Best XBRL Software for Preparation & Validation of Annual Report in XBRL Format

Introduction

In the fast-evolving landscape of financial reporting, the extensible Business Reporting Language (XBRL) has emerged as a game-changer, revolutionizing the way companies prepare and validate their financial data. With the increasing demand for accurate and transparent reporting, XBRL software has become a crucial tool for businesses of all sizes. In this article, we present a comprehensive list of the best XBRL return software that excel in both preparation and validation, ensuring a seamless reporting experience.   

MCA XBRL Validation Tool

MCA XBRL Validation tool makes sure that only those XBRL documents which furnished the need of the taxonomy and business rules are furnished with MCA beneath section 137 of the Companies Act, 2013. The MCA validation tool is essential to rectify the financial details or disclosures inside XBRL. Successful validation of the instance document is a pre-requisite before filing the balance sheet and profit & loss account on the MCA portal. 

It might be specified that only successful validation of XBRL document through MCA Validation Tool shall not direct to the provision beneath section 129 of the Companies Act, 2013 which is according to it. It is essential to note down that the same validation XBRL document gives the correct and real value and considerable view of the state of affairs of the company under the financial statements opted in AGM. 

MCA XBRL Validation Tool indeed furnished the human-readable pdf version of the XBRL document towards the simplicity inside the authentication and certification of the XBRL document which is furnished through the organizations to MCA. The best XBRL validation software of the MCA shall be downloaded from the official website.  

Microvista XBRL Software

Microvista XBRL Software earns its reputation as one of the leading solutions in the market, offering a plethora of features designed to simplify XBRL reporting. Its user-friendly interface and robust data validation tools enable businesses to efficiently prepare and validate their financial reports, reducing errors and enhancing compliance. 

Key Features:

Cloud-Based Solution – Anytime – Anywhere Access

 

Microvista XBRL is a SAAS-based application. It’s the only cloud-based solution in India for the preparation of Annual reports. With its cloud-based infrastructure, the software allows multiple team members to collaborate on reports simultaneously.

 

Intuitive User Interface:  This software boasts a user-friendly interface that makes it easy for users to navigate through the preparation and validation process.

 

Data Collection and Excel Tagging: Microvista XBRL Software streamlines the data collection and Excel tagging process, ensuring accurate and standardized reporting. Excel & Word Tagging makes unique & user-friendly features for end users.

 

Import & Export:  Software has an import & Export data facility. It makes it very easy to preparation of complex schedules like Property plan equipment and Related party transactions.

 

Import XBRL files:  Using these feature user can import previously generated XBRL files so all the previous year’s figures will automatically be tagged.  This facility makes it unique from peers companies’ software.

 

Robust Validation & Error Locator: With powerful data validation tools, the software detects errors and discrepancies and also locates the errors, ensuring data accuracy before submission.

 

Advance Validation: Microvista XBRL software has the facility to Add Zero Or “NA” for not required mandatory fields. This facility saves a lot of time in the preparation of XBRL documents.

 

Cost:

The cost of Microvista XBRL Software starts at 8000*+GST, with pricing tiers depending on the package and additional features required. It is free for one year.

Differences between Microvista XBRL & Other XBRL Filing Software
Points Microvista XBRL Others
Online Software with both the Taxonomy
Need for Any Setup Installation
Previous Year XML Import Facility
No need to enter Zero or NA Manually
Every Schedule Validation
Advance Validation facility
Direct Copy/Paste facility from Excel /Word/PDF
Excel Import Export Facility
Search Element facility
Error Locator

Gen XBRL Software  

Gen XBRL Software is another top-notch choice, trusted by numerous businesses for its comprehensive XBRL capabilities. With its intuitive data collection and tagging features, Gen XBRL Software streamlines the reporting process, while its validation and review functionalities guarantee data accuracy and adherence to regulatory requirements.

Key Features:  

User-friendly Interface: Gen XBRL Software provides an intuitive interface, making it easy for users to prepare and validate financial reports.

Data Integration: The software seamlessly integrates with existing financial systems, simplifying the data collection process.    

Real-time Collaboration: With its cloud-based infrastructure, the software allows multiple team members to collaborate on reports simultaneously. 

Cost:  

The cost of Gen XBRL Software starts at 10,000*, with additional pricing options based on the level of support and customization required.

Webtel Electrosoft XBRL Software  

Webtel Electrosoft XBRL Software is a powerhouse of efficiency, empowering organizations to manage their financial data with ease. Its seamless data integration and real-time collaboration features foster enhanced productivity, making it a preferred choice for businesses striving for seamless XBRL reporting.

Key Features:

Seamless Data Integration: The software allows easy integration with various data sources, simplifying data collection.

Real-time Collaboration: Webtel Electrosoft XBRL Software facilitates real-time collaboration among team members, streamlining the reporting process.

Data Validation: The software’s data validation features ensure accuracy and consistency in financial reporting.

Compliance Ready: Webtel Electrosoft XBRL Software stays up-to-date with regulatory changes, ensuring compliance at all times.

Cost:

The cost of Webtel Electrosoft XBRL Software is available upon request and can vary based on the organization’s specific requirements.

Relyon’s Saral XBRL Software

Relyon’s Saral XBRL Software stands out for its simplicity and effectiveness, providing businesses with a hassle-free reporting experience. From data collection to final validation, Saral XBRL Software ensures a seamless journey, freeing up valuable time and resources for companies.

Key Features:

Easy Data Collection: Saral XBRL Software streamlines data collection from various sources, minimizing manual efforts. 

Error Detection: Saral XBRL Software includes robust validation features to identify and rectify errors before submission. 

Seamless Sharing: The software facilitates secure sharing of reports with stakeholders and regulators. 

Cost:

The pricing for Relyon’s Saral XBRL Software is available upon request and is subject to variation depending on the specific requirements of the organization.

Conclusion

In conclusion, choosing the right XBRL return software is paramount for companies seeking efficient and accurate financial reporting. Each of the mentioned software options brings its own strengths and advantages to the table, catering to the diverse needs of businesses. Whether it’s seamless data preparation, robust validation tools, or real-time collaboration, XBRL software options have proven their mettle and are well-equipped to empower businesses in their reporting journey. Selecting the best-fit software for your organization will not only enhance reporting accuracy but also drive success in the competitive market, ensuring a secure and compliant financial future. 

Author: microvista-team

Microvista Technologies is a top-notch financial software development company based in Ahmedabad, Gujarat, India. Our area of expertise is in delivering solutions for diverse financial services, which include GST products, XBRL products, e-Invoicing, e-Way Bill, PowerSigner, GST API, GST Verification API and Struck-off companies verification tool. Our GST Product Includes Features such as: Powerful GST Reconciliation, Validation of Data, GST Return Filing, Audit Reports. Our GST Reports Includes: Supplier Return Filing Status, GSTR 3B Vs GSTR 1 Comparison, ICEGATE Reports, GSTR 2A/2B Reports, Pan Based Reports. We are dedicated to provide the best possible solutions to cater your business requirements. If you require any assistance or support, please do not hesitate to get in touch with us.