Multiple Data Sources, Manual Updates - Now Obsolete

October 19, 2011

Managing change is difficult. Many external reporting teams have experienced late-breaking changes after financial close. Numbers change right before financial reports are due. Then unfortunately someone within your reporting team has to painstakingly update those numbers in all the instances within the document which may occur 20 to 30 times, including both explicit and implicit (ie: formulas) places. When your reporting team is under the gun, trying to finalize an accurate financial report on time, we understand how stressful that can be...especially when your service provider tells you “Pencils Down.”

With traditional SEC reporting processes, reporting teams work with multiple sources of data—all of which need to be synchronized—including word processing documents, spreadsheets, EDGAR HTML, and XBRL instance documents. When a numeric or text change needs to occur, those data sources can quickly become out of sync across those documents. While service providers can make changes to your documents, often times at additional costs, are you sure that your EDGAR and XBRL instance documents are synchronized before you file?

Do you want to ensure that all of your data sources are accurate, up-to-date and 100 percent synchronized? Do you want to tell your service provider “No More Pencils Down!”? The Wdesk External Reporting Solution utilizes a single document datamodel, putting users in control of their external reporting process from document drafting through filing.

With Wdesk single document datamodel, editors can edit the data source while EDGAR and XBRL views are automatically updated in real time. Users of Wdesk can preview their EDGAR HTML and XBRL at any point in the process. As a result, Wdesk provides 100 percent synchronization between the views of the data and the source which allows customers to make changes all the way through the end of their reporting process in an efficient, accurate, and controlled manner.

Watch this video for a detailed overview of current issues regarding multiple data sources and synchronization risks and how our Wdesk platform solves them using the single document datamodel. This video will also allow you to learn more about our collaboration features, sophisticated linking capabilities, integrated EDGAR HTML conversion, integrated XBRL, and more.

If you've already heard enough and are ready to schedule a personalized demonstration for your company, please complete this form and a sales expert will contact you shortly.

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.