Everyone likes choices. These days you can get anything you want. You want blue…someone has blue. You want it to whistle…someone can make it whistle. You want it to spin…someone can make it spin. XBRL doesn’t have to be a four letter word. You can now make XBRL do what you want it to and meet your needs. Double bonus!
I have the privilege of working with people and their XBRL needs. I understand every company is different as I haven’t found any two alike (they are like four leaf clovers). I have found that companies seem to fall into three categories in the XBRL life-cycle:
- Full service – this is when a service provider tags your document and delivers it back for your review based on an agreed upon time line. Pencils down is in play. This is the core offering of service providers.
- Hybrid service – this is when a service provider tags your document and delivers it back to you using a SaaS or portal, which then allows you to drive the XBRL process. Pencils down isn’t in play if you don’t want it to be. This is a complete solution because you get the best of both worlds.
- Self service – this is when a service provider sells you a SaaS and you tag and deliver from start to finish. Pencils down isn’t in play as you are in command of the full process.
I have seen companies bounce between the three categories. As service providers we have had to become very flexible with our offerings to meet the changing needs of every company. Does your current service provider offer you multiple options? Do they consult you on the every changing XBRL landscape? They should.
No matter where you are in your XBRL life-cycle there is light at the end of the tunnel. It doesn’t need to be complicated and there are people ready to assist you. Drop me a line if you want to chat about XBRL…I am more than willing to jump on the phone to offer up some help.