iXBRL Tagging Tool: Ensuring Compliance and Precision in Reporting 

4min Read

iXBRL, or Interactive eXtensible Business Reporting Language, ensures that financial reports are precise and compliant. 

However, the process can be intricate and time-consuming. 

Unless you automate the process.

By leveraging technology, you can simplify your reporting process, making it more accurate and freeing up your accountant’s time to focus on developing additional income streams.

What is iXBRL Accounts Tagging? 

Interactive eXtensible Business Reporting Language (iXBRL) is the global standard for digital financial reporting. The iXBRL Tagging tool embeds your financial data with iXBRL tags, making the information machine-readable and accessible to regulatory bodies. 

It ensures your financial statements are compliant with regulatory standards, as well as accurate and consistent.

In regions like Ireland and the UK, iXBRL filing is mandatory, with agencies like the Irish Revenue and UK HMRC requiring financial statements in iXBRL format for Corporation Tax returns.

Beyond its mandatory status in the UK, iXBRL’s relevance extends globally, aligning businesses with international financial reporting standards. This standardisation is crucial in an increasingly interconnected world, where companies often operate across borders. 

By adhering to iXBRL, companies ensure that their financial reports are compliant, universally understandable, and comparable. Such alignment with international standards also positions businesses favourably in the global market, enhancing their credibility and reliability in the eyes of international investors and partners.

RELATED: How Cloud Accounting Automation Is Changing the Face of Modern Finance

The Benefits of Automatic iXBRL Tagging Tools

An automatic iXBRL tagging tool offers a range of benefits that extend well beyond compliance. 

  1. It dramatically increases the accuracy of your financial statements. Automating the iXBRL tagging process reduces the likelihood of human error, leading to more reliable data.
  1. It streamlines the reporting process. What once was a time-consuming task, prone to delays and inaccuracies, is now a swift, efficient process. It saves your accounting firm valuable time and allows you to focus on more strategic aspects of your work rather than getting bogged down in the minutiae of manual tagging.
  1. It brings consistency to financial reporting. With automatic iXBRL tagging, each piece of financial information is categorised uniformly, making it easier for stakeholders to analyse and compare data across different periods and entities. This uniformity is crucial for investors, regulators, and other users of financial statements who rely on consistent data for decision-making.
  1. It facilitates better transparency and accessibility of financial data. Machine-readable formats allow for easy data extraction, analysis, and comparison, making financial statements more user-friendly and transparent.
  1. It improves business decision-making. With accurate and uniformly structured data, businesses gain a clear, unambiguous picture of their financial health. It’s invaluable for executives and decision-makers who rely on financial reports to identify trends, forecast future performance, and make strategic business decisions. 

RELATED: How Automation Technology for Accountants Grows Firms

Introducing Silverfin’s Automatic iXBRL Tagging Tool 

Silverfin’s Accounts Production and Corporation Tax modules produce iXBRL-tagged submissions automatically. The tool is designed to streamline the end-of-year and corporate tax computation and filing process.

“Silverfin is an end-to-end solution, taking the data from the client’s cloud-connected system, to doing their compliance and corporation tax and giving insights into that current live data.”
Martin Bugg, Digital Partner at Larking Gowen

At its core, it features built-in tax logic and computation throughout its workflow. It automatically suggests tax treatments based on Silverfin’s standardised data, ensuring that the most current tax rules and regulations are applied accurately and consistently.

With Silverfin’s Accounts Production module, you can create financial statements for a wide range of clients and save hours with automatic iXBRL tagging.

Once your accountant reviews and approves the tax computations, the tool automatically tags the CT600 and tax computations with iXBRL and can be submitted online to HMRC.

Silverfin helps you mitigate the risk of human error, guarantees consistency in data presentation, and saves you from re-keying or manually moving data.

RELATED: The Benefits of Cloud Storage for Accounting Firm Operations

Simplifying iXBRL Tagging of Accounts with Silverfin

From ensuring compliance to enhancing precision, iXBRL tagging is essential to modern financial data management. 

Silverfin’s Accounts Production and Corporation Tax modules offer an automated and efficient approach to iXBRL tagging and corporate tax processing.

It helps your firm stay compliant while transforming how you handle financial data, making it more accessible, accurate, and actionable.

Book a demo today and discover how Silverfin can streamline your compliance workflows.

More Posts

modern accounting solutions

User-based to client file-based pricing: The benefits of modern solutions for accounting firms

Discover the top benefits of modern accounting solutions and how they can enhance your accounting firm's efficiency, accuracy and profitability.
Read More

Getting your data in the right place for AI, with AI

When Accountants discuss AI it often concerns whether machines will replace them with AI ‘taking over’. But, before you get anywhere near replacing a human’s ...
Read More

IRIS & Silverfin: Key Differences You Need to Know

Bid farewell to the drudgery of manual data and spreadsheet management and say hello to intelligent digital templates. Learn more today.
Read More

EP 5 – Why AI is your new best friend | Chris Downing, Sage

In this episode, Chris Downing from Sage explores how AI is transforming accounting – making compliance simpler, improving efficiency, and even enhancing work-life balance. He ...
Read More

A farewell and new Product leadership at Silverfin

It’s with mixed emotions that we announce a change in our product leadership team at Silverfin. Recently we bid a heartfelt farewell to Tim Vandecasteele, ...
Read More

The call to adventure – Understanding the capacity challenges ahead

Knowing what you’re up against is crucial for success in any endeavour, whether you’re facing a complex challenge, embarking on a new venture or striving ...
Read More

The limitations of Excel for accounting: why it’s no longer the go-to choice for Working Papers 

Excel for accounting firms has long been a staple. Its flexibility and accessibility make it an easy-to-use and essential tool for financial management.  However, as ...
Read More

The practical future of AI: Insights from Claus Dahl, Director of Machine Learning at Visma

Claus Dahl at Visma shares insights on AI’s role in software development and business strategy - plus the risks companies must navigate.
Read More

Silverfin secures Best Newcomer at Visma Annual Awards

Built by accountants for accountants, our cloud software has been helping accounting firms improve accuracy, automation and access for over ten years. In November 2023, ...
Read More
Dear Excel, it’s not you, it’s me. Knowing when it’s the right time to date other software

Dear Excel, it’s not you, it’s me. Knowing when it’s the right time to date other software

Many accounting firms still use Excel for managing client accounts, but a steady relationship with Excel may be holding them back. Here's why.
Read More

EP 4 – AI: the good, the bad and the ugly | Dan Boyles, First AI

Ahead of 2025’s Digital Accountancy Show, we recorded a special episode with Dan Boyles, Head of AI Technologies at First AI, who will be joining ...
Read More

Building resilient banking technology: insights from Jason Maude at Starling Bank

Discover Starling Bank’s unique approach to technology, its stance on AI and why the bank avoids chatbots in customer service. Explore today.
Read More

Let’s Chat

Scroll to Top