No More Ticking and Tying...and Pencils Down

November 22, 2011

Managing change in financial statements late in the game can be difficult. If one of the financial numbers changes, companies have to trace that impact throughout their financial report—both the explicit and implicit usages. When the stakes are high and the pressure is on to accurately file on time, managing change this late in the SEC reporting process can be extremely stressful on reporting teams.

When these late-breaking changes occur toward the end of your financial reporting process, don't you wish there was an easy way to update your text and numeric values in your financial documents? With the change once, update everywhere innovative linking capabilities of Wdesk External Reporting Solution, all changes to source values and text automatically update all impacted data and text throughout the document.

The Wdesk External Reporting Solution utilizes a single document datamodel that allows editors to edit the data source while the EDGAR and XBRL views are automatically updated in real time. Our innovative linking capabilities use a workbook approach to improve accuracy and simplify change orders so that reporting teams can handle 11th hour changes with ease. As a result, numeric and text values are drawn from a workbook—the single source of data—so there's no ticking and tying.

In a review of our solution, investor relations executive, Heather J. Wietzel wrote:

Consider a value—for example, total invested assets—that appears in the Form 10-K MD&A and notes, news release, financial supplements and call script a total of 25 times. With Wdesk, each of those 25 instances is updated when staff changes a primary data table (and the primary table does not need to appear in any of the document). A report is available to let staff review each change, if desired. And the same value can appear as $1.2 billion, $1,235 million or $1,234,567,890, as appropriate for each location.

Heather J. Wietzel

Investor Relations Executive

Not only are industry experts raving about our linking capabilities, so are our customers.

I saw that first hand when we had a subsequent event (less than a week before the filing deadline) that required an adjustment that impacted the financials, multiple footnotes, and nearly all of the tables and verbiage in the MDA. We were able to manage that change, and push it through the draft in all the necessary tables and paragraphs, and have a revised draft to the auditors in a fraction of the time such a change would usually take, and were still ready to file sooner than previous quarters because we did not have to wait to have the changes made to the EDGAR draft.

Blima Tuller

Vice President of Finance, MRV Communications

Want to see more? Watch the entire Wdesk External Reporting Solution demonstration to learn more about our collaboration features, sophisticated linking capabilities, integrated EDGAR HTML conversion, integrated XBRL feature, and more. If you’re ready to schedule a personalized software demonstration for your company, contact us and a sales expert from WebFilings will be in touch with you shortly. You're reading an eight-part blog series on how WebFilings empowers its customers to say "No More Pencils Down!" To read other parts of the series, please click on one of the links below.
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.