Relate readies iXBRL accounts software

ReviewTax and practice software developer Relate Software is the next supplier in the queue to offer UK practitioners and businesses a tool to output their final accounts in the officially recognised iXBRL format.

Relate’s developers in Ireland are putting the final touches to the latest version of its accounts production software, which will include an option to produce iXBRL accounts files based on the full UK GAAP taxonomy. The program is currently going through testing for HMRC’s recognised CT efiling software list. When demonstrating a working version for AccountingWEB.co.uk, product director Laurence Pyzer was hopeful it would ship to customers in December.

Available as an integrated companion for Relate’s Software Satisfaction Award-winning DRIVE practice management suite, the Relate accounts production includes a Generate iXBRL option for use once the final version of the accounts has been fixed.

“If you haven’t used an accounts production package before, it’s sensible to get onto a platform because generating the HMRL instance [through manual tagging] is a difficult process that takes place at the very end, during the finalisation process of a set of accounts,” advised Pyzer.

“Asking other people to do it or palming it out to a separate department is not an ideal solution. It becomes much harder to control and is harder to prevent loss of client confidentiality during that process. It’s better to build it into accounts production. It doesn’t take any extra time at all – you just press a button, unless there’s a unique aspect to those accounts.”

The software itself is “an up to date application” that has fully implemented the Companies Act 2006 requirements and latest clarified audit standards. Templates are available for limited companies as well as LLPs, partnerships, sole traders and farmers.

Continued...