XBRL filing software is a type of software. That is used to prepare and file financial and business reports in the XBRL format. XBRL(eXtensible Business Reporting Language), is a digital language and framework used to communicate business and financial information electronically.
This XBRL software is designed to tag financial data accurately in the XBRL format and also helps to validate and submit the XBRL report to regulatory bodies. It simplifies the process of preparing and presenting financial data in the XBRL format while ensuring accuracy and compliance with regulations.
You can choose from a variety of XBRL filing software options to suit your needs. These options include full-service solutions where a dedicated manager will handle tagging, reviewing, and filing your document, as well as do-it-yourself options where you can tag the XBRL data on your own, with support from a manager available if required. Popular XBRL filing software options include those from PwC, Workiva, Altova, and numerous others.
When choosing an XBRL filing software, it is important to consider factors such as ease of use, support options, pricing, and compliance with regulatory requirements. It may also be helpful to review user reviews and ratings to determine which software is the best fit for your needs.
Overall, XBRL filing software is an important tool for businesses and organizations to comply with regulatory requirements and effectively communicate financial and business information in the digital age.