XBRL
Ready for the future with KATE: XBRL explained
Lately, as an appraiser, you are hearing more and more about submitting via XBRL to the bank. Perhaps you have already received an email from your bank about XBRL. In this article you can read about what this means exactly and how you can be prepared for this new way of submission using KATE’s software. As an appraiser, it is important to be well prepared. There is a good chance that XBRL will soon become compulsory at the bank.
Valuation software and XBRL
XBRL stands for eXtensible Business Reporting Language and is an open for the electronic collection and exchange of financial data over the Internet. To put it simply, with XBRL you create a validated excel file, where each box has specific rules. The various data points in an appraisal report are placed in the appropriate “box” in the XBRL file. This allows the bank (via SBR Nexus, a collaboration of ING, Rabobank and ABN AMRO) to process the data automatically (and thus faster).
So much for the explanation of how delivery via XBRL works “on the back end. But what use is it to you as an appraiser?
That depends on the software package you use. The advantage for the bank is clear. They receive the data from the bank. Valuation software is built precisely for that purpose. Everyone benefits from that, if it wants to ensure an editing process. But it should not be at the expense of the wishes of the valuer and the user error of the software. KATE was created precisely by valuers and our starting point is always to help the valuer to do his work better.
You probably recognize the following image.
You enter data in the valuation software and first have to wait a while until the screen has finished loading. Then a value rolls out of the calculation model of the software that does not match what you expect. However, you do not get any insight into why it is not correct. There is nothing else to do than to re-enter the input until the result matches what you expect. Of course, with every adjustment you wait on a screen that is loading. Can’t that be easier?
Of course. KATE Innovations does it better in two ways
- Adjust and see results immediately
- A look under the hood
Adjust and see results immediately
When you enter data in KATE, the result is immediately recalculated. This way, you get immediate feedback on what your adjustment means for the calculation. This saves a lot of time, because you no longer have to wait for a loading screen. Also not unimportant: it is a lot less frustrating. What makes Excel a good tool? The fact that you immediately see what happens to your calculation when you make an adjustment. That is exactly the same in KATE.
A look under the hood
As a valuer, you are the expert and therefore you want to see what comes out of the calculation that is done with your input. This way you have control over the valuation report, after all, you are the expert. In KATE it is clear how a calculation is made. It is not a black box, where you have to adjust the input until a calculation rolls out that matches what it comes out in your own calculation model.
Take control of your appraisal report
Do you want to be ready for the future of XBRL delivery? At KATE, we guarantee that our software is more user-friendly and gives you the time and insight to truly act as an expert. With KATE, you regain control over the process and your valuation report. So that you have more time to be there for your customers with your expertise.
But don’t take our word for it. Try it yourself. Leave your details and we will schedule a demo with you without obligation.