For support with its external reporting, Pinnacle Entertainment contracted with a printer to EDGARize and ﬁle its reports, and a second ﬁrm to handle XBRL tagging. But the process was complex and costly, and the results weren’t always accurate.
- Saved 40% in report development fees
- Cut the time required for document changes from hours to minutes
- Reduced the number of document versions from three to one
- Received outstanding customer service every step of the way
As the gambling song goes, “You gotta know when to hold ‘em, and know when to fold ‘em.” That’s just what Tifani Walker, Vice President of Financial Reporting and Corporate Accounting at Pinnacle Entertainment, Inc., had to do when it came to her company’s SEC reporting process.
A Better Deal
For several years, the casino and entertainment company had contracted with an outside printer to EDGARize and file its SEC reports. “For what we were doing, I felt it was fine. Although it took longer than I wanted to turn document changes around—especially if it was the day before filing,” explains Walker, who is in charge of the company’s SEC reporting process.
Then the SEC dealt Pinnacle a new hand, mandating that the company start XBRL tagging on its 2010 second quarter 10-Q report. Pinnacle’s printer offered XBRL services, but the price was high and the process would have put even tighter time constraints on Walker’s report development team.
So she contracted with yet a second company to handle only the XBRL tagging. Now Walker was managing two different vendors, multiple versions of the document, and several different timelines. The process was anything but smooth. “We had three documents running at once. So if there was a change, we would have to run it through three documents,” she explains. It was time to “fold ‘em” and start over.
Then Walker hit the jackpot: she found Wdesk. Because Wdesk External Reporting Solution integrates report development, EDGARizing, and XBRL tagging, Pinnacle canceled its contracts with the other two companies. Walker estimates that by working with Wdesk, Pinnacle will save more than 40 percent on fees associated with SEC report development.
We chose Wdesk because we liked the ease of use, the cloud environment, and the price point was favorable compared to the competitors’.
— Dan Boudreaux, Senior Vice President and Chief Accounting Officer, Pinnacle Entertainment, Inc.
The Winning Hand
“Now our process is quite streamlined,” says Walker. “The fact that we can link numbers in the documents, and that multiple people can be in the document at once has saved us a tremendous amount of time.”
Waiting for changes to be made is also a thing of the past. “In our old process, it would take several hours to make changes,” explains Walker. “With Wdesk I can make a change and have a final proof within minutes. It’s really created a lot of efficiencies for us.”
With the help of Workiva XBRL experts, the Pinnacle team has also transitioned from its previous XBRL process and is learning about detailed tagging. “The transition went very smoothly,” comments Walker. “Workiva XBRL expertise has been invaluable to us as we adopted the new reporting format.”
Pinnacle Entertainment is finding out that with Wdesk, streamlined SEC report development is anything but beginner’s luck.
We recommend Wdesk because it streamlines the SEC reporting process, turnaround time is fast, and the customer service is fantastic.
— Tifani Walker, Vice President of Financial Reporting and Corporate Accounting, Pinnacle Entertainment, Inc.