Synergy, a leading data specialist, has announced the implementation of its new electronic reporting solution, XBRL, which enables digital financial reporting for companies that submit financial statements to the CIPC
Analytics and data specialist, Synergy, has completed several implementations and said that XBRL will provide significant advantage for clients, while also holding immense promise as a big data tool.
Sunet Leimecke, manager of Synergy solutions, said, “XBRL is proving itself as a vital tool to all involved and while it is a massive undertaking, it will ultimately present clients with far-reaching strategic, financial and technology benefits. The role of a specialist partner is critical, but a partnership-based approach is recommended.”
“Clients need to consider their entire process from preparing their Audited Financial Statements as well as auditor's sign-off. This is something that has been grossly underestimated in our experience,” Leimecke added.
Pieter Fourie, financial manager of Synergy, said that Synergy managed the MMI Holdings XBRL implementation. He further added, “We were one of 100 companies included in the pilot phase and it was a good learning experience and an important step forward in terms of compliance. It would not have been possible to complete an XBRL implementation without the guidance of a company like Synergy.”
Miguel Teixeira, group financial manager, Invicta Holdings Limited, stated that digitisation is the way forward and he hopes that government departments will consider creating an integrated offering.
“Synergy assisted us to get the work done the correct way, which means that what exists now is correct and is an excellent platform to work off moving forward. It is a very technical procedure and is not something a company can do without specialist technology and financial assistance,” Teixeira added.
