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08 Jul 2011
IT GIANT Sage has upgraded its accountant-focused software, though it still falls short of full HM Revenue & Customs requirements for new tax technology iXBRL.
The FTSE 100 business was previously criticised for failing to have the new technology ready before HMRC's deadline for implementation earlier this year.
Weeks after announcing that it would use software from Thomson Reuters, Sage unveiled its own product to allow corporate tax to be filed in iXBRL format.
A statement from the company said that its latest upgrade has made it faster and easier to submit iXBRL accounts. However, while the company has moved a step closer to creating more sophisticated software, Sage is still unable to provide users with the full requirements laid out by HMRC.
Product manager for Sage Accounts Production software, Jon Martingale (pictured), said: "HMRC's introduction of compulsory iXBRL filing in April this year represented significant change both in terms of the information needed to file but also in terms of the way many accountants worked.
"At Sage we are committed to delivering software and services that not only meets the needs of accountants but also makes their lives easier. With these enhancements, we've sought to further streamline and automate the creation of iXBRL-enabled accounts."
The company also announced an upgrade to its online offering, Sage One, which was released earlier this year.
Sage One allows accountants to see a range of client information, including VAT and banking transactions, in realtime. The latest update will give accountants more access to cash flow information of their clients.
"As the uncertain economic conditions continue, small businesses are under increasing pressure to ensure good cash flow management. The ability to run aged debtor and creditors reports, as well as nominal activity and trial balance reports, will give Sage One accountants and their clients a detailed view of financial performance in real time," said Michael Barber, marketing manager for Sage One
No release date has been confirmed for the fully HMRC-compliant iXBRL software.
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The IXBRL Challenge
Fortunately for the writer, he has used an accounts package which was at the forefront of development with IXBRL . Thus the 1st April deadline was viewed by the writer in a relaxed spirit. Unfortunately the Tax Package from a software provider used for many years proved to have problems and failed to work with the accounts package-despite assurances made prior to licence renewal. An alternative software was tried and proved successful. This all cost time and money. One is well aware that a number of colleagues have been similarly let down, and the blame must be laid fair and square at the software providers door. Nonetheless, HMR&C refused to listen to the more than justified pleas from ICAEW and others to stagger the introduction-members will have advised ICAEW(and other professional bodies) about problems caused by delays in providers preparation for the event. In the end it is again an example of the unfortunate practitioner having to pick up the pieces and put in the time and expense which cannot possibly be passed on to the unfortunate clients. Shame on the manufacturers and the politicians for their gross dereliction of duty.
Posted by: Tarrant Green, 11 Jul 2011 | 15:11