EDGAR HTML Within Seconds - Not Days
One of the questions we like to ask prospective customers is, “What's your pencils down time?” We're heard anywhere from 24 hours to 14 business days with the standard response somewhere in the middle at a five-day “pencils down” period. In our opinion, even an hour is unacceptable.
Over the summer, I read an analogy comparing the SEC reporting process to travel (Don't get me started on cancellations, delays, and lost luggage). In this analogy, the author compared the SEC's filing deadline as the flight time and the “pencils down” period as the check-in time. Sure, there are people who will stand in line to print airline tickets, check their bags, and get frisked in the security line. But if you had the choice to by-pass all of those headaches and immediately board the plane, wouldn't you choose that option?
At WebFilings, we're saying “No More Pencils Down” or in the above analogy, “No More Check-in Times.” One of the ways we accomplish that is through our EDGAR HTML functionality integrated in our Wdesk External Reporting Solution.
When WebFilings customers are drafting their financial documents in our solution, they use a familiar word processing/spreadsheet editor. With the click of a button and within a few seconds, the active financial document can be transformed into EDGAR HTML, ready to be filed with the SEC directly from our solution.
"Wdesk enables us to better manage our document development and SEC filing process," said Neil Johnson, External Reporting Manager, Federal Home Loan Bank of Des Moines. "Now, we can edit the EDGAR version right up to the end. **We have greater control, and have also reduced the risk of errors."**
Wdesk now takes the worry out of EDGAR HTML conversion. "Before adopting Wdesk, we would do a tedious, mind-numbing review of our Word document against the EDGAR draft from our printer, to look for inconsistencies," said Johnson. "With Wdesk, we don't have to worry about that anymore because of its integrated EDGAR conversion."
In addition, Wdesk has proven to be a time-saver for Federal Home Loan Bank of Des Moines. "For us, time savings has been the biggest benefit of using Wdesk," added Johnson. "The amount of time we spend reviewing the EDGAR version has been dramatically reduced. Using Wdesk, we are able to get the document to our disclosure committee two to three days sooner, providing them more time to do a better review."
Want to see more?
View a demonstration of our EDGAR HTML capabilities by clicking here. This video will showcase the Wdesk External Reporting Solution and our collaboration features, sophisticated linking capabilities, integrated EDGAR HTML conversion, integrated XBRL application set and more.
If you've already heard enough and are ready to schedule a personalized demonstration for your company, contact us and a sales representative from WebFilings will be in touch with you shortly.
About the Author
Dean Ritz is a subject matter expert in information modeling with over three decades of experience in various data-dominated domains, including artificial intelligence, expert systems, object-oriented programming, and most recently the modeling of financial information. As a Senior Director at Workiva, he applies his expertise to product strategy for collaborative work management and the management of the company’s expanding patent portfolio. His interests extend to the topics of rhetoric and ethics, with scholarly work in these areas published by Oxford University Press (2011, 2009, 2007), and Routledge (2017).