Hire Credible Company for Conversion of Financial Statement in Suitable XBRL format
As per the legislation passed by the central government, all major companies in India need to file their financial reports to ministry of corporate affairs in XBRL format. As per the companies act 1956, all the companies registered or enlisted in the stock exchange are required to file their financial report. The financial report illustrate on profit and loss and details of financial transaction undertaken by the company in that particular financial services. For filing this form of financial statement it needs to be converted in suitable format. The financial statement can be converted to standard XBRL in any of the following three ways. Free XBRL template is one common from.
The standard format is suitable for small business firm with low level of transaction. Under this format all the financial entries and data are entered manually in the given format to XBRL. This is best suited format for simple financial statement or accounts. The template integrated with number of editing option. For easy reading and accessibility the file can be stored in suitable PDF format. Candidates also have the option to save the input for further editing or prevent the file from getting saved the confidential data and record saved is not accessible by third person. The template is most easy to use and operate without any prior training. This template is most aptly suited for small business enterprises with limited financial statement.
There are few basic steps involved in getting started with this form of template first and foremost a person need to get registered and set up an separate entity account. Fill up the template, extract the XBRL document and file the template with ministry of corporate affairs. As per the requirement a person can also opt for slightly higher services. The next in the line is data tracks self service XBRL software. It is web based XBRL tagging software. After initial registration, a person needs to manually tag the financial data for converting the financial statement in XBRL format. This form of conversion is best suited for CA firms and practicing company. This is a low cost conversion procedure and requires limited extend of training. There are number of online blogs, websites, online streaming videos providing with detailed guidance on the usage of the same.
Data Tracks Full Service XBRL Conversion Services is more advanced form of conversion procedure. The financial statement can be in any format Excel, PDF or Microsoft Word, all a person needs to do is tag the financial statement, and it will automatically get converted to XBRL format. Fully service scheme is best suited for large scale corporation and companies. There are several service companies offering this kind of conversion services. Online website is the best platform to get pertinent information on the same. The best option is to get price estimates from several service providers and compare prices in order to get best deals possible. It is imperative to prior verify the authenticity and reliability of the service provider before opting for any services. In order to reduce cost price on conversion the ideal option is to provide the servicing company with the essential inputs well before time and provide with maximum time frame for the expected output return.