Written by wordpress627 on August 21, 2018

A new AICPA and XBRL US study explains the ENTIRE motivation behind our 3rd generation EDGAR & iXBRL program. Using technology to reduce costs.

This new study found that 68.6% of the companies paid $5,500 or less per year in comparison to 29.9% reported in the AICPA and XBRL US 2014 survey.

https://www.aicpa.org/content/dam/aicpa/interestareas/frc/accountingfinancialreporting/xbrl/downloadabledocuments/xbrl-costs-for-small-companies.pdf

11.8% of the companies surveyed paid annual costs between $5,500 and $8,000. Only 13.1% of companies paid more than $10,000 in yearly costs, compared to 31% in the 2014 survey. The single, highest annual amount paid in 2017 was $51,500, dropping to $38,800 for the second highest. The median cost of filing was $2,500, down 69% from the 2014 median of $8,000 per year.

We have all learned many lessons about XBRL since it’s 2009 rulemaking.

A few comments:

  • The study states the numbers above are for “fully outsourced creation and filing solutions for their XBRL filings,” not DIY SaaS portals.
  • Our X3RL platform is both a full-service and a SaaS platform.
  • It was designed expressly for small land mid-cap companies who need support flexibility from fling to filing.
  • X3RL is full featured for large caps, of course.
  • We also set a flat-fee, regardless of the level of support you need.
  • Think of X3RL as an XBRL rheostat. Companies dial up and dial down the amount of Edgar Agents support they need at any time, on any file.
  • It’s 100% iXBRL ready.

Why do we call it 3rd Generation XBRL? Our news release explains it here.

If you’d like a brochure or schedule a demonstration of this budget saving solution, CLICK HERE.