DIY on iXBRL
Wolters Kluwer has helped Vroon Offshore Services to tackle many accounting compliance challenges in recent years, the first being the introduction of iXBRL in 2011.
Corporate Reporting Manager Shashin Jani was taken aback by the cost when he asked the company’s auditors to quote for tagging 20 sets of accounts created within Microsoft Office. He researched the options to tag the accounts in-house, “The CCH iXBRL Review & Tag software emerged as the clear front-runner in terms of cost and user-friendliness, and it also allowed us to do test submissions.”
Automating accounts production
Three years on, with the imminent arrival of the next major compliance challenge – FRS102 – the company sought to replace its dated Microsoft Office-based processes with an automated system for accounts production.
Initially, the selection was made at Group level, but, as Shashin explains, the chosen solution did not come up to scratch. He had been promised that it would fit the needs of the UK business, but the reality proved disappointing, “When we tried it on the smallest of our 20 companies, the output was nowhere near compliant. We knew we had to convince head office in the Netherlands to let us talk to our preferred supplier: Wolters Kluwer.”
CCH Accounts Production from Wolters Kluwer has since been so demonstrably successful that it has been adopted group-wide.
“Looking at our experience, head office realised that CCH Accounts Production does a much better job than the previous software – and it’s cheaper, too, which never harms the business case!”
Commenting on the speed and accuracy with which the Corporate Reporting team can now produce accounts, Shashin says, “If you’re using a manual process, the smallest change generates a lot of work in making amendments and repaginating. In contrast, CCH Accounts Production does it all for us.”
Down to a quarter of the time
Shashin quantifies the time saved by using the Wolters Kluwer software:
“Accounts production used to take us 2 days per company – that’s 40 days in total. We’ve cut the total time down to just 10 days, as well as reducing the amount of time spent on consolidations.”
Shashin’s team are happier, too, now they no longer have to struggle to prepare accounts. Under an automated process, the numbers are imported from a Microsoft Excel spreadsheet and the impact of any changes flows through the rest of the accounts. “I receive nothing but positive feedback about CCH Accounts Production from my team,” says Shashin.
In common with other Wolters Kluwer users, Vroon Offshore has found that the time saved through automation has enabled the team to focus their expertise on adding value to the business.
Shashin has been impressed by the quality of the software, “Whereas our previous provider used to launch software knowing that it was full of holes, we can be confident our Wolters Kluwer software will work and will be kept up to date with the latest legislative changes.”
He is equally positive about the ease and speed with which his team can access support, commenting, “It used to take twenty minutes or more to get through to our previous software provider. With Wolters Kluwer, it takes a couple of minutes. Our account manager is similarly active in responding to any queries we may have. We have no complaints at all.”
Key benefits for Vroon Offshore
- Quality software that dependably does the job on iXBRL tagging and accounts production
- Greater automation brings quantifiable increases in efficiency
- Working with Wolters Kluwer enables the business to meet future legislative change with confidence