- Why Wdesk
January 30, 2013
The recent CFO.com article, “Insourcing XBRL: What Tagging Takes,” reflects on the necessary transition from using traditional printers to cloud-based solutions. As companies are becoming XBRL-compliant, they are realizing the huge benefits of taking their XBRL tagging in-house. In a word, they are “insourcing” their XBRL. In the article, Bill Myers, Vice President of Technical Accounting and Reporting at Eaton, explains how he became concerned when he heard that traditional printers couldn’t keep up. He noticed response times slowing and even worse, errors. Needing “increased control and flexibility,” Myers turned to the WebFilings solution. And Eaton isn’t alone. According to the FERF survey referenced in the article, 31 percent of large accelerated filers handled 100 percent of their XBRL work internally last quarter, and next year the number is expected to increase to 47 percent. By implementing the WebFilings solution and increasing his company's use of internal resources, Myers expects to be able to save approximately 30 percent over the cost of outsourcing their XBRL. Increasing control, saving time and money, and reducing errors are just three ways WebFilings can transform your filing process. To learn more about the Wdesk Compliance Reporting click here. Visit CFO.com to read the full article.