Primary User Financial Reporting Manager
Company Profile Fortune 100 company, large technology firm
Problem When annual reporting season came around, the financial reporting manager used to find herself split between managing the procedural aspect of disclosure management and the actual creation of the financial report. On one hand, she was managing a fragmented collaboration process through email, and data updates were checked and re-checked as they were made manually by her team. On the other hand, she was busy ensuring compliance with the latest accounting standards updates. In addition to the procedural and contextual work that went into these reports in-house, she would manage all communication with the financial printer who was responsible for tagging the document. Between the SEC’s stark deadlines and the printer’s pencils down time, the risk of filing late always loomed. The process was fragmented and stressful and the margin of error was incredibly slim.
Solution With DisclosureNet’s all-in-one solution, this financial reporting manager brings her entire process in-house. DisclosureNet’s disclosure management software enables a secure and streamlined workflow so her team creates the report cohesively, without risking versioning overlap. She rests assured that up-to-date numbers flow through into reports because her corporate data sources are plugged into the system, securing a single version of the truth.
To set her team up, she formally incorporates benchmarking into the process. For best-in-class disclosures, she sets up alerts on peers’ filings, as well as any regulatory rule or accounting standard changes using DisclosureNet’s research solution. Benchmarks and valuable examples are available as they’re submitted inside this rich public filings repository. Using the analytics solution, she gets an overall view of the industry and the company in context. This helps the company identify strategic opportunities to develop for next quarter.
In the interest of security and containing costs, she also chooses to bring XBRL production in-house. Using DisclosureNet’s with tag-once technology, and taking advantage of the company’s XBRL services team, for ad-hoc support, her team rests assured their XBRL filings are healthy and compliant.