Going into business for yourself is awesome and you see a great return if you stick with it for the long haul. However, many business owners have no idea what XBRL reporting or even Edgar filing are when the time comes to take care of such things. Do they relate? What are they? Read on below to find out.
What is XBRL Reporting?
XBRL, also known as extensible business reporting language, helps preparers to utilize all the software at their disposal in order to file the reports and documents needing so that they are in XBRL compliance. While it may sound confusing, it’s a simpler way to tag all your financial items in your business reports so that you don’t miss any and end up in trouble.
What is Edgar Filing?
Edgar, also known as, the Electronic Data Gathering and Analysis System, makes it easier automate, index, report, and forward documents, reports, and forms that are required by the SEC, US Securities, and Exchange Commission of all businesses. While this all may seem confusing, they are both easy processes that can go hand in hand.
Learn Everything You Can About Them Both
The best thing you can do is your research when it comes to both of these tools. Do your research and learn all you can about both of them, so there are no surprised when the time comes to file.
Hire the Professionals
The best thing you can do when it comes to XBRL reporting and Edgar filing is to hire the professionals so that the job is done right the first time.
For more information on XBRL reporting and Edgar filing from the professionals that you can trust, contact Colonial Stock Transfer now for help and answers to your questions.
