best xbrl software

The December 2008 announcement by the SEC has been cause for celebration in the XBRL community, especially among small software vendors who've been looking forward to this reporting standard to be mandated for quite a while now. We ought to start to see the big software vendors like IBM, SAP, Oracle, and Microsoft jockeying for position as their customers begin XBRL reporting rollouts. However, it is likely to be time before we see consolidation in this marketplace. Although XBRL has existed since the late 90's, it's only the recent SEC mandate and to a smaller degree, the roadmap for adoption of the IFRS standard, that is fueling the current curiosity about XBRL reporting. In addressing CFOs, COOs, and Accountants of both public and regulatory companies, I'm discovering that there's still confusion about where in the first place an in-house XBRL implementation strategy, what the main components are, or when to join the bandwagon. Furthermore, the requirements of public companies are very different from the requirements of the organizations that regulate them.xbrl software

As a Technology-based Solutions Consultant advising and delivering ERP, e-commerce, and Business Intelligence (BI) solutions for large organizations within the last 20+ years, I have observed first-hand, how easy it's to act as things to all people. A new technology evolves, vendors emerge in the space, and although each vendor has their particular strength, they often portray themselves as obtaining the silver bullet, as opposed to employed in partnership together in order to provide the best value for the xbrl software

In the financial services community, prospective customers of XBRL products and services typically fall within 1 of 2 classes - 1. public or regulated corporations and 2. regulators or other organizations involved with data collection and consolidation. (Let's leave the common investor on the sidelines for now. As their only requirement is to see company reports, they'll have their needs met by free downloadable XBRL report viewers.)

In this to begin two articles, I will focus on the implementation needs of the public or regulated company. My follow-up article will focus on the XBRL implementation needs of regulatory organizations.

For companies which have to conform to regulatory bodies, (or private companies that may also be regulated and have to offer reports in XBRL format), the technology enablers for incorporating the XBRL reporting standard into their businesses are out there one of the XBRL vendors - UBMatrix, Corefiling, Fujitsu, ABZ Reporting, Rivet software, Coyote Reporting, Snappy Reports, to mention a strong core. (NOTE: I'm not endorsing the companies I'm mentioning in this article. I'm just providing them as types of the vendors in this marketplace.)

XBRL integration is fundamentally a three-step process. Import/extend a taxonomy (a business rules data dictionary) which creates the XBRL "tags" for your reporting structure; run important computer data through the tagging process, using your taxonomy; finally, render the data in a user-readable format.xbrl filing software free download

The XBRL vendors have created three automated off-the-shelf products to assist you complete these steps with minimal pain:

1. Taxonomy Designer - which gives a user-friendly online interface to allow you to build, import, and extend reporting taxonomies. This really is your "tagging" tool. And there are a wide selection of these tagging tools out there. You may also find a free of charge one knowing where you should look. I will suggest you acquire a Taxonomy Designer that has drag-and-drop capability and allows you to import and extend a foundation taxonomy that is downloadable from the Internet or provided to you by an associated company or regulatory body. Ensure this tool also is sold with built-in taxonomy validation at both the bottom and extension level.

2. Processing Engine - which uses your taxonomy to essentially map the conversion of reporting data from text, CSV, Excel, HTML, XML, etc. format into XBRL. I suggest purchasing an engine that makes for two-way conversion. So starting with XBRL, you can convert back once again to whatever source you began with, or to a different standard format. Try to find an Engine with built-in data validation functionality or be sure that data validation comes bundled along with your Report Builder (next step), i.e., to flag unbalanced accounts. This will save you lots of manual effort and frustration.mca xbrl software

3. Report Builder - allows you to render (display) XBRL "instance" documents", or individual financial reports in a user-friendly format for the internet, in PDF, or even to MS Excel or Word formats, etc. Again, this involves your taxonomy as input, combined with report data, in order to render the report in a format that individuals can read. These report builders differ a lot with regards to functionality. Some provide web rendering capability only; some render in multiple formats including Word, Excel, and PDF; others provide parameter-driven comparison capability. Be clear on the functionality you need. This puts you ready to negotiate the price of the tool you finally select.

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