Tax Tuesday – How to Create Tax Reports
Why is this important?
Governments are increasingly standardizing digital business reporting tax processes using XBRL as technology specifications. This creates an efficient and transparent system and enables higher quality in the tax reporting process. Within this tax reporting chain entrepreneurs, financial experts and accountants will have to work with Digital Business Reports formatted in a more complex and user unfriendly format. This is due to XBRL being a machine readable language that uses XML as a formatting language. XBRL is a technical technology which requires its own audit and control processes.
How do you create these Tax Reports?
Using SemansysNext, specifically the Input/Import Module which is a fully taxonomy driven module that generates, based on the entry point, web entry forms for users to enter data to generate a report. This simplifies the complex XBRL to create an easy to enter form for any user to complete their tax reports without any technical expertise. It will support the users in various reporting aspects like dimensions and field validations defined and available in taxonomies and after providing all data to report it will result in a XBRL report. The module will support any taxonomy for creating tax or any other required reports.
Contact us to see what taxonomies are currently pre-loaded and our scheduled updates which includes the new tax taxonomies. We are always open to adding requested taxonomies ahead of schedule to suit your needs.
Stay tuned next week for the second article in our Month of April series ‘Tax Tuesday – Why should you validate your reports?’.
For more information please contact us at info@semansys.com. We would be happy to schedule a demo or provide more detail about any of our capabilities.