iXBRL Converter: Making iXBRL Reporting Easy for Everyone!
iXBRL is designed to be read both by computers and humans. It is an in-line extensible business reporting language that enables the computer readable reports to be tagged. This assists the companies to process the data and use it more efficiently. iXBRl tags help to identify the account information. The iXBRL converter is used to convert pdf or documents to iXBRL and vice versa.
As per the new rules laid down by HRMC, the corporate companies will have to submit their tax returns in the required format of iXBRL. Government agencies prefer the companies to file their reports in iXBRL in place of other documents. The iXBRL software helps in tagging documents in reports that HMRC recommends for a successful documentation. Since HMRC does not accept PDF's for reports, the iXBRL converter is used to convert them into readable prescribed format.
Working of iXBRL Converter
The conversion tool takes the word, pdf or excel documents in reports and converts them into iXBRL. The companies can then tag the data with help of the software. There are professional firms which deal in iXBRL and XBRL. They are involved in conversion services for their clients and work in line with HMRC guidelines.
Need for iXBRL conversion
Financial analysts and organizations are well aware that converting the documents in iXBRL is not that simple. It requires a iXBRL converter that can assist in converting in the stipulated format. The use of iXBRL software requires ample training to convert accounts in iXBRL format. To avoid the training cost, some firms outsource the work to specialized firms that are involved with iXBRL report making and tagging saving cost and resources.
After checking whether the reports meet with HMRC requirements, they are emailed back to the parent company.
This results in having a smooth current work flow, saving of time, competitive prices, an integrated quality solution and customer support.