From Excel to XBRL: why it's useful for your VSME reporting

Do you keep your VSME reporting neatly in Excel, but your clients suddenly ask for an 'XBRL format'? We explain what XBRL is, why clients are asking for it, and how to get started with it.

The European Financial Reporting Advisory Group (EFRAG) called the VSME introduced as a simplified sustainability reporting standard for small and medium-sized companies. There is no standard downloadable format to track your VSME reporting in; so Excel is totally fine. But because you sometimes need to exchange data with customers, financiers and other stakeholders, it is inconvenient if everyone does it in a different way. That is why EFRAG developed a free tool that automatically converts every Excel report to XBRL: a computer language for structured data exchange;

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What is XBRL? 

XBRL stands for eXtensible Business Reporting Language. This means that your reporting data can be read not only by humans but also by computer systems. In practice, this means that your client can load your sustainability data directly into their own system, even if you have both formatted it differently in Excel. The XBRL format thus prevents manual retyping of figures, unnecessary errors and it gives you a professional image towards major clients. Think of it as a data-driven accounting language, allowing software to immediately know:  

  • What the number is (e.g. CO₂ emissions) 

  • which period is involved 

  • in what unit it is (e.g. tonnes, euro) 

  • which organisation it belongs 

 

Why do large companies want to work with XBRL? 

Large companies that need to create their own CSRD reports collect data from hundreds of suppliers. If everyone uses a different Excel format, it costs their procurement departments of who have to submit or process data for CSRD reports (also called procurement teams) unnecessary time to process everything. 

With XBRL, procurement teams can: 

  • Automatically read your data into their systems 

  • Faster to compile their own CSRD reports 

  • Avoiding errors due to manual typing 

  • Easier comparisons between suppliers 

How does the EFRAG converter work? 

The tool EFRAG developed to convert your Excel VSME report to an XBRL does not give you any extra work. You don't have to learn anything new and just continue working in Excel as you are used to. So:  

  1. Fill out your VSME report using the official EFRAG Excel template 

  2. Upload your completed Excel file to the EFRAG converter 

  3. Download your report in XBRL 

  4. Deliver both versions to your client: Excel for people, XBRL for computers 

 

Practical benefits of XBRL for your business 

When you convert your data into XBRL:  

  • Meet the most professional standards 

  • Customers can incorporate your data directly into their systems and align with what big companies expect from you 

  • Distinginguish yourself from competitors who provide data only in Excel 

  • Prepare for further digitisation  

  • Exude professionalism towards new clients  

 

What does XBRL cost?  

Using XBRL is free of charge. The EFRAG tool is public and available to everyone. So there is no need to buy licences or take out subscriptions. 

 

Why you want to work with XBRL from now on 

The bottom line: with one extra step that doesn't require any changes in the way you work, you make it even easier for your customers to use your data. And without extra costs or complicated software;