Digital Turbine Optimizes SEC Reporting with Embark and Workiva
- Manual process
- Unreliable data sources
- Disconnected workbook and workflow
- Simplified and combined 10-Q and 10-K process
- Automated swing captions and flux analysis
- Implemented a roll-forward procedure design
Why They Chose Workiva
- SEC Reporting
Slow and manual doesn’t win the reporting race
Digital Turbine, an independent mobile advertising platform, was plagued by manual processes and disconnected data sources across their SEC reporting function. The team turned to financial advisory firm Embark, a Workiva partner, to optimize their workflow.
Together, they identified three pain points impacting Digital Turbine’s reporting:
- Non-automated processes, like manually hard coding inputs, leading to human error
- Distrust and misunderstanding of source data from disparate, disjointed systems
- A disconnected workbook feeding into multiple documents, creating a cascade of mistakes and decreased productivity
“My biggest pain point was disconnected data. Where did the data come from, where else is it reflected, and is there a more automated way I could be doing this? That's where Workiva and Embark came in." —Matt Teinert, Director of Accounting and Financial Reporting, Digital Turbine
Workiva propels forward
Digital Turbine and Embark knew there was a better way to work. The solution? Automation, synchronization, and collaboration within the Workiva platform. The team streamlined their processes and began managing quarterly and annual reporting all in one place, with accessible and reliable links to the source data.
With Workiva, Digital Turbine was able to:
- Simplify 10-Q and 10-K processes with custom settings needed for each consecutive filing throughout the year
- Automate swing captions and flux analysis, increasing accuracy and reliability
- Implement a roll forward procedure with a single source of truth that automatically links and syncs data
“Those last-minute fire drills are smoother because of the Workiva solution. Anyone can come in and understand what's happening, the procedures, and where the data is coming from.” —Abby Sesker, Financial Accounting Advisory Manager, Embark
The effort pays off
With Embark’s help optimizing the Workiva platform, Digital Turbine was able to:
- Eliminate over 10 days from its SEC filing process, now averaging 30 days or less every quarter
- Improve data quality, creating more time and trust for leaders analyzing the data
- Create a more efficient and uniform amendment process by connecting data and documents within the Workiva platform
- Automate the press release process by linking documents and associated tables in the Workiva platform, minimizing manual review and updates
And the success is felt across the organization, not just within finance and accounting:
- Faster, more efficient operations means no more bottlenecks
- A resource for cross-functional work within a single collaborative system
- Increased user adoption because of the Workiva platform’s easy-to-use design
With no plans to slow down growth, Digital Turbine will continue to increase productivity and efficiency with automation and collaboration through the Workiva platform.
“The control over the document that we had was light years ahead of using Excel. If there's anybody left doing that, you’re absolutely crazy for not using the Workiva platform to some extent.” —Matt Teinert, Director of Accounting and Financial Reporting, Digital Turbine
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