With XBRL Converter you can continue to use Excel, Word or Lotus to create your annual reports. Our Converter Solution enables you to convert your annual reports to XBRL files which you can easily submit to the relevant business authority.
The challenge of converting from e.g. Excel to XBRL is not the “XBRL programing language”, but rather to identify where the individual accounting statements are found in the document. Several have tried with software solutions that scan the document and “guess” the placement of the different figures, but we, along with several international XBRL associations find that the probability for errors to occur are too great with scanning software. This is also, why our customers find our solution to be very reliable and easy to implement. We use small “tags” which are inserted in the document once. These “tags” helps our XBRL-software to identity all the necessary sections in the document and you will quickly learn and become confident in “tagging” your accounts.
How XBRL Converter works:
With our XBRL Converter solution, you can easily and quickly convert your existing Lotus, Excel and / or Word documents to XBRL files in our ParsePort online portal. It is simple, easy and does not affect your existing workflows.
ParsePort of course supports your text part and your notes – and your records can contain as many sheets, formulas, cross-references, logos and fonts as it may.
The way it works is simple. The essence of converting data from Excel, Word, etc. to XBRL is to define where the various elements of the financial statements is located. In other words, all XBRL conversions relies on defining the location of e.g. the management report, the balance sheet, the notes, etc. With our XBRL Converter it’s simply done with what we call start and end “tags”. These tags are inserted in the financial statement once, and helps our machine to identify all the different sections in the annual report.
Once you have tagged your accounts, it must be uploaded to our portal and you will immediately get a presentation of the financial statements in a readable XBRL form and when you press “Confirm”, you get an XBRL file in return – ready for submitting.
You do not need to download or update any plug-ins or programs.
6 good reasons to choose XBRL Converter:
- You have complete control over when the reports are made.
- It is the fastest way you can convert your financial statements to XBRL.
- Fixed annual price – regardless of the number of users in your company.
- You can continue to use Excel / Word / Lotus / WordPerfect and still convert your accounts.
- Supports everything from text, notes, formulas, logos, fonts, references etc. Regardless of the number of sheets.
- Free support and training is included.
XBRL Converter and safety
Like all our other XBRL solutions, safety is top priority. All our XBRL solutions are based on the same security – a security consisting of a large number of control instances, which ensure that it is not possible to type errors / overlook any items from the accounts and submitting them. Our controls are identical to those from the receiving authorities, which is your guarantee that your XBRL files from ParsePort comply with the local taxonomy requirements in your country.
XBRL Converter – in short:
- Convert your accounts from Excel, Word, Lotus or WordPerfect – and combinations thereof.
- Insert small “tags” in your financial statements – and you are ready to convert and report in XBRL.
- It takes under 20 minutes per report once you have tried a few times.
- You will receive a controlled XBRL file and an inspection report before submitting.
- Subscription price is fixed and paid annually in advance – including unlimited users.
- Free support and training is included.
If you instead of converting your annual reports yourself would prefer to outsource the task – you should have a look at another of our solutions – XBRL Service. A solution that converts all types of annual reports to XBRL. Just send us the report you wish to have converted and you will receive an XBRL-file in return – ready to be submitted to the relevant authorities.
The price for our XBRL converter is a fixed annual subscription, and the subscription price depends on the number of reports that you annually convert. There are an unlimited number of users included in the price.
Please contact us here for further information and prices regarding our XBRL Converter solution.
Notice, that we also have our XBRL Service product, where all the conversion and production of the XBRL file is done by us.. All you need to do is submit your annual report. Read more about XBRL Service here.