The advent of XBRL has undoubtedly introduced an exciting era in the world of Business Reporting. The ultimate goal of XBRL is to enable speedy and efficient access to information, improve corporate communication with stakeholders and most importantly reduce enterprise risk by accurate consolidation and analysis of data. However, as it stands today XBRL is mostly limited to regulatory reporting. This is understandable, because most technology tools were developed as a response to regulatory diktats. While most companies in the initial XBRL adoption phase have looked it from a purely tactical perspective, they should gradually plan to broaden the scope of their XBRL initiative by making the under-lying source systems XBRL aware. By doing this, companies can generate different types of reports and dashboards and enable interaction among disparate applications and systems. Using XBRL as an enterprise wide strategic tool will eliminate manual collation of data, stream-line ...
BeyondSquare Solutions is an IT products company founded to bring about innovative FinTech products and solutions for the finance & accounting office. BeyondSquare’s flagship product, FinAlyzer acts as a catalyst for CFO reporting in multi-entity organizations, covering integrated group reporting, legal & management consolidation & segment wise profitability reporting. It effortlessly converts financial data to actionable insights.