Maximizing business reporting efficiency: Prophix partners with IRIS CARBON

Big news! Prophix recently partnered with IRIS CARBON®, a pioneer in business, financial regulatory reporting, and disclosure management solutions.

This new partnership allows us to expand our solutions for the Office of the CFO and add disclosure management, XBRL/iXBRL reporting, and ESG reporting. With our collective offerings and capabilities, you can navigate the complex and ever-changing regulatory environment, while improving the efficiency and precision of your financial operations.

What is disclosure management?

Disclosure management refers to the process of collecting, organizing, and presenting financial and non-financial information for internal and external reporting such as regulatory filings, reports, and other disclosures required by governing bodies or stakeholders.

Disclosure management software helps users to collaboratively author, review, and finalize internal and external reports in an easy and efficient manner, eliminating redundant manual processes. Source data linkages ensure consistent and updated data always run across all reports.

Disclosure management software also facilitates easy narrative and graphical reporting through familiar authoring tools such as Microsoft Word, Excel and PowerPoint, and bundle functionalities for efficient review, project tracking and more.

By combining a centralized repository, a single source of truth, and an array of tools, disclosure management solutions transform complex, multi-author reporting processes into a controlled, efficient system, optimizing time and resources and enhancing accuracy.

In addition, some disclosure management solutions support enterprises with their regulatory reporting requirements (e.g., ESG and XBRL/iXBRL reporting).

What is XBRL/iXBRL reporting?

XBRL (eXtensible Business Reporting Language) and iXBRL (Inline eXtensible Business Reporting Language) are standardized formats used for reporting financial and business information, which aim to improve the accuracy, efficiency, and accessibility of financial data.

XBRL and iXBRL are widely used in regulatory reporting, financial analysis, and compliance requirements set by over 200 governmental and regulatory bodies across 60 countries globally.

Publicly traded companies must submit their filings to regulators such as the Securities and Exchange Commission (SEC) in the United States and the European Securities and Markets Authority (ESMA) in Europe. Some of the key XBRL/iXBRL mandated reports include:

• SEC iXBRL, FERC XBRL, and ACFR XBRL in the United States
• ESEF XBRL, Italy InfoCamere XBRL, and IFR/IFD Prudential Reporting Mandate in Europe
• UKSEF iXBRL Reporting, HM Revenue and Customs (HMRC), and Irish Revenue iXBRL in the United Kingdom and Ireland
• Companies and Intellectual Property Commission (CIPC) in South Africa
• Environmental, Social and Governance (ESG) Reporting which will be new for many firms starting in January 2024

What is ESG reporting?

ESG reporting refers to the practice of disclosing a company's performance and impact in three key areas: Environmental, Social, and Governance. It involves the transparent communication of a company's efforts, initiatives, and results related to sustainability, social responsibility, and ethical governance practices. ESG reporting has been growing in importance over recent years and has become subject to several new regulations across the globe.

Now that you know the differences and similarities between disclosure management, XBRL/iXBRL, and ESG reporting, you can better understand how Prophix’s partnership with IRIS CARBON® can help you drive business performance.

Who is IRIS and IRIS CARBON®?

IRIS BUSINESS SERVICES (IRIS) is a publicly listed company offering RegTech solutions across 52 countries over the past 22 years. IRIS’ clients include regulators such as central banks, stock exchanges, securities commissions, business registries and corporations, as well as several thousands of enterprises who leverage one or more of IRIS’ solutions within their businesses. IRIS won the prestigious Financial Express Best Fintech award in 2021 for its contribution to strengthening the economy and the central banking system by leveraging technology and data standards.

IRIS CARBON®, IRIS’ flagship enterprise SaaS offering, is a collaborative solution that helps the Office of the CFO with:

1. Disclosure management
2. XBRL/iXBRL reporting to regulators across nine mandates
3. ESG reporting

IRIS CARBON® holds the distinct honor of being ranked #1 for the quality of XBRL/iXBRL filings in the U.S. for 20+ quarter running and #2 rating by G2 for ‘Ease of Use Software’ in the Disclosure Management category. The client base for IRIS CARBON® includes companies across 29 countries ranging from Fortune 100 to mid-market and small reporting entities in the US, Europe, UK, Ireland, South Africa, and India. Numerous accolades from G2 and Gartner emphasize the superior quality of IRIS CARBON®’s overall offering to customers across geographies.

How do IRIS CARBON® and Prophix work together?

Together, Prophix and IRIS CARBON® have a fully integrated solution that seamlessly automates data integration, report generation, XBRL tagging, narrative reporting, and more to enhance your operational efficiency and reduce reporting timelines.

With over 20+ years of combined experience serving the Office of the CFO, Prophix, and IRIS CARBON® designed their solutions to improve finance and accounting teams’ agility and responsiveness in their operations.

The benefits of IRIS CARBON® and Prophix

By combining Prophix’s robust FP&A and financial consolidation capabilities with IRIS CARBON® best-in-class disclosure management and XBRL/iXBRL functionality, you can ensure that you’re seamlessly complying with regulatory standards while also improving the quality and efficiency of your reporting, budgeting, forecasting, and consolidation processes. Other benefits include:

• Scalability and flexibility – You can adapt to your evolving business needs relating to FP&A and consolidation but also continually evolving regulatory requirements.
• Efficiency through automation – Integrating our software solutions automates data transfer among departments and entities, resulting in streamlined report generation and reduced manual effort while minimizing errors and improving overall operational efficiency.
• Improving service to publicly traded companies - Publicly traded companies can now do all their budgeting, reporting, forecasting, and consolidation within a single Financial Performance Platform.

As a result of this exciting new partnership between Prophix and IRIS CARBON®, you can now take advantage of disclosure management, XBRL/iXBRL reporting, and ESG reporting capabilities within Prophix’s Financial Performance Platform.