Coeur d'Alene Mines Digs Wdesk

-Outsourcing the company's SEC report development, XBRL tagging, and filing was creating reporting process inefficiencies. It was time to find a more effective and less expensive.

About three hours round-trip—that’s how long Loni Knepper’s commute is to her job as Manager of Financial Reporting at Coeur d’Alene Mines Corporation in Coeur d’Alene, Idaho. Knepper is solely in charge of SEC and government reporting, as well as external reporting. Considering her lengthy commute, she’s lucky to be able to work from home fairly often.

Hurry Up and Wait

In years past, Coeur relied on an outside vendor to EDGARize, add XBRL tags, and file the company’s SEC reports, and Knepper often wasn’t in control of her commute or her schedule. “If I knew changes were coming, I would often need to stay late in the office to make those edits,” she says. Staying in the office after regular business hours is not unusual during reporting periods, but sometimes it was quite challenging making sure all the edits were made across all the documents, often times requiring Knepper to check every word and number one at a time.

In early 2012, Coeur d’Alene Mines signed up for Wdesk in order to streamline and improve its financial reporting process efficiencies.

The simple Wdesk training process was the first sign that this partnership would work well. No week-long training sessions or complicated software downloads were required. “Between the Workiva online tutorials and having my Customer Success Manager available to answer my questions, I was able to figure it out myself,” reports Knepper. “My Customer Success Manager is amazing!”

Because Wdesk is cloud-based, Knepper can access all of her reports and data remotely. “I can actually work more hours during the day because I don’t have to spend three hours on the road,” she comments.

Things are just a lot more efficient now that we're using Wdesk.

— Loni Knepper, Manager of Financial Reporting, Coeur d'Alene Mines Corporation

A Suite of Powerful Features

Knepper handles all of Coeur’s reporting, including the XBRL tagging. She had the Workiva Professional Services team start the process for her, but now uses the XBRL services only when she has a question or needs a quick second opinion. “When I send our Professional Services Manager an email, he answers immediately and takes the time to walk me through the process,” she said.

With Wdesk, the reporting process takes me about half the time it used to, so now I have time to do the XBRL tagging myself.

— Loni Knepper, Manager of Financial Reporting, Coeur d'Alene Mines Corporation

Because she creates the reports solo, Knepper appreciates the variety of features Wdesk puts at her fingertips to make her job easier; from the robust XBRL tagging to the powerful linking capabilities. She says the linking feature, which lets her change values and text once, but updates the information everywhere in the documents, is especially helpful when numbers repeat themselves up to a dozen times in a single report.

The linking function saves me so much time and reduces the potential for errors. It's just amazing.

— Loni Knepper, Manager of Financial Reporting, Coeur d'Alene Mines Corporation

As a mining company, Coeur’s reports not only include monetary figures, but also weights and measurements. Converting and linking measurement types, say ounces or tons, is an area that could be ripe for mistakes, but Wdesk handles those conversions easily. “If I have something formatted one way in a table, say in thousands, but I need it formatted in millions in the text, that link is not a problem. Wdesk makes it really easy to do,” says Knepper.

A Better Balance

With all the company’s reporting information consolidated in a Wdesk workbook, it’s simple for Knepper to create a range of reports, including the company’s 8-Ks. “It’s much easier to manage and is certainly more cost efficient,” she comments. In total, Knepper estimates Wdesk has cut the time it takes to produce her reports in half. With that time savings, Coeur has experienced overall process improvement. “Things are just a lot more balanced now that we’re using Wdesk.” Along with the company’s adoption of the External Reporting Solution, Section 16 reports are easier too.”

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