In recent years, XBRL filing Singapore has been made mandatory for all nonexempt companies by the national regulator i.e. ACRA (Accounting & Corporate Regulatory Authority). It was a part of ACRA’s effort to bring more transparency and authenticity in the financial reports of the businesses. Ideally, a financial report must be presented in a true, authentic and reliable manner so that it reflects the current financial status of the company.
This blog excerpt will highlight the benefits of filing your financial report in XBRL format.
What is XBRL Filing?
XBRL is an abbreviated form of eXtensible Business Reporting Language. It is an XML-based framework that helps the businesses compile, process and analyze financial information without having to use the manual method of copy and paste. Precisely, XBRL reporting improves compliance issues and increases the value of financial information with enhanced transparency and timely delivery of accounting data.
The XBRL filing method has been widely accepted by the governing authorities throughout the world, citing its manifold benefits. In Singapore, it was introduced in 2007 and the filing requirements revised in 2014. Now, the report can be prepared using BizFinx filing system of ACRA.
What are the benefits of XBRL Singapore?
Not only the business using XBRL Singapore format but all participants involved with the financial information including analysts, regulators, investors, etc. are relishing the benefits of XBRL filing. Let us leaf through the benefits avail by the users (businesses) in the below section.
Automation: By using BizFinx tool, businesses can automate the process of data preparation, consumption, analysis, and collections. Further, automation removes the man-made errors and mistakes.
Saves Time: Since it is an automated process, XBRL filing is less time-consuming and a cost-effective solution.
Accuracy: Financial reports can be prepared in a jiffy, using BizFinx preparation tool. More accuracy is assured than the manual process.
Reduce Cost: When a company uses XBRL reporting system, the owner can avoid the use of traditional paperwork and minimize manual resources used in the process of filing. It minimizes the cost of resources.
Quick and Fast Process: You can quickly and reliably generate and filed data through the BizFinx without having to use any manual process. In short, it is simple, fast and error-free.
Trustworthy: With the use of BizFinx, not only the data handling has been automated, but the verification of data can also be checked. It ensures dissemination of high-quality, error-free and reliable financial information.
Global Recognition: The XBRL filing is being globally used in various sectors for its ability to deliver trusted information efficiently.
Decision-Making: The decision- making of business has become more convenient and sound with the availability of authentic financial data through XBRL format.
You are all set to prepare your financial report in XBRL format, but not sure about the processes and regulations of ACRA. You are better off with outsourcing the task to the accounting services Singapore such as SBS Consulting. The experts of the Singapore accounting firms are adept in global accounting principles that fall in line with the quality standards of ACRA.
When you engage the professional services to take care of your XBRL filing, you are free to concentrate on the core task of business, which in turn give a boost to the productivity and revenue. On top of it, you will have peace of mind, knowing that your company’s compliance tasks are in safe hands. This is why outsourcing of non-core tasks like XBRL filing or accounting services has become even more pressing in this world of competition.
About Us: SBS Consulting is one of the leading corporate services provider in Singapore. It specializes in Company Incorporation, accounting services Singapore, Preparation of director’s report, Taxation, GST, Payroll, XBRL, IT software development and maintenance, etc.