Why Wdesk works for the SOX team
- The company began using Wdesk four years ago for financial reporting. In May 2014, the company acquired two companies, which required the SOX team to build out two full integrations to become SOX compliant.
- Implementation was completed within three weeks, while building out controls at the same time. The team immediately started working in their documents.
- The director of accounting and the SOX manager, with the help of their Customer Success Manager, created flowcharts in Wdesk. They also engaged Professional Services to create and set up dashboards based on their unique control structure framework—which allowed the team to review control alignment and display dashboards in Wdesk Presentations.
- The SOX team consulted a Solutions Architect at Workiva to review its process, see what improvements could be made, and leverage best practices of other Wdesk customers.
- The company engaged its external audit team, directly in Wdesk, using track changes. The external auditors found Wdesk easy to use with very little training.
- Once process owners made changes to process narratives, external audit reviewed what changes were made. External audit then either accepted or rejected changes, or created a blackline.
- The team automatically sent out quarterly sign-offs to process owners as well as annual sub-certifications to management. There was no need to constantly babysit the process because of the real-time dashboard monitoring where each certification was at in the process.
- The biggest benefit the team has experienced is the ability to share all documentation without having to use Word®, Excel®, or SharePoint®.
- The company has been able to take advantage of cloud-based technology to access and collaborate on documentation across locations and countries.
- The SOX, internal audit, and external audit teams have increased efficiency when creating, updating, and reviewing documentation by leveraging track changes and blacklines in Wdesk.
- Certification has saved the team time and headaches. Team members can certify from anywhere at any time in the easy-to-use system.
- Because of the benefits of Wdesk, the company has been able to save on headcount that would have been required during a M&A transaction.
- "We can collaborate on documentation through Wdesk cloud technology across many different office and geographic locations, significantly increasing efficiency and maintaining strong version control,” said the director of accounting.
Word, Excel, and SharePoint are registered trademarks of Microsoft Corporation in the United States and/or other countries.
Accelus is a registered trademark of Thomson Reuters and/or its affiliates.