XBRl (Extensible Business Reporting Language) is an open standard mark-up language optimized for business information, but not limited to financial and accounting information. It is the variant of XML (Extensible Markup Language) adopting the same syntax and related technologies. The XBRL aids data sharing more than XML does by removing the obstacle of human terminology from the equation.
The XBRL tags are computer-readable, allowing the electronic transmission of data along with resources relating to each concept helping to define their semantic meaning. The capability of XBRL to communicate semantic meaning associated with specific data elements, independent of software application. This makes use of the transmission of business and financial information to multiple company stakeholders and regulators.
How Did XBRL Originate?
XBRL technology arose from the need for reliable and financial related data to be reported to multiple regulatory bodies. The technology created follow issues-
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Your business is keen on outsourcing data entry services to India and tapping into the innumerable benefits that the country offers. However, before you jump into outsourcing, take some time off to pick and choose a reliable data management service provider, instead of just hiring the first company that you find. This is very important, as only an experienced service provider with expertise across verticals can provide you with accurate data entry. Here are some tips on how to get the best Return on Investment ( ROI) and make a good bargain while outsourcing data entry to a service provider in India.
1. Clearly state your requirements: Hold a meeting with your employees and find out your exact data entry needs. Do you need data entry on a one-time basis or for an on-going period of time? Does your data entry require specialized skill sets in a particular field? How fast do you want your data entry to be completed? Also keep in mind, the growth of your business and if you will need additional data entry services in the future. Clearly stating your requirements will enable you to narrow down your search on the best service provider.
2. Look at the cost: Outsourcing is a great way to reduce your overheads and minimize your operational costs. Keeping this in mind, search for a service provider who can offer your business with quality data entry services at an affordable price. Ask for a price quote from your list of potential service providers and then compare the price.
3. Check for quality and accuracy: It is important that the service provider you choose follows Quality Assurance processes, otherwise you may end up with data that is inaccurate. Find out if the service provider follows a Quality Assurance process where the data is checked for errors and then rectified. Ideally, there should be quality checking system at each step of the data entry process. By insisting on quality, you can be sure of accurate data. Continue reading →