DataTracks, the global leader in XBRL & iXBRL software and services, continues to grow and enter new markets at an exceptional rate. Building on over six years experience with XBRL filings in the United States for the SEC, DataTracks began operations in the UK in 2010 to support the HMRC mandate for iXBRL filings. In addition to the carry-over of clients from last year DataTracks is off to a great start this year with the addition of two large accounting firms as clients for their outsourced iXBRL tagging services.
DataTracks UK is the first provider of managed tagging services recognized by HMRC, for converting financial statements and tax computations into iXBRL format. DataTracks has been providing these services in the UK for over a year now, and has prepared several thousand statements in iXBRL format in 2011. DataTracks offers services through its web portal, where users can set up accounts, pay online, upload inputs for conversion into iXBRL format, and download output instance documents. Several companies and accounting firms have chosen DataTracks for its simple, effective and easy-to-use online services.
“Our client base includes accounting firms as well as companies in UK. DataTracks’ services help our clients focus on their core business, leaving aspects of regulatory compliance to us”, said Sneha Rajagopal, Vice President, XBRL Services, DataTracks.
iXBRL conversion initially appeared to be a daunting task for companies. DataTracks assessed the pain points faced by clients, and concentrated efforts in addressing them. First, DataTracks set up an easy-to-use ecommerce portal through which customers could transact for XBRL conversion. Second, DataTracks adopted a pay-as-you-go pricing model, making it attractive for clients to subscribe. Third, DataTracks deployed qualified Chartered Accountants with UK GAAP and IFRS expertise to ensure high quality iXBRL output.
“We consider these client wins as a positive indication of the quality of service provided by DataTracks UK. We are confident that the current year will turn out to be even more successful than the previous year,” said Sneha.
DataTracks currently offers XBRL solutions for US, UK and India markets and plans to extend its services to other countries in the near future.