It's Okay to Start with a 10-K

October 31, 2011
In December of 2010, with the reality of XBRL tagging looming on the horizon, Scott Hogan, Controller, Whitestone REIT, considered the facts and made a decision—he would subscribe to the Wdesk External Reporting Solution to file Whitestone’s 10-Ks as a first time customer. And yes, that was plural 10-Ks. Whitestone has two entities—Hogan is responsible for two filings each quarter. Many SEC reporting professionals ask if there is a risk in filing a 10-K for the first time, rather than starting with a quarterly filing. Hogan easily answers that concern, “We started using Wdesk for our 10-K, and it was no different than if we had started with a Q...we had zero issues.” When Hogan began polling industry peers in 2010, he only received negative feedback on the process of using financial printers for XBRL tagging. Then when he learned about the efficiencies of using Wdesk, he decided there was no reason to delay what could be the perfect solution for maintaining control of Whitestone’s filing and satisfying all of the SEC regulations. Hogan describes using Wdesk for the first time to file their 10-K as easy. “You don’t have to be a rocket scientist to file XBRL using Wdesk.” Although the process is intuitive, he also was pleased with Wdesk uniquely accessible customer service. He found any user question could be answered with a quick phone call, and he enjoyed having a WebFilings support person dedicated to his company. In addition to superior customer service, Hogan reflects that there are so many reasons to use Wdesk—including the built-in taxonomy feature, and user accessibility of a cloud-based system. But, he concludes that maintaining control and having the flexibility to keep their filings in-house is what makes Wdesk the best solution for external reporting. Want to hear more about how Wdesk can make your external reporting process easier? Watch testimonial videos, download customer case studies, and read customer quotes. You’ll learn why whether starting with a 10-K or a 10-Q, there is a streamlined solution for improving how your company files its external reports.
Mike Sellberg

About the author

Mike Sellberg is Executive Vice President and Chief Product Officer at Workiva. He is the former EVP and CTO at iMed Studios and the former Divisional General Manager at Engineering Animation, Inc.