Financial system specialist, Eclipse Group, today announces a strategic partnership with digital reporting and XBRL expert, Semansys Technologies, to launch an XBRL-compliant online reporting system which enables Eclipseâs international clients to submit financial reports to banks, industry regulators and tax authorities via the Internet. Critically for the UK market, the Eclipse and Semansys product offering is âiXBRL-readyâ which allows companies to meet the mandatory online reporting standards being introduced by HMRC and Companies House requiring companies to make their Corporation Tax filings online.
iXBRL forms a core part of the governmentâs online filing strategy in the UK. Indeed, in his 2006 review of HMRC Lord Carter recommended that the Government should aim for universal electronic delivery of business tax returns by 2012 in order to simplify and standardise the exchange of financial information.
Gary Waylett, CEO of Eclipse Group, comments, âIn most countries in Europe and Asia, a growing number of banks, industry regulators and tax authorities are asking companies to file reports using the XBRL standard, and our partnership with Semansys Technologies now enables our international clients to take advantage of this capability. By utilising XBRL reports, our clients will be able to improve efficiency, reduce costs and streamline manual administration within finance departments. This means that finance staff donât get bogged down in the production of reports and instead have more time to focus on added-value tasks.â
Waylett continues, âFor businesses, XBRL is a significant step forward enabling finance and accounts departments to streamline and automate the processes of collecting and disseminating vital business information. By partnering with Semansys we are able to offer our customers an easy and simple means of creating XBRL files directly from their accounting system and then submitting data to the relevant industry regulators and tax authorities.â
Paul Snijders, CEO of Semansys Technologies, says, âWe are delighted to be working with Eclipse Group to provide the XBRL reporting capabilities which are now a must-have for businesses. As a Dutch company we have many years experience and knowledge of XBRL as the Netherlands is well advanced in this area. We are looking forward to working with Eclipseâs international client base and applying our technical skills and expertise in this area to help them embrace XBRL reporting standards within their businesses.â