Workiva Helps Bel Fuse Save Over $500,000 With Wdesk
Award-Winning Wdesk Platform Streamlines SOX Processes and Internal Controls
Ames, IA - March 15, 2016 -Workiva (NYSE: WK), creator of the Wdesk cloud-based productivity platform for enterprises, today announced that Bel Fuse Inc. (NASDAQ:BELFB) saved more than $500,000 in 2015 by using Wdesk to manage internal controls over financial reporting as required by the Sarbanes-Oxley Act (SOX) throughout its global business operations.
“After Bel Fuse acquired two companies, our workload for managing SOX and internal controls tripled,” said May Hng, Director of Internal Audit at Bel Fuse Inc. “Because of the efficiencies we gained with Wdesk, we were able to keep the same headcount, combine everything in the same data-linked document and securely collaborate with teams and auditors across different countries and time zones.”
“One of the biggest advantages of Wdesk is time savings,” Hng said. “Wdesk Evidence Management enables us to attach digital files of internal-control evidence, so my team now spends just one week at off-site locations instead of the three weeks required with our former process,” she added. “With Wdesk, my team can finish the remaining testing work electronically, while spending more time at home.”
“The stakes are high with SOX compliance because an external auditor must attest to, and report on, management’s assessment of its internal controls,” said Matt Rizai, Chairman and CEO of Workiva. “Wdesk gives our customers the tools for data consistency and control, which significantly improves how they work with each other and their auditors.”
With Wdesk dashboards, external auditors can track if internal-controls tests are in process or completed. “With Wdesk I can manage people and monitor testing from wherever I am working,” added Hng.
This transparent access, along with controlled collaboration and data linking are among the reasons why Wdesk was named a 2016 Edison Award™ finalist for most innovative financial solution and why Workiva was recently cited by Gartner as a "best-of-breed vendor" for enhanced financial controls and automation.*
Workiva (NYSE:WK) created Wdesk, a cloud-based productivity platform used by thousands of enterprises to collect, link, report and analyze business data with control and accountability. The platform's proprietary word processing, spreadsheet and presentation applications are integrated and built upon a data management engine, offering synchronized data, controlled collaboration, granular permissions and a full audit trail. Wdesk helps mitigate enterprise risk, improve productivity and give users confidence to make decisions with real-time data. Workiva employs more than 1,200 people with offices in 16 cities. The company is headquartered in Ames, Iowa. For more information, visit workiva.com.*Gartner. Enhanced Finance Controls and Automation Fills the Gaps in ERP and CPM Processes, John E. Van Decker. February 2016.
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