TMCnet News
: Most practices finding iXBRL easy, according to ICAEW IT Faculty SurveyNov 22, 2011 (M2 PRESSWIRE via COMTEX) -- Six months into the new mandatory iXBRL regime for HMRC company tax filings, a large majority of practices have reported that they find their new iXBRL-enabled software or processes 'easy' (53%), with only 13% finding it 'difficult'. This is one of the findings of the ICAEW IT Faculty's latest IT in Accountancy Practices research report, published today. Commenting on these findings, Dr Paul Booth, ICAEW IT Faculty's Technical and Development Manager, said: "This is welcome news, and much better than was feared before mandation began on 1 April. It is very much down to the hard work put in by many software suppliers, by HMRC, who put in place helpful 'soft landing provisions', and by those who provided help and guidance to enable firms to get ready on time. It's important to add, though, that the 13% who are still finding it difficult is too many, and the IT Faculty continues to work with software suppliers and firms to get that number down to zero." Among other key findings of the survey, 'cloud computing', undoubtedly one of the biggest developments in the business use of IT since the faculty last carried out this research, has yet to take off in the accountancy practice sphere. For most mainstream practice software (eg accounts production, tax, practice management) this is hardly surprising, since very few 'Software as a Service' (SaaS) offerings existed - although, coincidentally, one of the major suppliers launched a suite of SaaS software shortly after fieldwork finished. In one area, though, client bookkeeping, there have been several SaaS products available for a few years. Nevertheless, the survey found only 3% of firms or offices using such products so far. One notable change since the last IT in Accountancy Practices survey was published (2007) is the rise in user satisfaction with 'niche' products, as distinct from software that is part of a comprehensive practice software suite. Stand-out performers this time include VT Final Accounts, an Accounts Production software product used predominantly by smaller practices, and Moneysoft Payroll Manager, whose key market, likewise, is sole practitioners and other small firms. Among the larger suppliers (CCH, IRIS, Sage, and Thomson Reuters Digita) that have products across the range of mainstream practice software, IRIS retains their lead in user satisfaction, with, on average, 92% of users of their Accounts Production, Tax and Practice Management products saying that they would recommend the software to other firms. By comparison, Sage come bottom of the four, at 77%. On intention to replace the software in the next 12 months, IRIS again have the best score, at 7% - with Digita users twice as likely to be replacing their software, at 14% on average. This is the seventh time the IT Faculty has carried out the IT in Accountancy Practices survey. It was first run in 2000 with the present methodology, which involves 700 telephone interviews with IT decision makers in ICAEW member firms and offices in the UK. Care is taken to ensure that the interviewees represent a cross-section of firms, and weighting applied as appropriate, to compensate for any differences between the sample interviewed and the true distribution of UK practices by size. The full report can be obtained from the faculty, price 45 for faculty members and subscribers, 145 for others. Email [email protected] for further details. Media enquiries: Contact Heather Coath, ICAEW Media Relations Manager, on 07715 496493 or [email protected] Notes to Editors 1. The ICAEW IT Faculty provides products and services to help chartered accountants make the best possible use of IT. The Faculty also represents the interests of chartered accountants' IT-related interests and expertise and contributes to IT-related public affairs. For more information go to www.icaew.com/itfac.' 2. ICAEW is a professional membership organisation, supporting over 136,000 chartered accountants around the world. Through our technical knowledge, skills and expertise, we provide insight and leadership to the global accountancy and finance profession. Our members provide financial knowledge and guidance based on the highest professional, technical and ethical standards. We develop and support individuals, organisations and communities to help them achieve long-term, sustainable economic value. Because of us, people can do business with confidence. 3. ICAEW is a founder member of the Global Accounting Alliance, which represents around 775,000 of the world's leading professional accountants in over 165 countries around the globe, to promote quality services, share information and collaborate on important international issues. Heather Coath Regional Media Relations Manager D 101884 T +44 (0)115 822 1884 M +44 (0)7715 496 493 ((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to [email protected]. |