Medical Company Makes the Right Choice With Wdesk
When this medical equipment company’s contract with its financial printer was ending, the reporting team chose the road less traveled. It began researching an alternative that would streamline the reporting process and help manage XBRL tagging.
First, the team researched and produced a white paper outlining the options. Then, reporting managers attended industry seminars and benchmarked other firms’ financial reporting processes. They tracked vendors over the course of a year and gathered recommendations from other companies. Finally, they carefully analyzed all the data. Only then did they make their decision—switch to Wdesk.
Immediate and Long-Term Returns
Wdesk has made a big difference for the team. Now it has a streamlined, comprehensive solution for managing everything related to reporting—from maintaining data used in its documents and in-house EDGARizing and XBRL tagging, to speeding the review process and filing directly with the SEC. Plus, it has saved the reporting team time and money. Managers are projecting that using Wdesk will slash their reporting costs by 50 percent.
After implementation, the team didn’t have to wait long to realize the benefits of working with Wdesk. One of its long-term goals had been to reduce the report cycle by one day. It achieved that goal in the first quarter using Wdesk, filing the 10-Q a day early. It later filed the 10-K a day early too.
“I really appreciate the fact that we were able to achieve that long-term goal so early in the process,” says the company’s director of external reporting.
The team has also saved time when changes need to be made to reports near the filing deadline. “It used to take hours at the end of the process to get our printer to make just three changes,” notes the director. “Now with Wdesk, we make the changes ourselves, and it takes just minutes.”
The team was also glad to gain full control over its XBRL. Previously, it paid a printer and an outside contractor to tag its reports, a costly and time-consuming approach. Now the team handles the tagging itself. Powerful XBRL tagging features give the team ultimate control over the process and the hands-on approach has instilled a deeper understanding of the taxonomy.
“Using Wdesk has been a great learning experience because when you do something yourself, you have a better understanding of it,” explains the external reporting team lead.
Greater Access for Better Efficiency
The reporting team isn’t the only proponent of Wdesk at the company. The IT department appreciates the fact that Wdesk is cloud based. There are no more updates for the department to manage—it happens automatically as new versions and features roll out.
Using a cloud application also frees team members from working at their desks on nights and weekends as deadlines draw near. Now they can access their Wdesk accounts from anywhere with an internet connection. “Wdesk gives our team more flexibility and facilitates a better work-life balance,” says the director of external reporting.
Open access to Wdesk University—the extensive collection of online courses for Wdesk users—and other helpful resources support the way the team is structured. Team members usually spend about two to three years in the department before rotating to another accounting function. During this rotation, incoming team members can access Wdesk University, online help, and a dedicated Customer Success Manager at any time.
“With the level of web-based training available from Wdesk, as well as the fact that it’s such a user-friendly application, the training barrier for our new team members is lower,” notes the director of external reporting.
Despite the self-sufficiency and comfort of using Wdesk, the director of reporting says the entire team knows that the Wdesk Customer Success team is always standing by to help and has been since day one. “The high level of support and customer service that was promised before we even had a contract has been delivered. Workiva is very responsive.”
This reporting team’s thorough, thoughtful approach to finding a new business reporting platform has paid off in a streamlined, robust, flexible solution that saves time and money.
As other companies begin their own research for a new business reporting solution, some contact this medical technology company to learn about its experience. The company responds that its data—and experience—prove that Wdesk is the best choice.