ICPA Analysis: iXBRL 1 year on, the view from a software vendor
iXBRL and Comprehensive Accounts: one year on
Ian Vickers looks back on a successful 12 months for the iXBRL software
In April 2011 all accountants had to start learning ‘new tricks’ in order to deal with that most basic of practice functions, namely lodging accounts and the CT600 with HMRC. For years this was easily achieved using pen and ink and the red box on the end of virtually every street. As technology advanced we accommodated HMRC by converting our accounts to a PDF and attached them to our CT600 generating software - or we carried on using the pen-and-ink approach if we wanted to.
Last year everything changed and we had to convert our accounts to the iXBRL format - and it was goodbye to the old biro.
This need to prepare accounts in the new format resulted in the creation of Comprehensive Accounts. Our friends at the ICPA asked for a simple, cost-effective program that would produce FRSSE compliant accounts that could be in the iXBRL format so beloved of HMRC, and which could then be attached (just like a PDF) to every commercial CT600 generating software including HMRC’s own free version.
As we approach April 2012 we can say that Comprehensive Accounts has met the challenge and buyers are happily attaching their accounts to every major CT600 generating software package, from PTP to Taxcalc to Absolute to Btc and, yes, to HMRC.
Our knowledge-based approach to helping resolve questions rather than the more expensive telephone support has meant that we have been able to keep the cost of the software at a remarkable £100 pa (£180 for non ICPA members) for 50 accounts, or only £150 pa (£230 for non ICPA members) for the unlimited version.
Users have reported how easy the program is to use but the simplest way to be sure is to download a demo from www.comprehensivesoftware.co.uk, certain in the knowledge that any data you enter will be secure and still available to use when you buy the full licence.
If you are unhappy with your existing solution to the iXBRL issue, whether in terms of cost or functionality, take the time to checkout Comprehensive Accounts.
Ian Vickers ACA, MD, Comprehensive Accounts
This article is taken from “Accounting Practice” the ICPA quarterly magazine. Dedicated to supporting and promoting the needs of the general practitioner. You can find us at www.icpa.org.uk or email firstname.lastname@example.org or by ‘phone on 0800-074-2896