Frequently Asked Questions

• Q .  SaaS – will my data by secure?

A. Yes, File4 uses the same technology as used by the on-line systems of banks and any web payment system – the system is secure and controlled by unique login credentials.

• Q.  Will my accounts leave the UK?

A.  No, all the data resides in a secure UK datacenter which has resilience and disaster recovery built in.

• Q. How will I know if the tagging is correct and will pass into the HMRC validation system?

A. When File4 creates the iXBRL, it will pass the iXBRL document through the same validation software as used by HMRC, verifying that it is valid iXBRL and that it also passes any public validation rules that the HMRC have issued.

• Q. How do I know that it has tagged the accounts correctly?

A. The tagging suggestions presented for information in table format will on the whole be what the industry deems correct.  However, manual tagging of free text requires the preparer to exercise his/her judgment though the solution will guide taggers through the manual tagging process.

• Q. Other tagging learning engines are not SaaS – why is yours?

A. Other solutions in the market place are “rules” based and not underpinned by a machine learning engine. The difference is that File4 captures learning from every set of accounts passing through the system, while other solutions have rules applied to text so provide a limited number of suggestions and never get better at predictions.  So, once wrong, they are always wrong unless a new rules base is applied.

If you have a question about File4 which is not covered here, please contact us.