Tagetik Solutions To Support Financial Reporting In XBRL

Tagetik, a provider of performance management and financial governance software, has adapted its solutions to support financial reporting in the new international standard Extensible Business Reporting Language (XBRL). Dubbed by the Securities and Exchange Commission (SEC) as the ‘21st Century Disclosure Initiative’, XBRL-enabled software allows companies to meet the reporting rule it recently finalised that requires public companies to submit filings using XBRL, starting next month. It enables investors to more easily locate and compare company information in financial reports. This open standard guarantees a transparent and effective financial communication.

Tagetik’s XBRL-enabled solution for performance management and financial governance provides an identifying tag for each item of financial data, making it easy to find specific information, such as ’net profit’, rather than sifting through blocks of text. Tagetik allows users to easily create sophisticated financial reports using XBRL–improving internal controls for external reporting and reducing time, cost and complexity.

“Tagetik’s unified performance management and financial governance solution supports XBRL standards enabling companies to effectively manage their ’last mile of finance’ and data consolidation,” said the company’s chief operating officer Manuel Vellutini. “Our XBRL technology closes the loop on the standardisation and publication process offering benefits in accurate, timely and reliable analysis and communication of business information. It reduces the cost and complexity of financial filing.”