Did you know that we have a software solution that helps accountants produce annual financial statements for their small business clients, which are submitted to the Companies and Intellectual Property Commission (CIPC)?
It’s called Sage Final Accounts Online and it comes free with Sage Business Cloud Accounting Accountants Edition, which is available to certified Accounting advisers.
As from 1 July 2018 CIPC has made it mandatory for qualifying companies to submit their annual financial statements in a new format. Previously, annual financial statements were produced in Excel and then saved and submitted in PDF format.
Going forward, CIPC will only receive annual financial statements in XBRL format – this is mandatory. Excel documents cannot be saved in XBRL format. XBRL basically digitises annual financial statements – so this change is almost like changing from paper maps to Google Maps.
Sage Final Accounts Online is XBRL compliant
We’re happy to announce that Sage Final Accounts Online is XBRL compliant. This will help us attract more accountants to Sage who have previously produced annual financial statements for their small business clients in Excel and are not prepared to pay for a similar solution. Well done to the team who worked on this project.