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Black Hills - SEC Testimonial

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Disconnected Challenges

Black Hills Corp. needed to find a comprehensive solution to streamline efforts in meeting its SEC and Investor Relations goals. The company had several departments throughout the organization creating and contributing to financial reports and needed a convenient way to manage them.

Connected Results

  • Four departments use the solution to develop reports
  • 35 departments use Wdesk to review reports
  • Move several types of reports into Wdesk
  • Gain better management over interrelated financial reports

Solutions

SEC Reporting

Industries

Energy and Utilities

 

This last quarter we actually had to make a change to our income statement five days before we filed. Well, it was easy. We made the journal entry, we ran all our income statement, balance sheet, made the changes to the footnotes, got all the information updated, and we filed on time like we had thought we would. And we used to file on the 40th day, now we file four days earlier. We’re not spending time doing things like footing. We’re actually doing more research. We’re doing more, we call it customer service, too. We have areas that we deal with that I can actually help the other areas in their close process on researching accounting issues or transactions that have occurred in various divisions.

We have three documents that are linked all together. We actually do two SEC filings: one for our corporation and then one for our Black Hills Power entity, and then we also have an earnings release linked in. And so one change in our corporate document will run through both those other documents if needed.

It used to be when we had a Word document, the earnings release was also in Word, and our investor relations department controlled that document, just like my admin controlled our corporate 10-Q and 10-K, and we would have to send changes to them on our sections of the document. So our earnings release is split between the messaging section and then the numbers section. Well, now I can go into the numbers section and make sure those changes are done as opposed to having to rely on investor relations to make sure that that information is correct and accurate and in there.

We have 75 people in the document making comments from about 30, 35 departments, including our external auditors and our external attorneys. And it’s great not having to have to read people’s handwriting and make sure that I addressed all the comments that are given and then we can have a back and forth discussion on those comments.

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