I recently posted the blog, XBRL Accountants in the Hot Seat and thought that I should spend a little more time on the “going” concern of XBRL vendors. With the upcoming detail tagging mandate for Wave 1 filers and the Wave 2 mandate hitting at the same time, XBRL vendors will be working hard to ensure timely and accurate filings using software that scales to detail tagging. This Wave 1 and 2 double whammy will separate the XBRL experts from the wannabes. Now is a good time to evaluate your XBRL vendor/printer to ensure your filing will not get lost in the mix. But how do you do your due diligence? What should you expect from your provider? This is not a quantifiable question or answer, unfortunately.
When talking with your provider, it is critical to get a read on their ability to absorb this additional work. You can ask about professional services staffing and what the provider plans to do with staff growth. In addition, confirming that the software used is scalable and automated will help to determine if the provider is prepared for the additional work load. Although detail tagging may not be at the forefront of your brain yet, it is important that you understand how your provider will be using the software for detail tagging to confirm automation and efficiencies while they are working on your block tagging. Also, find out how many people work on the software from a development perspective. Does the provider have the development staff to support the software? And lastly, how does the industry perceive your provider? Are they the expert? How long have they been in business?
These questions will start to point you in the right direction to make sure your XBRL filing is done to your satisfaction.
I believe that the winds of change are upon us and we will see just a few companies emerge as the XBRL leaders. Rivet is continually being contacted by printers, law firms, accounting firms, and consulting firms asking us to help them provide quality XBRL services to them and their clients. Recently, Rivet has contracted with a large worldwide printer to provide XBRL services for its clients. This shows that the industry is starting to sit up and take notice of Rivet’s industry presence and leadership. Rivet is here to stay!
Tags: Accountant, CPA, Detail Tagging, Outsource, Printers
