- Why Wdesk
Noranda Aluminum - SEC Testimonial
Courtney Harris: We implemented WebFilings for our 10K. It was our first filing. We implemented it in about 2 week and we’ve used it for our Q for Q1 and our Q for Q2. So we’ve used it for three quarters now.
Our processes before WebFilings were very manual. It was a relatively disjointed process. It took a lot of collaboration and a lot of effort just to get the numbers into the document. So there wasn’t a lot of time for review, it was more of inputting data. The fact that WebFilings is a tool that allows me to EDGARize myself, we can EDGARize our documents, we don’t have to wait for a third-party provider to get information back to us, which we would wait for a lot. Now I can EDGARize myself and it’s… if I make a change, it happens immediately. It’s very seamless.
So my favorite feature in WebFilings would have to be the fact that my document always fits. Ever since we implemented WebFilings, our auditors haven’t found a fitting error and it’s been three quarters, so we’re very proud of that.
WebFilings has saved a lot of hours. I can’t really quantify how many days it’s saved us, but the process before WebFilings was… we had no confidence, really, that we’d found the places where our numbers were changing and with WebFilings now we can record a journal entry and we can have that journal entry and the new numbers run through our document within an hour. And before, that process would take days. And so it’s kept us from a lot of late nights and a lot of heartache and we just have more confidence in our reporting now.
I would say that our time spent now on our documents and our filings are more of a review. Less of a frenzy getting numbers in and more of just we can actually look at our document and read it and make sure that it says what we want it to say, make sure that the explanations are appropriate rather than wondering if the numbers are correct.
Well, the one thing that I would add, and it’s probably what everyone says, but it’s very impactful, is that concept that you can enter a number in once, change it in your workbook, and then that number flows through everywhere. It flows for us into our other footnotes, it flows into our MD&A, it flows into our press release, it flows into our script, and so truly the update once and it flows everywhere is game changing.