CCH Offering XBRL Capabilities to ProSystem fx Customers

Accounting profession software giant CCH’s decision to provide its customers the ability to render clients’ financial documents into an XBRL format, which allows for instantaneous access and collating of the most detailed information in business reports, could be a major boost to the XBRL movement nationwide, according to a top executive in an alliance with CCH.


Easy & Profitable Client Payroll with PayCycle

Now is a great time to get clients set up for payroll. We’d like to invite you to a FREE 60-minute web seminar sponsored by PayCycle, the leader in on-demand payroll. During this informative session, you’ll discover how to:

  1. Automate payroll tasks from paychecks to W-2’s
  2. Save time with electronic tax payments and filings
  3. Increase year-round firm profitability without adding staff or infrastructure

Come see for yourself how easy and profitable payroll can be - CLICK HERE TO REGISTER Hurry! Spaces are limited and the sessions fill up quickly.

All PayCycle webinar attendees will receive 1 month free on PayCycle’s service. After the free period, PayCycle costs just $14.99 per client per month for the first 5 employees. Each additional employee is just $0.25 per month. This low monthly fee includes everything you need to process payroll, including a firm-branded website for clients, direct deposit, electronic tax payments and filings, seamless integration with QuickBooks, ATX, CCH and other leading accounting software, free customer support with payroll experts, customized marketing resources to solicit your payroll service to clients, and much more.

Learn More Register for a Web Seminar Sign Up Now

“CCH is a major and important company, so when they open their door for XBRL, it gives the technology even greaert credibility,” said Wayne Harding, vice president of business development for Rivet Software, whose newly announced alliance with CCH will enable users of CCH’s ProSystem fx to have documents generated by that software program to be “tagged” with XBRL coding.

The XBRL capability would initially be most suitable for practitioners using ProSystem fx’s audit or accounting components to serve larger public companies, Harding said. The Securities and Exchange Commission (SEC) has been working with the accounting profession and technology companies championing XBRL development in the apparent hopes of someday making XBRL the reporting standard for all public companies.

The Rivet-CCH alliance may also someday be pertinent to users of ProSystem’s tax preparation software, Harding added, speculating that the SEC’s interest in XBRL could fuel similar sentiments at the Internal Revenue Service. SEC Chairman Christopher Cox has several times stated that XBRL could aid in the transparency of financial reporting and, more significantly, as reported by AccountingWEB on February 2, the SEC’s current request for proposals for management of its EDGAR database, says that the new manager should be prepared to implement XBRL capability into that database.

Technically, the RFP cannot specifically mandate that the new manager implement XBRL into EDGAR because the SEC does not require issuers to report in that format and is disinclined to make such a rule until after XBRL gains greater market acceptance. As it stands, only about nine companies now use XBRL to report under a voluntary program the SEC launched in early 2005. Undaunted, the SEC has since launched another incentive to get companies to use XBRL

“This could be a step in rallying the support XBRL needs,” Harding further said. Another major accounting market software vendor with XBRL capability is Microsoft Business Solutions whose FRx Software Corp. offers XBRL translation capabilities in some of its report writer tools. Those tools can be integrated with accounting applications from both Microsoft and other vendors.

Harding noted that while users of the FRx tools must be trained to use in order to extract the XBRL capability, Rivet, by contrast, is more turnkey. As an add-in to Excel, the software automatically adds XBRL tags to data on spreadsheets without any special training or effort required from the users, he said.

A spokesperson for Microsoft Business Solutions did not return calls for comment in time for this story. Rob Blake, who had been one of the XBRL champions at FRx and Microsoft, is among the other key executives at Rivet.

CCH and Rivet began discussing the potential for an alliance when Harding met with CCH Chief Executive Officer Kevin Robert at the American Institute of CPAs’ annual technology conference last summer. “Kevin was ecstatic about XBRL’s potential and felt it was important enough to make available to CCH’s customers. But the demand is still not there to warrant developing these systems in-house, so the alliance with us is the right solution,” Harding said.

Under the alliance, CCH will promote Rivet’s XBRL conversion tools to its customers, who can purchase them at reduced prices.

You may like these other stories...

Event Date: May 29, 2014 In this presentation Excel expert David Ringstrom, CPA brings you up to speed on the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both...
No field likes its buzzwords more than technology, and one of today's leading terms is "the cloud." But it's not just a matter of knowing what's fashionable. Accounting professionals who know how to use...
There is a growing trend of accountants moving away from traditional compliance work to more advisory work. Client demand is there, but it is up to the accountants to capitalize on that. What should accountants' roles be...

Upcoming CPE Webinars

Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.