Support Binders for Earnings Reports

 

Transcript

Before we at Origin started using the support binders and we were creating the earnings release document, we would create it, and then everyone would review it, and after it was final, we would print it out and manually tick and tie every number in it. We would print out other support, and we kept it in a three-ring binder. If we started to tie it out before the board had approved it, and they were like, “Uh, these things don’t look right. Can you go back and edit these? Change this wording. Swap some things around.” We would have to reprint the whole thing and re-tick and tie the whole thing and transfer tick marks. It was such a waste of time it seemed like.

It also saves time at year-end, whenever we are putting together the annual report, and the auditors have to see it. They have to tick and tie everything out too before they issue their opinion, so if we have already done it for them, that saves all the back-and-forth.

Now with Wdesk for the internal audit function, everybody’s got a login, everybody can upload the same stuff, everybody’s got access to the same things. Our external auditors loved the fact that they could go in and see what we are doing exactly when we are doing it. Everything with them was very real time. It really helped them out by being able to see what we were putting together, when we were putting it together, and they could leave comments in there if they needed to also, which was very helpful to us, so we didn’t have the back-and-forth, running into our offices, running out of our offices, hollering at us with questions. It really was a time-saver for us and for them. They loved having the documentation right there. We also communicated with them with a share file. It was a time-saver for us not to have to upload every single little thing to the share file and for them also not to have to go in and get it out. They don’t have to search for numbers in the support. They can see where we have circled it with the tick marks or where we have made an arrow to it or something like that. It was a time-saver for everybody. They definitely noticed.

Less time for external auditors to be on-site is a money-saver for the company, obviously. Less hotels we have to pay for, less money we have to pay for their meals and everything. The more time they save, the more money we save. Everything is electronic. I mean that saves time printing, saves costs for printing, it just saves so much. It’s really great.

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