News Article

IT & Internet

Online Accounting Software Expert, Twinfield, Reveals New Strategy to Provide iXBRL for Accounting Practices

By CreditMan Monday, July 19, 2010

Twinfield, the pioneer and market leader in the field of online accounting software, announces today the launch of its iXBRL strategy, which will provide iXBRL for accounting practices. This strategy has been developed based on the new international standard for the exchange of financial reports, a standard that is being adopted in several of the countries that Twinfield serves.

In the UK, iXBRL forms a core part of the government's online filing strategy which, following the Carter Review in 2006, was given the goal of achieving universal electronic delivery of business tax returns by 2012. Twinfield's new iXBRL offering will provide iXBRL for accounting practices and businesses and it will become an integrated part of Twinfield's online accounting software, scheduled for release in time for the iXBRL roadshows being run by the Institute of Chartered Accountants in England and Wales (ICAEW) this Autumn. Both accountancy firms and businesses using Twinfield will gain automatic access to the new iXBRL online module. They will then be able to send financial reports directly from the Twinfield Accountant's Portal to HMRC, Companies House and other bodies that support online accounts filing in the future. The new iXBRL module will be made available to users of Twinfield entirely free of charge.

For some time now the financial sector has been preparing for the mandation of iXBRL reporting by HMRC and Companies House, which will simplify and standardise the exchange of financial reports. Because accountants and businesses are now faced with the widespread roll-out of this program, Twinfield has launched its strategy for online accounts filing to support the use of these standards. Mark Davies, UK Country Manager of Twinfield, says, "For all parties involved, including HMRC and Companies House, it is of vital importance that accountants and businesses are able to send financial reports using iXBRL. This will accelerate widespread acceptance of this new standard and improve market efficiency."

The new Twinfield module consists of an online Accountant's Portal which can be used by accountants and their clients to compile reports. Businesses that already compile accounts using Twinfield's online accounting software will now be able to trace information down to book entry level via the Accountant's Portal. Once a report has been compiled and approved, it can be sent digitally to the relevant body or organisation.

Davies continues, "We have a variety of international clients who handle between a few dozen to a few thousand financial accounts. We therefore felt compelled to offer an online accounts filing solution that was both manageable and above all scalable. In collaboration with national and international accountancy firms, we have ensured that the operation of iXBRL for accounting practices can be simple but universal. We have even allowed for seamless integration with the existing work programs used by accountancy firms."

About Twinfield

Twinfield UK is a subsidiary of Twinfield International N.V., the European market leader in the area of online accounting. Today, more than 80,000 financial accounts are being compiled using Twinfield in 22 countries. Online accounting via Twinfield means flexible accounting, with a range of subscriptions to suit both small and large organisations. Twinfield also ensures efficient, secure, real-time data exchange between clients and administration or accountancy firms. Because Twinfield works as a web application, users can access and exchange financial reports online anywhere and anytime via a secure internet connection. For more information about the company and its services go to: