Control Never Tasted So Good

October 18, 2012

Outsourcing critical financial documents to financial printers seems like a sweet deal. You hear things like, “We promise to take care of all your compliance needs from EDGAR, XBRL and filing with the SEC.”

Truth be told, when it comes down to crunch time, you can't rely on financial printers and the headache only continues.

5 reasons why you should not outsource financial reporting:

1. Someone else should not control the most important document your company creates
Ultimately, you want to control your financial statements until the end, but if you use a financial printer, you have no control once it is handed off. With Wdesk, you have control up to the second you press send. According to James Hunt, the Director of External Reporting at Tupperware Brands Corporation WebFilings gives control to their customers. “We paid for functionality to do filings with WebFilings, and there is no reason to pay anyone else to do it. Now we have complete control over our filing process,” he says.

2. No one knows your financials better than you
SEC reporting teams know the company financials better than anyone else. Financial printers do not know your financials. They can only take their best guess. When you outsource, your review process is flawed because you are not part of the decision making that leads to the review. Wdesk lets the financial reporting team take control of the entire process from end-to-end all the way to pushing send.

3. You can't outsource responsibility
You are in charge of what happens in relation to your company's compliance documents. The risk in giving another service provider control means you are still the one who takes responsibility for any problems related to the process-even if your company had nothing to do with it. At WebFilings, empowering control over the process, is something we excel at. Stacy Gilbert, Vice President and Assistant Controller at FirstMerit Bank says, “It's an empowering feeling to say we have control over the process and that we know where the report is going.”

4. You cannot have confidence in your filing if you do not know where it is
Knowing your documents are being worked on by a financial printer is unnerving and ultimately out of your control. You should have confidence in knowing exactly where your document is in the process at any time. Jerome Nichols, Director of Investor Relations and Corporate Communications shares his experience, “We have enhanced confidence in our documents.” Wdesk helps to make sure you know the precise status of your documents at all times.

5. If you want something done right, do it yourself
Don't let another company take responsibility for your success or failures. WebFilings empowers your financial reporting team to take back control of the entire process, from drafting your document all the way to filing with the SEC.

Contact a WebFilings representative today to learn more about our solution and world-class customer service.

Jay Miller

About the author

Jay Miller is a Senior Director of Product Marketing at Workiva. He has over 15 years of experience in marketing, product marketing and management with SaaS and enterprise software companies.