Taking care of the accounting for a firm in Singapore is a hectic job to do and especially when it is done manually. So, you will need a solution which is not only automated but also ergonomic. Therefore, XBRL filing services company Singapore has been created and developed to ease out the process of accounting. The company provides accounting solutions including the filing of financial statements, statement of resource allocation, operational allocation of funds, and cash flow statements which streamlines the whole process of the accounting cycle and concentrates the financial data by using statistics and forecasting techniques.
What is XBRL and how it can help
XBRL is an acronym that stands for extensible business reporting language which prominently deals with formatting and computer generation of financial statements of any company. The traditional process of filing required a lot of paperwork and finding a paper from the heap becomes difficult and hectic. But with this technology, you will be able to sort the statements and find the required paper within seconds. It reduces the manual effort which facilitates the seamless flow of auditing, regulating, and analyzing financial statements.
For this procedure to implement, the developers need to map the statements with relevant information which can be found out using the taxonomical concepts. There are various other companies as well who can efficiently provide you with the full set solution. Installing this automated system helps you to reduce your time and effort, and allows you to focus on other important business-related parameters.