The Ingredients for a Perfect FERC XBRL Reporting Solution
Baking the perfect cake is easier when you have the right ingredients. The same goes for finding the perfect FERC XBRL® reporting solution for your company. But how do you know what the right ingredients are? It’s easy to get overwhelmed—we get it.
So while you’re going down the aisles, looking for the right solution to help you meet these new requirements, make sure you have some of these key ingredients on your shopping list.
1. XBRL pre-tags built-in
Manual, shmanual. Don’t be vanilla with an all-manual tagging platform. Any solution you look at should have you covered with placeholder source data so your team can start up quickly. From there, everything will be easy peasy!
2. Linking data leads to consistency
Spreadsheet lovers exist—they are totally out there! But that doesn’t mean everyone loves a crazy, disconnected spreadsheet mess that comes with multiple names and versions. In fact, you’d need to have so many screens to even keep track of all the spreadsheets, any sane person would be in over their head. The right solution will take all the source data, consolidate them together in one spreadsheet, and link them directly. This brings harmonious consistency to your reporting. (Sorry not sorry, spreadsheet lovers.)
3. Get the big picture and drill-down
Being in the weeds is cool when you need very small, specific data. But when you’re trying to tell a story, the 35,000-foot view does it best. With the right solution, you can do both. You can track your progress to your FERC filing submission date, so you know exactly where you are, what you need, and who you need it from.
Check out our “FERC Yeah!” infographic for the other four magical ingredients to a complete solution. Happy shopping!
XBRL® is a trademark of XBRL International, Inc. All rights reserved. The XBRL® standards are open and freely licensed by way of the XBRL International License Agreement.
A software solution for FERC compliance should enable XBRL tagging but also help you streamline the entire FERC reporting process. Here's what it...