Arkk Solutions - FINREP solutions

14 January 2015

“2014 was our first year operating in the FinTech space. Our cloud-based regulatory reporting solution has, in that time, attracted over 300 customers for CRD IV and AIFMD reporting. We were the first company to offer a cloud solution in this space and have seen clients move to our platform from incumbent vendors. Clients range from limited licence firms through to multinationals such as Schroders, F&C and Royal London Group.” - Andy Gent, co-founder and director, Arkk Solutions.

About Arkk Solutions

Established in 2009, Arkk Solutions, specialists in XBRL and iXBRL reporting software were one of the first vendors to be recognised by HMRC for their iXBRL tax and accounts product, which has gone on to become the chosen solution for many leading companies in the UK.

We have a variety of solutions that enable us to meet client needs; these include an iXBRL accounts service for tagging and preparing company accounts on behalf of our clients using our own software. We now have a range of options available to UK companies filing with HMRC and Irish firms reporting to Revenue Commissioners.

With a commitment to innovation and a passion for helping organisations be more efficient and transparent, we have also developed solutions for capital adequacy reporting. Specifically CRD IV (COREP & FINREP) and AIFMD reporting in XBRL, which Arkk provide to filers across Europe including the UK, Ireland, France, Germany, Spain, the Netherlands, Norway and Denmark. Our XBRL Carbon Disclosure Reporting solution is at the forefront of developments in climate change disclosure, and we are currently in the process of developing a new product that will help transform organisations’ data flow processes: 2015 is set to be another extremely exciting year for Arkk Solutions!

Case studies:

Read online about how we helped the AIB with its transitions from CRD III to CRD IV in XBRL

Aspers Group:

Aspers Group, the owner of the Britain’s biggest casino, selected Arkk’s iXBRL managed tagging services to meet HMRC’s iXBRL reporting and electronic filing requirements.

Aspers have been using Arkk’s services for more than three years now, enjoying business as usual, and high-quality tagging and excellent customer service.  

The Challenge

The Aspers group comprises eight legal entities operating across the UK, which became subject to HMRC’s iXBRL reporting and electronic filing requirements in 2011. Aiming to continue business as usual, the company decided to outsource the iXBRL tagging of their annual reports to a third party supplier. Cost, quality and reliability were the most important factors for Aspers when selecting an iXBRL reporting solution.

The Solution

Aspers initially approached their auditors to prepare their iXBRL reports for them, but after careful consideration and cost-benefit analysis, they selected Arkk’s managed tagging service, which appealed to them with its good value for money.

Kevin Lane, Group Financial Controller at Aspers, said:

“Cost was one of the key factors in selecting an iXBRL solution. Arkk’s proposal was very reasonable and it offered good value for money.”

Since Aspers’ first iXBRL filing in 2011, the company has successfully submitted more than 20 iXBRL reports with HMRC.

The Results

By choosing an outsourced iXBRL tagging solution, Aspers secured a smooth and hassle-free transition to iXBRL reporting.

Arkk’s outsourcing solution required no software installation and no specific technical knowledge, which meant that there were no changes to Aspers’ existing operations and reporting procedures.

Three years on, Aspers have been very pleased with the services and support they have received from Arkk, and they look forward to using their services in the future.

Kevin further comments: “We experienced no challenges during the transition to iXBRL, and we have been very happy with Arkk’s efficient and friendly support service and technology excellence.”

Highlights:

  • Arkk’s outsourced iXBRL reporting service allows companies to avoid unnecessary costs and continue business as usual, as it requires no software installation and no specific technical knowledge

  • Dedicated support and professional technical expertise are crucial for the successful implementation of the iXBRL project

Download for more: 

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