XBRL (eXtensible Business Reporting Language) filing is a mandatory process for Singapore SMEs when submitting financial statements to the Accounting and Corporate Regulatory Authority (ACRA). While this requirement enhances transparency and data accuracy, the filing process can be time-consuming and prone to human error, particularly for small and medium-sized businesses that lack dedicated financial teams.
Fortunately, AI-powered accounting tools are transforming the way SMEs handle their XBRL filing process. These tools automate much of the manual work, saving time, reducing errors, and ensuring compliance. In this article, we’ll explore how Singapore SMEs can save time on XBRL filing using AI-powered tools.
Why It’s Time-Consuming:
One of the most tedious parts of XBRL filing is manually categorizing financial data and mapping it to the appropriate XBRL tags. This can be particularly challenging for SMEs with large volumes of transactions.
How AI Helps:
AI-powered accounting tools like ccMonet automate the categorization of financial transactions. The AI system learns from past data and automatically classifies income, expenses, assets, liabilities, and equity into the correct categories. It then assigns the appropriate XBRL tags to these categories based on ACRA’s taxonomy.
Time Saved:
AI-powered categorization significantly reduces the time spent manually tagging and categorizing financial data, allowing your team to focus on more strategic tasks.
Why It’s Time-Consuming:
Manually updating financial data and ensuring that it is synced across multiple platforms can lead to discrepancies and delays. If data is not up-to-date, the entire XBRL filing process can be held up as you wait for corrections.
How AI Helps:
AI accounting tools like ccMonet automatically sync your financial data in real time across all systems. Any new transactions, whether from invoices, payments, or receipts, are immediately recorded and categorized. This ensures that your financial statements are always current and ready for XBRL filing.
Time Saved:
With real-time syncing, you no longer have to spend time manually updating financial records. The automation keeps everything up-to-date, reducing the risk of errors and delays during filing.
Why It’s Time-Consuming:
The process of converting financial statements into XBRL format can be complex, as it requires applying the correct tags and ensuring that the structure adheres to ACRA’s guidelines.
How AI Helps:
AI-powered tools automatically convert your financial statements into the correct XBRL format. These tools pull data from your income statement, balance sheet, and cash flow statement, and map it to the correct XBRL tags, ensuring compliance with ACRA’s latest taxonomy.
Time Saved:
AI automation eliminates the need for manual formatting and tagging, speeding up the process of generating your XBRL filing. This drastically reduces the time spent on conversion and ensures that the final filing is accurate and compliant.
Why It’s Time-Consuming:
One of the biggest challenges of XBRL filing is ensuring that all the financial data is accurate and consistent across multiple documents. Manual validation is slow and prone to errors, which can lead to filing rejections.
How AI Helps:
AI-powered tools like ccMonet include built-in validation features that automatically check your XBRL filing for errors. The AI system identifies inconsistencies such as misapplied tags, missing data, or discrepancies between the income statement, balance sheet, and cash flow statement.
Time Saved:
Automatic validation saves considerable time by quickly flagging errors before you submit your XBRL filing. You can correct the issues in real-time, avoiding the need for multiple revisions or rework.
Why It’s Time-Consuming:
SMEs often need to generate multiple reports, including financial statements, management reports, and compliance documents, to ensure everything is in order for XBRL filing. This process can be manual and time-consuming, especially if data is scattered across different platforms.
How AI Helps:
AI accounting tools can instantly generate detailed financial reports, including income statements, balance sheets, and cash flow statements, based on real-time data. These tools can also provide insights into key financial metrics, such as profitability, liquidity, and solvency, to ensure that your filings are accurate and reflect the true financial position of your company.
Time Saved:
AI-powered tools provide instant access to financial reports and insights, eliminating the need for manual report generation. This speeds up the preparation of XBRL filings and ensures that the data is accurate and comprehensive.
Why It’s Time-Consuming:
The XBRL taxonomy required by ACRA is detailed and complex. Manually ensuring that your financial data is tagged according to the correct taxonomy can be challenging and prone to mistakes, especially as taxonomies are updated regularly.
How AI Helps:
AI accounting tools like ccMonet are designed to stay up-to-date with ACRA’s latest XBRL taxonomy. The AI system automatically applies the correct tags and structure to your financial data, ensuring that your XBRL filing complies with the most current regulations.
Time Saved:
AI-powered tools eliminate the need for you to manually track changes in the XBRL taxonomy and ensure compliance. The software automatically updates to reflect the latest requirements, ensuring your filing is always in line with ACRA’s regulations.
Why It’s Time-Consuming:
Once your XBRL filing is complete, the submission process can still be time-consuming if your accounting software doesn’t integrate directly with ACRA’s filing system. Manual submission can lead to delays and errors.
How AI Helps:
AI accounting tools like ccMonet integrate directly with ACRA’s online filing system, allowing you to submit your XBRL filing with just a few clicks. This seamless integration reduces the time spent on administrative tasks and ensures that your filing is submitted correctly and on time.
Time Saved:
Direct integration with ACRA’s system streamlines the entire submission process, allowing you to file your XBRL reports quickly and efficiently.
Why It’s Time-Consuming:
Many SMEs rely on external consultants or accountants to prepare and submit their XBRL filings. While consultants bring expertise, this process can be time-consuming and costly.
How AI Helps:
AI-powered accounting tools provide an all-in-one solution for generating, validating, and submitting XBRL filings, eliminating the need for external consultants. The automated system ensures compliance with ACRA’s requirements, providing SMEs with the tools they need to file independently.
Time Saved:
By using AI-powered accounting tools, SMEs can reduce their reliance on external consultants, saving both time and money in the filing process.
XBRL filing is an essential part of ACRA compliance for Singapore SMEs, but it doesn’t have to be time-consuming or complicated. By leveraging AI-powered accounting tools like ccMonet, SMEs can automate much of the manual work involved in XBRL filing. From data categorization to real-time syncing, error validation, and direct submission, AI tools save time, reduce errors, and ensure compliance with ACRA’s requirements.
👉 Ready to save time on your XBRL filing process? Explore how ccMonet can streamline your filing process and ensure compliance with ease.
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