iXBRL tagging efficiency by design
November 14, 2012 16:03 by Andrea Whitehouse
If you ask the majority of accountants what effect the second year of iXBRL tagging has had on their business, I imagine that most would respond that it’s still taking an inordinate amount of time and effort and that there’s no appreciable difference from the first year.
Contrast this with the experiences of Seahorse users. Many have discovered that they now need less manpower to complete the conversion of their clients’ second year accounts because of the efficiencies built into the system. Second year tagging is just so much simpler, faster and cost effective.
So, what makes the difference? It’s all down to the Seahorse SaaS approach.
Firstly, there’s the ability to re-use tags from last year’s Word or Excel documents, so you don’t have to start again from scratch. Seahorse indicates where tags have been reapplied as well as automatically making suggestions for any concepts appearing for the first time.
The SaaS approach also means that the suggestions are constantly improving, so you really do reap the reward of having a system that learns from the cumulative tagging decisions of all the accounting professionals who have used it to convert their documents.
Finally, it’s simply a much more agile way of ensuring that any changes to taxonomies or validation rules are implemented immediately and without fuss. Since the mandate came into force there has been at least one corrective taxonomy release plus additional changes to the Gateway process, but as far as Seahorse is concerned any modifications are implemented in the ‘cloud’, so it all happens seamlessly. There’s no new version of the software to download, and no impact on the tagging team.
So, with inbuilt tagging efficiency, constant improvements and an eye toward making things simpler to use, Seahorse is the perfect solution.
Less manpower, greater efficiency. Why use anything else?