The controller needed a way for her team to do more work in less time without hiring more people or blowing the budget.
- Filed 10-K one day earlier than they ever had
- Trained an in-house employee on self-service XBRL tagging
- Leveraged Workiva for SEC reporting, regulatory reporting, budget forecasting, board presentations
Energy and Utilities
When Heather Krupa first joined Global Water Resources, she had to take a step back in time to remember when she used something other than Workiva for reporting to the U.S. Securities and Exchange Commission.
She recalls thinking, “We have to go to Workiva because this is horrible.”
After explaining the benefits of the Workiva connected reporting and compliance platform, Heather persuaded the water resource management company to make the switch. As a result, the Global Water Resources SEC reporting team was able to file their 10-K a day earlier than they ever had. Even more impressive: the filing schedule included the time Heather took to train a new hire on XBRL® tagging.
Part of the time saved comes from the ability for multiple users to collaborate on a document simultaneously. The reporting team can leverage permission settings to share their work while limiting what external auditors, the CEO, CFO, and board members can see or edit. That gives reviewers better real-time visibility into the reporting process, but the reporting team still controls the document.
An automatic audit trail of revisions provides more transparency into where a number originated and how it might have changed. Teams can connect tie-outs, as well as the extra detail to support tie-outs, Heather said.
"There's a lot more confidence, knowing that your data is not only connected to the source documents but also connected throughout the organization's documents," Heather said. "Being able to leverage that for not only your SEC reporting but also for our regulatory reporting and board presentations, even your earnings script, is simple."
The Workiva interface is designed to be user-friendly. Previously, with another SEC reporting platform, Heather said she had to remember what a pilcrow is (hint: it is a paragraph marker) and that she had to insert one before editing information. She also remembers spending a 12-hour day chasing rounders. "I've seen the dark side, I've used the other competitors," Heather said. "There's just no comparison."
The benefits of connecting people, data, processes
Heather says Workiva streamlines processes and allows her to focus on the value she delivers as a certified public accountant (CPA).
"Accounting is not a 9–5 job," she said. Her team is constantly looking for ways to reduce the number of hours they have to work each week to get the job done. "We can either get more people, which may run up against cost constraints, or find better ways of doing it. Technology is what's helping foster the ability to get more work done in less time.”
XBRL® is a trademark of XBRL International, Inc. All rights reserved. The XBRL® standards are open and freely licensed by way of the XBRL International License Agreement.