Why cBrain Chose ParsePort to Handle Their ESEF-Reporting
In 2014 it became mandatory for public listed companies in Denmark to file their annual reports in the XBRL format. This means that Danish companies have spent the past 6 years testing the quality of different XBRL vendors, and this is why, we are extremely proud, that so many Danish companies are choosing ParsePort not only to handle their XBRL conversion, but their ESEF-reporting as well.
Danish cBrain is an engineering company with a background in software, that has been developing software to support digitization of workflows, business- and knowledge processes since 2002.
In collaboration with their accounting agency, they chose ParsePort as their ESEF-vendor, and we’ve sat down with Brian Dahl of cBrain, to talk about the thought process behind that decision.
What cBrain Looked for in Their ESEF Provider
These days every company in Europe needs to find an ESEF provider, but as iXBRL conversion and ESEF reporting is a relatively new field, there is also a lot of confusion about what constitutes a good ESEF provider.
Some companies offer a range of opportunities to take control over the tagging and mapping process, while others will handle the entire process for you.
We asked Brian Dahl, what some of the concerns cBrain had prior to selecting an ESEF vendor was. This was his answer, “One of the things we discussed in detail while we looked at different ESEF vendors was the mapping process. We weren’t really sure how much of it we needed to handle in-house and how much we would like our vendor to cover.”
We see many companies consider this. Some vendors will tell them, that the only way to know that everything is correct, is if the customer handles the mapping, while others say that the vendor has to do everything in order for it to be perfect.
At ParsePort we realize that one size doesn’t really fit all, and that is why we let the customer choose for themselves if we should handle tagging, if they want to do it themselves, or if we should do it as a collaborative effort.
When asked why they chose ParsePort, Brian promptly answers, “We wanted a vendor with as much experience as possible, so we could get the assistance we needed. With eight years of experience with XBRL ParsePort seemed like the right fit.”
Three Ways to Handle Mapping
We like to express the different solutions with a metaphor, and that’s also how we presented it to cBrain. If you imagine your ESEF reporting process like flying with a plane, there are different ways to go about it, and they all have different benefits.
First, you can buy a ticket, sit down in the seat, and enjoy the ride. This is the easiest way to get to your destination. The second option is to take a seat in the co-pilot’s chair. This way, you will be able to directly influence the exact route you are taking, but you won’t have to figure out how to fly the plane. And the third option is, that you can rent a plane, learn how to fly it, and then pilot yourself to your chosen destination.
This is also true for ESEF reporting. You can have your chosen vendor handle everything for you, you can handle mapping in collaboration with your ESEF vendor or you can pay for the software and handle everything yourself.
As a ParsePort client you can choose whichever version fits your company best, and we will accommodate your needs.
cBrain supplied us with their annual report in PDF along with an Excel sheet containing their financial statements. We then handled the mapping of the files in collaboration, and now they are ready to convert their annual report to ESEF.
As a wrap-up question we asked Brian what the cBrain team thought of the process, “I sent the Excel file to the ParsePort team, and together we went over some the posts so it was handled in accordance with our wishes. It turned out to be a really simple process.”