1. Make the most of the soft-landing period
This doesn't mean do as little as possible for the first two years; it means make the most of the HMRC's grace period to prepare for when things get serious in year 3.
2. Submit early
The chance to get in before the 31 March deadline has now passed, but early submission still has its benefits. Most outsourcing providers will charge a premium for conversions at peak times, and tech support teams are likely to be stretched in weeks leading up to common year ends.
3. Match your solution to your resources
If you have a finance team of accountants in house, it makes sense to make the most of this valuable resource with some tagging software. If however you don't have that luxury, outsourcing will probably be your best option.
4. Don't buy the book unless you know how to cook!
In other words, iXBRL software is not much use unless you know you can use it. Firstly, it is important to recognise that the conversion of statutory accounts requires somebody that knows accounts. This is not a job for the teenager on work experience. And secondly, don't view the offer of training as naked upselling. It will ensure you get the most out of your investment, and should be retained within your business for years to come.
5. Don't expect software to answer all your prayers
There is no shortage of software packages on the market - some excellent, some not. But regardless of which you opt for it is important to appreciate that iXBRL is a relatively new phenomenon. Accounts production software has been around for years, and yet those of you who use it will appreciate that no package comes without its annoying idiosyncrasies. You won't find it in the marketing material, but all iXBRL software has its shortcomings. I can get away with saying this because Arkk's happens to be probably the most robust on the market, but there is no perfect package out there. The trick is to try before you buy and not take any slick demos at face value.
6. Price isn't everything
When choosing an iXBRL provider, basing the decision on cost alone can quickly prove a false economy. Before signing any cheques always be clear what support is included in the price and ensure your provider has the in-house expertise to deal with issues should they arise.
7. Invest in Year 1
The introduction of iXBRL has been a headache for most businesses this year. The last thing you want is to go through the whole ordeal all over again 12 months later. Set yourself up with a viable solution for at least the next three years and you'll sleep much better in 2012.
8. Expect savings in Year 2
Some providers will try to convince you that the first year price should remain the same in years two and three. In the vast majority of cases this is simply not the case. Regardless of your solution, there should be significant cost savings.
9. Look beyond your auditor
When new technology is forced upon us, it is natural that some will settle for the reassuring familiarity of a name they know. But there's a reason not everyone buys their internet from BT any more. Other providers will often offer more flexible, more reliable and more competitively-priced solutions - so don't commit until you've seen what the market has to offer.
10. Don't delay!
It would be nice to say don't panic, but the fact is time is running out if you haven't yet secured your iXBRL solution and you have a popular year end. Finance teams need time to adopt new software packages; the best outsourced conversion providers are already booking up their December and March year end submission slots, and prices are only expected to go one way as deadlines approach.
