"No More Pencils Down" with the SEC Reporting Solution
In our last post, we introduced the WebFilings-led "No More Pencils Down" movement that is revolutionizing the SEC reporting process.
One of the biggest ways that Wdesk solves the "Pencils Down" pain point for companies that file with the SEC is that our application is an integrated, end-to-end solution from financial close to SEC filing. We've heard it described as an all-inclusive solution or the one-stop-shop for external financial reporting. And yes, in this case you can have your cake and eat it too.
WebFilings External Reporting Solution includes the following features which enable companies to say "No More Pencils Down."
- Single document datamodel in which the text document, EDGAR HTML, and XBRL views are all generated from the same data set and are inherently synched.
- Innovative collaboration functionality which eliminate version control issues and reduce drafting cycle time.
- Sophisticated linking capabilities which ensure all changes to source values and text automatically update all impacted data and text throughout the document.
- Instant, integrated EDGAR HTML conversion which saves companies days and enables them to file directly with the SEC.
- Easy-to-use XBRL tools which simplify the creation of SEC-compliant XBRL documents (including detailed "Level 4" tagging). Unlike "bolt-on" solutions, our integrated approach enables document drafting and XBRL tagging to occur in parallel.
Now that you've seen the high level overview of our reporting solution, we'll take a more in-depth look at each of the above features in our next few blog posts in our "No More Pencils Down" series.