TechnologySage upgrade still falls short of iXBRL mark

Sage upgrade still falls short of iXBRL mark

FTSE 100 Sage unveils free upgrades to software, which still works using the minimum requirements set by HM Revenue & Customs

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.

For more company information, visit the Share Price Centre.

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