Get the Help of XBRL Vendors for Implementing SEC XBRL

Author: pansyjannis | Posted: 06.06.2012

XBRL is nothing, but eXtensive Business Resource Language and it is the global standard for exchanging of business. Some of the top software vendors were jockeying for position as their clients started XBRL reporting rollouts. Even though the concept of XBRL was introduced in the early 1990s, it was recently mandated by Securities Exchange Commission (SEC). Even after the popularity of SEC XBRL, some business owners are still in confusion with respect to implementation of XBRL in-house. When it comes to implementation of this language, it should be remembered that the requirements of public organizations are different as compared to the requirements of the organizations that regulate them.

As and when a new technology develops, vendors emerge and this is true in the case of XBRL as well. There are many XBRL vendors out there and it is the responsibility of the business owners to find the best solution provider in this respect. Some of the best vendors offer XBRL solutions with a wide range of features like customer tagging of SEC reports with the help of trained technicians, fast TAT ensuring timely filings, affordable turn-key services, customized in-house solutions, etc...

Expert vendors offer the best service with focus on two main points namely service and quality and they should also be in a position to avoid unnecessary and expensive overheads. To achieve all these it is safe to get the help of an experienced firm offering SEC XBRL service. The vendor should have a team of specialist for meeting the individual business requirements of their customers and they should be in a position to offer tailor-made solutions to business owners.

Best vendors not only handle all works pertaining to XBRL by themselves, but they also offer the service of training some staff of their customers in such a way that they can handle some tasks pertaining to XBRL without any difficulty. The Securities Exchange Commission has recently introduced a new mandate for XBRL reporting and this has added another layer of expense and complexity to the process of reporting. While larger firms will be in a position to handle this extra expense without any hardships, start-up and emerging firms will find it difficult to handle it; however when these firms get the help of expert XBRL vendors, they can relieve themselves of this worry of handling the extra expense since they can very well enable the small business owners to handle the same.

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