Simplex and Solutions Partners Bring a Consultative Solutions Approach to XBRL Services
LOS GATOS, Calif.–(BUSINESS WIRE)–Simplex Data Technologies and Solutions Partners will together offer XBRL services to companies listed in the US, the companies announced today. An agreement between them was signed recently.
The SEC started a voluntary XBRL filing program in early 2005. Under this program, US listed companies can submit their Q’s and K’s to the SEC in XBRL format. Filings in XBRL format allow for easy analysis, retrieval and transport of financial data. More information about the SEC’s XBRL program can be obtained from the SEC website – http://sec.gov/spotlight/xbrl.htm For more information on XBRL, please visit http://xbrl.org/.
Early adopters of this program (Adobe Systems, GE, Microsoft, United Technologies and others) have made significant gains over their peers in building capability in uncharted territory. Challenges range from intrinsic explosion of business growth and complexities, on one hand, to externally driven proliferating need to reconcile and re-interpret to a variety of standards before reporting publicly, on the other. It has taken the pioneers several months to master the complex interactive processes to get XBRL reporting to acceptable levels.
Late adopters new to this process face growing challenges as their start the learning process. A consultative, solutions based approach to providing XBRL reporting services for the SEC program has emerged as a meaningful solution. Simplex Data Technologies has brought to the domain bench-marked process expertise that would now be available as a consultative and interactive package to new adopters through Solutions Partners Inc.
“By partnering with Simplex, we will help public companies join and actively participate in the XBRL filing program. Since XBRL is a new technology, a lot of our clients are seeking assistance with their XBRL filing efforts. Combining Simplex’s XBRL experience and our core-strength in implementing Oracle ERP solutions for companies in the Bay Area, we hope to bring significant value to our clients by offering a comprehensive one-stop solution to them,” said Jack Cartmell, Managing Partner of Solutions Partners, Inc. (SPI).
“We are excited to announce this agreement with SPI. There is a synergy between SPI’s solution offering and Simplex’s strength in the XBRL space. Together we will provide a true end-to-end solution to our clients in Northern California,” said Anil Inamdar, Director of Business Strategy for Simplex Data Technologies.
“The goal of this initiative with Solutions Partners is to share our XBRL experience with clients, encourage them to file regulatory reports in XBRL, assist with the entire XBRL filing process thereby smoothening their XBRL learning curve,” said Jay Chandran, Senior Partner of Simplex.
About Simplex Data Technologies:
Simplex, a member of XBRL-US consortium, offers XBRL solutions to companies that wish to publish their financial statements in XBRL. Simplex has developed a comprehensive workflow and TagEzee(TM) product that it uses to create instance documents and taxonomy extensions using XBRL specification 2.1. For more information, please visit www.simplexdtech.com.
Simplex Data Technologies
Jay Chandran, 1-510-710-7835
Solutions Partners, Inc.
Jack Cartmell, 1-209-483-9009