Sharello was founded on the principle that communicative tools should be both easily accessible and functionally relevant to their users. As a young company, we are well versed in the concept of moving forward, as both a service provider and a part of the industry of financial reporting. Many of the decision-makers we have heard from regard the U.S. Securities and Exchange Commission’s (SEC) XBRL reporting requirement as just another added layer of compliance that their companies must now satisfy, and to a certain extent, we agree. To many, there has been little value internally with the addition of XBRL reporting, though in itself, XBRL has enormous potential for growth as a communicative tool beyond open financial reporting.
With the high costs service and software that the industry leaders have set, the idea that XBRL was in large part created to provide a strong source of additional income for specialized businesses has become more and more prevalent. Many of these vendors still mainly function as financial printers or investor relations companies, so their overall business model demands that they attach high prices to their EDGAR and XBRL services. But for XBRL to truly flourish and evolve beyond its current role, there has to be a more viable solution for the public at large.
With the SEC’s mandate for XBRL in full effect, the foundation has been laid for businesses to evolve their approach to financial reporting and auditing. We at Sharello believe a small revolution is in order - what we envision is not only the evolution of how businesses share their data but also a dramatic shift in the specialized market that sprung from SEC reporting. In the age of Big Data, it is hard to imagine that XBRL will remain stagnant - it will adapt and grow, just as any language would. As such, the providers of both specialized XBRL software and services also need to adapt their business model. Too many are unwilling to do so, as they have reaped the rewards of the market in its current state.
Take charge of your corporate financial image by choosing Sharello - your platform for the most cost-effective SEC compliance solutions.