iXBRL which promotes transparency and standardisation in financial disclosures, has become vital than ever with HMRC being one of the early adopters. While essential for compliance, traditional tagging methods are often time-consuming and cumbersome.
While iXBRL service providers have serviced their clients in quick turnarounds even less than 24 hours in many cases, Accounting Firms, CFOs and Finance pros are always pressed for time especially during the filing season. As regulatory demands increase and reporting cycles tighten, it’s time for AI to enter RegTech.
Manual iXBRL tagging presents three major challenges:
It’s time-consuming — requiring technical expertise and significant hours from service providers.
It can be a costly affair — depending upon the elements that need to be tagged regulatory updates.
Prone to error – While the delivered output is free of errors, initial drafts are mis-tagged, misunderstood and misinterpreted.
In an environment where accuracy and speed are non-negotiable, these limitations are costly.
AI-powered reporting tools will reshape the landscape. These solutions go beyond simple automation — FinTags AI learn from historical data of past 5 years, apply contextual intelligence, and continuously update taxonomies in line with regulatory changes.
iXBRL tagging becomes smarter and faster with AI. Tags are automated based on prior reports, inconsistencies are reflected upon in real time, and taxonomy management is centralised.
More importantly, AI frees inhouse finance teams from the mad pressure around filing season delivering the reports in 30 minutes — allowing them to focus on analysis, insight, and decision-making.
For finance leaders evaluating digital reporting strategies, risk reduction is a critical driver for AI adoption.
AI is not here to replace finance professionals — it’s here to elevate them.
By removing the manual burden of iXBRL tagging, AI enables finance teams to shift from compliance administrators to data strategists. Reporting becomes not just faster and more accurate, but a foundation for real-time insight and business intelligence.
In a world where stakeholders expect transparency and regulators demand precision, AI-powered reporting isn’t just a competitive advantage — it’s fast becoming a necessity.
Finance teams that embrace AI-driven digital reporting are future-proofing their processes, reducing operational risk, and unlocking capacity for higher-value work.
The question is no longer if AI will reshape financial reporting — but when your organisation will take the next step.
Write to hello@fintags.ai to learn more.
