Streamlining Statutory Reporting

Situation


  • The team had to consolidate thousands of structured data points from ERP systems and spreadsheets across the company.
  • Manually collecting unstructured data, such as figures in Excel® templates, Word® documents, emails, or stored somewhere on a user's hard drive or shared drive, was a time-consuming process.
  • Hours were spent on notes—validating data among spreadsheets, word processing documents, and statutory reports of different entities.
  • Non-value added time was dedicated to formatting.
  • Human error or unintended changes were made when copying and pasting updates into the reports.
  • Version control issues arose as mistakes were corrected and footnotes were updated in multiple locations.

Results


Streamlined process

  • Wdesk allows multiple teams to create, edit, and update documents simultaneously, all within a single environment.
  • Document access is controlled with granular permissions that can be set on a full document, a section of a document, or a group of documents in a project.
  • Document review is more secure—all users can make and view comments in Wdesk without having to email multiple files.

Accurate information

  • Footnotes and financial data are linked, so when data is updated at the source, it automatically flows through to the multiple entities, individual financial statements, and audited financial report.
  • Documents are rolled forward from period to period—formatting and basic information can be reused without having to begin each report from scratch.

Controlled process

  • Data is collected from many unstructured sources and entered in Wdesk to be kept organized and structured.
  • The audit trail tracks all changes and shows who made changes and when, providing a history that is accessible at any point in the process.

Excel and Word are registered trademarks of Microsoft Corporation in the United States and/or other countries.

Results


Streamlined process

  • Wdesk allows multiple teams to create, edit, and update documents simultaneously, all within a single environment.
  • Document access is controlled with granular permissions that can be set on a full document, a section of a document, or a group of documents in a project.
  • Document review is more secure—all users can make and view comments in Wdesk without having to email multiple files.

Accurate information

  • Footnotes and financial data are linked, so when data is updated at the source, it automatically flows through to the multiple entities, individual financial statements, and audited financial report.
  • Documents are rolled forward from period to period—formatting and basic information can be reused without having to begin each report from scratch.

Controlled process

  • Data is collected from many unstructured sources and entered in Wdesk to be kept organized and structured.
  • The audit trail tracks all changes and shows who made changes and when, providing a history that is accessible at any point in the process.

Excel and Word are registered trademarks of Microsoft Corporation in the United States and/or other countries.

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