Improving the Data Collection Process for Financial Footnotes

Situation

  • Each quarter, information from various business locations would have to be aggregated
  • Manually aggregating data took significant time making progress difficult to track
  • Spreadsheets with information were shared via email with some files being modified by each location—this made the aggregation process more difficult
  • Gathering information for quarterly reports was highly stressful with the final information being used in critical business reports filed to the SEC and viewed by key stakeholders

Results

Financial footnotes update immediately

  • Each data collection process in Wdesk feeds various financial footnotes in the quarterly financial reports
  • As each location enters data, the new totals are updated in every relevant location

Tracking progress is simple

  • A visual dashboard allows the data collectors to have instant access to their collection processes
  • As total numbers update, users are able to see the individual components of each number at the cell level using the contributor panel

Permissions require no management

  • Permissions eliminate multiple submissions of data that are unwarranted
  • Data contributors only have permission to see what they need to—as a result, these users have found Wdesk Data Collection to be straightforward and simple

Results

Financial footnotes update immediately

  • Each data collection process in Wdesk feeds various financial footnotes in the quarterly financial reports
  • As each location enters data, the new totals are updated in every relevant location

Tracking progress is simple

  • A visual dashboard allows the data collectors to have instant access to their collection processes
  • As total numbers update, users are able to see the individual components of each number at the cell level using the contributor panel

Permissions require no management

  • Permissions eliminate multiple submissions of data that are unwarranted
  • Data contributors only have permission to see what they need to—as a result, these users have found Wdesk Data Collection to be straightforward and simple

Read More