What to do with my financial printer?
Historically speaking, no one said that preparing external reports would be easy. To ease the burden, many public companies have retained financial printers to assist the process by EDGARizing documents, preparing the filing package, and submitting reports to the SEC. These relationships helped many companies satisfy reporting requirements. But what of the future? For companies that use the Wdesk External Reporting Solution, there are new options available.
With the External Reporting Solution, you can produce your own EDGARized documents, interactive data (XBRL) filings, and even submit documents to the SEC on your own behalf. By enabling you to bring these capabilities in house, the External Reporting Solution not only saves you money, but shortens the production time and turnaround time between revisions. It's that last part which excites many of our customers...any help easing the reporting calendar time-crunch is appreciated. Why wait 24 hours for a revised EDGAR or XBRL document when you can turn them out in minutes with Wdesk?
Then again, maybe you don't want to do it all yourself quite yet. That's ok. Much of the value in using the Wdesk solution comes from its advanced collaboration and external document drafting features, not just the EDGAR and XBRL capabilities. You can still use outside services (such as those provided by your financial printer) along with Wdesk, if you prefer.
Here are two ideas to consider:
- You can use Wdesk collaborative document drafting environment to produce a Word or PDF file of your report and then have your financial printer EDGARize it or produce your XBRL filing.
- Or, you can produce final EDGAR documents yourself using Wdesk, and then have your financial printer submit them to the SEC on your behalf.
Ultimately, it is your efficiency and success in producing compliant filings that matters to us. The Wdesk External Reporting Solution is a complete, end-to-end application for SEC reporting that enables you to be completely self-sufficient with your SEC filing process.
However, Wdesk can be used in conjunction with other services if that best fits your needs. For more information, please contact us to schedule a live demonstration.
About the Author
Mike Rost is a key contributor to product strategy at Workiva and works with business leaders in the areas of financial reporting and compliance. With more than 25 years of experience assisting organizations using technology to optimize business processes, Mike has an extensive background in finance and accounting, corporate performance management, and GRC technology. Mike was a founding member of XBRL International with involvement in the XBRL initiative dating back to 1999. He has also been active in industry associations, including the Open Compliance and Ethics Group (OCEG) and the Institute of Internal Auditors (IIA). Mike has a bachelor's degree in economics and an MBA in marketing and finance from the University of Minnesota.