- Why Wdesk
MidWestOne Bank Testimonial
Herb Musser,VP and SEC Reporting Officer: I was forwarded an email that our Chief Financial Officer received and said, you know, take a look. If you think it looks interesting. So I did. I went out to the website, looked at the demo that was out there, and thought, you know, this… if it’s really as easy as it looks on the demo, this makes a lot of sense and is really something I’d be interested in looking at.
WebFilings has vastly improved our accuracy and has helped our reviewing accountants cut down on the amount of time that they have to spend doing reviews, which they certainly appreciate, and also helps reduce our fees to a certain extent.
In the past, we used a financial printer to do our SEC reporting, so there was always the submitting it, waiting overnight for an EDGAR version to come back to make sure that the formatting and everything was the way that we wanted it. I would say that the efficiencies that we gained through both the tabular roll forward process and being fully in control of the document ourselves is probably at least a week each quarter and probably more than that just in the time to say nothing of the headaches and the frustrations.
We actually did a cost benefit analysis before we decided to go with WebFilings, looking at what it was costing us to use a financial printer to do our filings, and this was excluding the XBRL component, but just on a surface Edgar filing, and based on what we were seeing, it was virtually paying for itself at that point.
When you add in the additional XBRL, I think that the economy that you realize, to say nothing of being fully in control of the process, setting your own timelines, and being able to not worry about what some third party is going to impose on you,is great and something that we certainly appreciate.
The ability to link between a workbook and text fields within the narrative of the document just really caught my eye because one of the problems that we had had was consistency in numbers between what our tables showed and what always showed up in the narrative. And if a number changed in a table, then having to search through the document to find where it was referenced and then, of course, you always have the rounding differences that you have to address and it just helped… if nothing else, with the consistency of the numbers throughout the document.
The customer success group at WebFilings is fantastic. When we… if I send an email to my representative, I always have a response usually within a half-hour. If I call, I always get a quick response or, “Let me look at that and I’ll call you back,” always get a quick reply. I just really can’t say enough about the customer support that WebFilings has available. I’m a big fan of WebFilings, I think it’s done wonderful things for, certainly for us and I keep saying it over and over, I guess, but the product just makes sense the way it’s set up and it’s so easy to pick up and use. The efficiency that it just brings to the whole process, WebFilings is just, as I’ve said, been a wonderful product for us.