Creating an Executive Financial Summary with Wdesk

Situation

  • The managers oversee the process for collecting information and developing three summary reports: executive financial summary, audit committee presentation, and disclosure committee presentation.
  • The executive financial summary contains basic financial information, a balance sheet, an income statement, cash flows, etc., and information for five different segments' revenues and operating results.
  • The audit committee deck contains a basic balance sheet, an explanation of the changes, segmented cash flows, plus a selling, general, and administrative (SG&A) expense summary.
  • The disclosure committee deck is a combination of the audit committee deck, as well as most of the information from the executive summary. This report alone can run up to nearly 60 pages.
  • Audiences for the three reports include members of senior management and the c-suite, members of treasury, finance, internal audit, business unit leaders, and/or independent directors.
  • The process was highly fragmented. To collect the necessary information, people emailed different Excel® files, exchanged data in large quarterly meetings, generated reports from their SAP® software, and then manually combined everything into a condensed format.

How Wdesk Works for the managers

  • Because all three reports contain the same numbers, in addition to the 10-Q, 10-K, press releases, etc., a centralized master workbook that includes all of the basic data becomes a single source of truth for everyone.
  • The managers then link base financial and income statements, Qs, Ks, segment results, and footnotes. If a number changes, they update the central workbook. Each linked instance of that number automatically updates across all linked documents—even if it's part of a chart in a presentation.
  • Blacklines give the managers the ability to track multiple sets of feedback. If edits are made, they can send out a version that only highlights changes, rather than redoing an entire section.
  • Wdesk Data Collection also eliminated the confusion of consolidating and rekeying information. The managers are now able to distribute templates to data owners and collect information through an automated system.
  • The dashboard monitors who has submitted information and who hasn't. It also acts as a built-in method for preparer and reviewer sign-off, as workflows can be built around specific people.
  • Wdesk Presentations allows the managers to directly insert dynamic charts and tables into slides or documents, which are then linked to the central workbook. This adds a professional touch and makes information easier to understand.

Results

  • Linking has improved the reports' accuracy—numbers reported in one place are reflected everywhere. In addition, efficiency is increased because they only need to update one central workbook.
  • Blacklines save time for other departments, like legal and treasury, who focus on precise changes rather than take time to read the entire report over again.
  • Because data collection and consolidation is automated, they can take the time saved in that process and focus it toward more in-depth reviews and detailed analysis not possible before.
  • The entire platform—from Data Collection to Presentations—is user-friendly and was easy for everyone to learn. Each person in the process was able to begin using Wdesk with hardly any additional training. Because it looks similar to familiar applications, the transition was smooth for data contributors and report developers.

Excel is a registered trademark of Microsoft Corporation in the United States and/or other counties.

SAP is the registered trademark of SAP SE in Germany and in several other countries.

How Wdesk Works for the managers

  • Because all three reports contain the same numbers, in addition to the 10-Q, 10-K, press releases, etc., a centralized master workbook that includes all of the basic data becomes a single source of truth for everyone.
  • The managers then link base financial and income statements, Qs, Ks, segment results, and footnotes. If a number changes, they update the central workbook. Each linked instance of that number automatically updates across all linked documents—even if it's part of a chart in a presentation.
  • Blacklines give the managers the ability to track multiple sets of feedback. If edits are made, they can send out a version that only highlights changes, rather than redoing an entire section.
  • Wdesk Data Collection also eliminated the confusion of consolidating and rekeying information. The managers are now able to distribute templates to data owners and collect information through an automated system.
  • The dashboard monitors who has submitted information and who hasn't. It also acts as a built-in method for preparer and reviewer sign-off, as workflows can be built around specific people.
  • Wdesk Presentations allows the managers to directly insert dynamic charts and tables into slides or documents, which are then linked to the central workbook. This adds a professional touch and makes information easier to understand.

Results

  • Linking has improved the reports' accuracy—numbers reported in one place are reflected everywhere. In addition, efficiency is increased because they only need to update one central workbook.
  • Blacklines save time for other departments, like legal and treasury, who focus on precise changes rather than take time to read the entire report over again.
  • Because data collection and consolidation is automated, they can take the time saved in that process and focus it toward more in-depth reviews and detailed analysis not possible before.
  • The entire platform—from Data Collection to Presentations—is user-friendly and was easy for everyone to learn. Each person in the process was able to begin using Wdesk with hardly any additional training. Because it looks similar to familiar applications, the transition was smooth for data contributors and report developers.

Excel is a registered trademark of Microsoft Corporation in the United States and/or other counties.

SAP is the registered trademark of SAP SE in Germany and in several other countries.

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