What are the benefits of using XBRL software?
XBRL software enhances financial reporting by improving accuracy, transparency, and efficiency in data handling.
Can you explain how it improves accuracy?
It reduces human error by automating data entry and validation, ensuring that financial statements are consistent and reliable.
What about its impact on transparency?
XBRL allows for standardized reporting, making it easier for stakeholders to access and compare financial information.
Are there any cost benefits?
Yes, it can lower costs by streamlining reporting processes and reducing the time spent on compliance and audits.
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