Lattice Semiconductor Corporation Testimonial

 

Transcript

So we started with filing our 10-K, that was the first document that we filed with WebFilings. We also started from that point to do each of the 10-Qs and the 10-Ks since then. We have started using WebFilings for all of our 8-Ks, we have filed an S using WebFilings, and during this year we also put the Proxy in WebFilings. We have had a couple of very difficult closings. We’d done some restructuring, we’d had some turnover within the finance department, and we just felt like we had to do something different.

Our management was a little bit skeptical about the whole thing. They didn’t really want to do that test run, what they considered a test run, on a K. They wanted to do it on a Q maybe. Maybe we’ll wait till Q1. But I think I managed to convince them that the… that it made sense to use that tool even for the K as the first time because it would save us time.

It was evident that it would save us time on the first trip through. We would be able to take time out of our reporting cycle. It was worth it for us to use that tool because we knew it could take time out of that whole filing process.

I was pretty impressed with the whole XBRL tagging. It was much less difficult than I expected it to be. When questions come up, we can actually talk to the person that’s doing the tagging. We’re not talking to someone who is going to pass the message on to someone in India or whatever… wherever those things happen. We can actually talk to the person who’s doing the tagging. And in my experience with WebFilings, that person that we’re talking to is familiar with the concepts. I mean, they have some accounting background and when we’re talking about something like marketable securities that are available for sale versus held to maturity, they know what we’re talking about.

We have a common language. It’s always been a good experience for us to talk to the people at WebFilings.

My very favorite WebFilings tool is that blackline that we send to the auditors and we also send to legal council where they can compare a control version to whatever the current version is. We can produce that in a matter of minutes, we can email it off to them wherever they are. That’s been a big time saver not only for us, but for them as well.

The process now is so much more, I won’t say relaxed, but much less stressful, much less time consuming. We have a document ready at least a week earlier than we used to. When we get to the final filing step we used to be so relieved when we finally got that thing filed. We’d go out and see it on the website and it was a huge relief. Now, you know, my senior accountant sends an email around that says, We’re filed,” and everyone says, “Ok, good job. Let’s move on.”

It’s taken all of that stress and adrenaline out of the last few days of the filing process. So we aren’t horrible to be around during that last week before the filing.

Our management was a little bit skeptical about the whole thing. They didn’t really want to do that test run, what they considered a test run, on a K. They wanted to do it on a Q maybe. Maybe we’ll wait till Q1. But I think I managed to convince them that the… that it made sense to use that tool even for the K as the first time because it would save us time.

It was evident that it would save us time on the first trip through. We would be able to take time out of our reporting cycle. It was worth it for us to use that tool because we knew it could take time out of that whole filing process.

I was pretty impressed with the whole XBRL tagging. It was much less difficult than I expected it to be. When questions come up, we can actually talk to the person that’s doing the tagging. We’re not talking to someone who is going to pass the message on to someone in India or whatever… wherever those things happen. We can actually talk to the person who’s doing the tagging. And in my experience with WebFilings, that person that we’re talking to is familiar with the concepts. I mean, they have some accounting background and when we’re talking about something like marketable securities that are available for sale versus held to maturity, they know what we’re talking about.

We have a common language. It’s always been a good experience for us to talk to the people at WebFilings.

My very favorite WebFilings tool is that blackline that we send to the auditors and we also send to legal council where they can compare a control version to whatever the current version is. We can produce that in a matter of minutes, we can email it off to them wherever they are. That’s been a big time saver not only for us, but for them as well.

The process now is so much more, I won’t say relaxed, but much less stressful, much less time consuming. We have a document ready at least a week earlier than we used to. When we get to the final filing step we used to be so relieved when we finally got that thing filed. We’d go out and see it on the website and it was a huge relief. Now, you know, my senior accountant sends an email around that says, We’re filed,” and everyone says, “Ok, good job. Let’s move on.”

It’s taken all of that stress and adrenaline out of the last few days of the filing process. So we aren’t horrible to be around during that last week before the filing.

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