if it isn’t right it won’t let you proceed. It minimises manual intervention as it has an intelligent engine that ‘learns and remembers’ tagging idiosyncrasies – the more the system is used the less manual input is needed.
Note : Apologies to all, as correctly reminded by Gary, I did not make clear my position. I am indeed Gareth Bradbury, Head of Product Management at UNIT4 Business Software Ltd, and FILE4 is our solution for the corporate market for Word and Excel conversion to iXBRL.
Forum decorum
It is also worth noting that for companies that produce their accounts in-house using MS Word or Excel there is technology that addresses many of these issues. File4 is software as a service that tags Word and Excel guaranteeing accurate submissions to HMRC and minimising manual input.
It guarantees accuracy because it uses HMRC validation rules, so if it isn’t right it won’t let you proceed. It minimises manual intervention as it has an intelligent engine that ‘learns and remembers’ tagging idiosyncrasies – the more the system is used the less manual input is needed.
You wouldn't happen to be the "Gareth Bradbury, Head of Product Management for UNIT4 Business Software" would you?
A bit of 'by the way, I work for...' if you please.