Tagging business accounts for HMRC is labour intensive – and sadly not optional. But it’s also a task not all FDs feel comfortable outsourcing. Arkk Solutions explains why offering a nearshore service for iXBRL tagging is proving good news for its clients
Originally published on icaew.economia.com.
Does the deadline to file your accounts to HMRC seem to come round all too soon? Do you need support to deliver fast and accurate corporate reporting but aren’t sure how to find it? If you answered yes to either or both questions, one way to help lighten the reporting load is to consider outsourcing your iXBRL activity.
If you’re sceptical about outsourcing because the concept seems to have fallen out of favour, it’s definitely time to reconsider. Today, outsourcing is all about nearshoring – and that’s something iXBRL tagging specialist Arkk Solutions knows all about.
With offices in Belfast, London, and Dublin, Arkk Solutions supports clients around the globe with their reporting. For the HMRC service, Arkk Solutions set up operations in Belfast, where its dedicated team of accounting and software specialists are focused wholly on iXBRL tagging. The company’s diverse range of clients, from FTSE 250 companies down to SMEs, benefit from a sophisticated and personalised outsourcing model.
Arkk Solutions’ service enables businesses to upload Microsoft Excel or Word files via a secure portal. From here, the team of tagging experts download, tag, review, test file and return the files within 15 days – or sooner via the express service. Arkk Solutions has supported the iXBRL tagging requirements since their first implementation, and tag for both HMRC and Revenue iXBRL reporting.
Lucy Gordon, general manager of the Belfast office, extolls the virtues of being in the same country as most of Arkk’s clients: “Many clients have commented on how easy it is to pick up the phone and speak to the person who tagged their accounts. With no language barrier or time difference, this is a valuable but easy-to-deliver benefit. The team themselves benefit from the proximity to our other offices, as regular training sessions and face-to-face meetings with the London headquarters encourages a consistent approach.”
The company also believes being in Belfast helps fulfil its key aim to be more efficient and transparent. Gordon adds: “One thing customers have noted very enthusiastically is that they can be assured their data is not going offshore to a jurisdiction. There is no uncertainty who is handling their data and the laws which protect it.”
Having reporting experts close at hand means that software can be refined regularly to take in crucial regulatory changes. “Our development team updates and maintains our proprietary tagging software in London,” says Gordon. “We are recognised by HMRC as an approved vendor, and were among the first providers to support early adopters with the transfer to the new FRS requirements.”
For Arkk Solutions’ clients, iXBRL reporting is one less thing to worry about around the busy year-end period. While you concentrate on your day-to-day financial operations, the local tagging team provides consistent reporting, expert advice and ongoing cost savings for simple submissions to HMRC and Revenue.