Speed up the tagging process in year two and the creation of filings for companies in the same corporate group.
Seahorse makes excellent use of existing tags. It can re-use existing tagged documents as the basis for this year’s filings, even if those documents contain only a couple of similar pages and on the surface look rather different. Seahorse is intelligent enough to recognise the matching pages and automatically re-uses the existing tags in the new document. Remember that the rest of the document will then be automatically tagged, leaving you just to confirm the confidence-rated suggestions. It will certainly save you time and give you much higher quality documents.
Seahorse, the automatic choice.
Seahorse’s learning engine has accumulated an abundance of iXBRL tagging knowledge distilled from the thousands of Word and Excel accounts uploaded to our cloud-based system since the start of the HMRC mandate.
Why is this important?
It means that Seahorse’s tagging suggestions are constantly refined in line with our clients’ professional accounting expertise. You benefit from more confident suggestions to help you review and confirm the appropriate tags. It’s quick, easy and accurate.
Get the Seahorse advantage for your business!
We again return to the subject of year two tagging. We’ve talked in the past about how Seahorse can re-apply the tagging decisions already selected and confirmed in previous years’ tables and text. The issue today is speed of tagging – making the process as fast and painless as possible.
Seahorse has extended the ‘roll-forward’ process still further to make tagging even faster.
Both comments and footnotes can now be carried forward and reapplied in a similar way, simplifying the task further. Comments are transferred without the need for any user input, and footnotes can be confirmed in the same way as other tags.
Accelerating the process still further, there’s now an automatic confirmation option. So, where there are exact matches between table rows and columns in both previous and current documents, Seahorse can reapply the tags automatically without the need for manual intervention.
Just in case you were wondering, discretionary use of this facility is available, so you still retain full control over whether or not to deploy automatic confirmation of identical data. However, we think that many users are likely to opt for this extra time saving measure.
How long will it take to tag your year two accounts?
Perhaps you successfully circumvented the original HMRC iXBRL filing mandate by submitting last year’s Corporation Tax returns early to avoid the April deadline. If so, converting your accounts documents to iXBRL must now be on the agenda. What are the options? Well, if you’ve a number of accounts that you are already producing in Word or Excel, why change your process? Take a look at the advantages of Seahorse.
First of all, there’s help in choosing the appropriate iXBRL tags. Seahorse automatically tags the tables in your Word or Excel document and proposes the most appropriate tag to use. Its intelligent tagging engine harnesses the accumulated learning from all the filings put through the Seahorse system, so its suggestions continue to become more and more refined over time. There’s no need to trawl through the underlying taxonomy to find the tag you need.
If you have a number of accounts to tag within the same group company you can re-use your initial tagging decisions to swiftly create iXBRL documents for additional sets of accounts.
And if you have a formal review and sign-off process for your accounts, Seahorse lets you easily create a spreadsheet that automatically captures all the tagging decisions made and allows comments to be inserted, for example to explain why particular concepts have not been tagged.
Finally, Seahorse is provided over the internet, so you can use it straight from your browser, avoiding the expense of new infrastructure or purchasing a full-blown accounts preparation package and, because the whole process remains under your control, you don’t have to risk sending your data to third parties.
Seahorse remains one of the very few solutions to have experienced no problems passing the HMRC gateway first time. Why? Because not only does it incorporate validation against the Joint Filing Common Validation Checks imposed by HMRC and Companies House, but the underlying XBRL and iXBRL is fully verified during the Seahorse conversion process.
Seahorse takes away the pain of iXBRL conversion of Word and Excel accounts.
What could be simpler?
The momentum around iXBRL continues to accelerate. Denmark is the latest country to mandate iXBRL as the platform for financial reporting. Adopting a phased approach starting in June 2012, the official register for Danish companies, the Danish Commerce and Companies Agency (DCCA), will require all companies to file in iXBRL format.
The good news for Danish companies is that Seahorse offers full support for the new Danish GAAP taxonomies and caters for a number of requirements specific to the Danish market, including full verification of both XBRL and iXBRL against DCCA validation rules.
With the starting month for year 2 iXBRL filing rapidly approaching, Seahorse can help you dramatically reduce the time taken to tag this years’ accounts. If you’ve already been converting documents to iXBRL using Seahorse, you can now migrate the tags from your existing accounts to the next year’s accounts, without losing any of your original tagging decisions. Seahorse will still auto-tag any remaining items not contained in the earlier document. The migrated items should already be correct from the previous year’s filing, so very few changes should be required. As a result, the review process will be shorter and the whole year 2 tagging procedure will take significantly less time now that you don’t have to start again from scratch.
As an added bonus, you can also re-use your tagging decisions to speed up the tagging of accounts for several different companies within the same corporate group.
As promised in early September, the new version of Seahorse has just been released, providing full conversion of Microsoft Excel accounts to iXBRL format, ready for HMRC Corporation Tax filing.
There’s no need to change the way you currently work. Just take your Excel accounts document and let Seahorse apply the appropriate iXBRL tags. The process replicates the same automatic tagging approach that has been so successful in the conversion of Word accounts. It also features the same ‘round-tripping’ functionality that allows you to make changes to your accounts outside Seahorse and then re-import the Excel document back into Seahorse without losing any pre-existing tags.
A fully validated iXBRL document emerges, ready for submission to HMRC as part of your CT filing.
So, don’t change your existing process. Let Seahorse simplify and streamline your tagging of Excel documents.
License Seahorse through our partners.
It’s official – Seahorse can now help you tag your Excel based accounts. The beta version of our fast, accurate Seahorse iXBRL conversion tool is now available for demonstration.
The final production version will be available later in September. The beta version shows how accounts documents created in Excel can be uploaded to Seahorse and tags applied in a similar manner to the auto-tagging of Word accounts. If you’re an existing user of the Word version of Seahorse you’ll find the workflow very familiar, including the same intelligent tag suggestion process designed to speed you through tag selection.
So, if you’re currently using Excel to create your accounts and have no wish to change your process in order to comply with HMRC’s mandate for the filing of Corporation Tax accounts in iXBRL, look no further. Seahorse provides the perfect solution for Excel users, so get in touch with one of our Seahorse partners today!
The move towards XBRL as the standard technology for regulatory filing continues to gather momentum, India being the latest country to issue a mandate. The Indian Ministry of Corporate Affairs (MCA) now requires all listed companies and certain unlisted companies to file their balance sheets and profit and loss accounts for the year ended 31st March 2011 in XBRL format.
The key to XBRL filing is the ability to produce XBRL instance documents as efficiently as possible. Following the success of our Seahorse accounts tagging solution in the UK market, we are updating the solution for Indian companies. Seahorse already supports the Indian taxonomy and we are currently adding a series of relevant validation rules to ensure MCA compliance.
My previous blog post talked about review sheets in Seahorse™. However, even if you’re not using Seahorse, you can still check the quality of your iXBRL documents prior to filing. Why is this important? Because even though HMRC has indicated they will not penalise filers who make best endeavours to comply with the mandate, their guidelines also state that incorrect or missing tags may in certain circumstances prompt further risk assessment and follow-up.
Enter Magnify™, our desktop document review tool. Magnify uses a checklist approach to guide you step by step through an assessment of your iXBRL document. Wherever possible it performs automated tests, verifying calculations and highlighting any discrepancies and errors. No matter whether you produce your iXBRL in-house, use the output from an accounts production package or outsource the whole process to a third party, Magnify gives you that extra peace of mind knowing that you’re submitting quality documents that will pass the HMRC gateway without issue.