Since year 2011, Legislation has been in place in the India that requires the vast majority of companies to submit their financial statements in XBRL format to MCA (Ministry of Corporate Affairs).
As a result, companies – especially large companies or companies with complex financial statements – should ensure they have a managed tagging expert in hand to convert their financial statements from a word, excel or PDF document into XBRL-readable format that is compatible with MCA’s requirements.
Why enlist the help of a managed tagging service provider?
Choosing the right managed tagging service provider can make a world of difference to your business. A good provider, for instance, should:
- Ensure that your company’s financial statements are converted into XBRL format in a timely manner;
- Undertake testing to ensure that your company’s converted financial statements will be accepted by MCA; and
- Offer their services at an affordable price.
On the other hand, pick the wrong provider and you may find that you pay too much for a service that prepares a faulty output. For example, you may find that your company’s financial statements are rejected by MCA, or you may even receive tagged financial statements that do not accurately reflect the information contained in the original word, excel or pdf file.
If you’re in doubt about which managed tagging service provider to use, a good rule of thumb is to find a provider with a proven track record of successfully delivering accurate returns to MCA.
Pratham Consultants is providing XBRL conversion services as a managed tagging service provider, with over 20,000 plus XBRL financial statements prepared to date. Additionally, Pratham Consultants works to ensure that returns are successfully submitted to MCA and offers pre-validation checks prior to filing for that additional peace of mind.
There’s never been a better time to look for a provider
Having an experienced managed tagging services provider on hand during this time can be highly beneficial, as they can guide your company through the different tagging processes that may arise in the near future and keep you updated on the latest reporting developments.
Pratham Consultants understands the importance of providing a cost-effective service and offers transparent, affordable pricing that takes into account the complexity of your company’s accounts, as well as your required turnaround time.
Speak to a member of our team today for more information on how we can help get your company ready for year-end submissions. To find out more about Pratham Consultants, visit http://xbrlexperts.in or send an email to firstname.lastname@example.org / email@example.com or call (+91) 79 27540321.