by Vineet Kandoi | October 29, 2015
With the preparation of form10-Q for quarterly filings to the US SEC round the corner, the disquiet in finance and compliance offices has begun again.
The Financial Babysitter
If you are a finance, accounting or compliance professional in the US, we are sure its a busy time as you begin to prepare the financial reports for this quarters SEC filing. This is when you begin the tedious exercise of preparing a draft report. You start patiently building each block of the report trying to capture every piece of information with accuracy. Many of you must undoubtedly spend sleepless nights and tiring days trying to bring it together, to the constant background score of the ticking clock.
Once the draft is prepared, it is sent to the companys financial printer who works on creating the XBRL and Edgar versions that are required for the actual filing.
And while the report may have left your outbox, is it really out of your system? Ill bet the answer is a resounding no. Think of the report as a baby one that is usually cranky, needs regular feeding and a lot of babysitting. Similarly, the draft report needs to be fed with numbers And every compliance professional who has ever gone through this process knows that there is almost zero probability of the first version being the last one.
As the deadline creeps closer and pressure mounts, you function at a feverish pace, working on multiple versions of the report ironically called final, final_final, I swear this is the final one and so on. Each time, the changes need to go back to the printer for incorporation into the final version.
Not only is this process tiring, but also time-intensive, anxiety-ridden and heavy on the pocket. And whats more, once you cede control to the printers team, you lose all visibility of the document.
The Reward of Babysitting your Filing?
A survey on SEC Reporting and the Impact of XBRL: 2013 conducted by the Financial Executives Research Foundation shows that there is a distinct shift by large accelerated filers towards using less XBRL professional services for their next annual filing. The loss of visibility and control over the process may well be the reason for this shift. Smaller reporting companies, on the other hand, showed an increased interest in using full outsourcing services, possibly due to the smaller size of in-house SEC reporting teams and lower levels of XBRL competency reported by these companies. There is also a matter of the SECs increased scrutiny on the actual data within compliance reporting as evidenced by the XBRL US Center for Data Quality that was set up earlier this year.
In such a scenario, having visibility of and control over your corporate filing documents becomes extremely crucial, and leaving it in the hands of your financial printer, no matter how trustworthy they are, seems a little naïve.
So can the best of all worlds be achieved a world where you can ensure a top-quality filing in a cost-effective manner, while adhering to deadlines and also having full visibility and control over your document?
It can. Enter IRIS Carbon.
IRIS Carbon: Your Compliance Partner
IRIS CARBON is a cloud-based, collaborative compliance management platform that addresses the end-to-end reporting needs of an enterprise. Used to prepare and submit filings for over 250 US clients, Carbon is loaded with features such as review-and-comment, centralized version management, roll forward, integrated validations and single-source output.
Combine the application with IRIS high caliber assisted services, and you have an offering that not only ensures a smooth filing but one that puts you in the drivers seat, providing full visibility and complete control over the entire process.
No more babysitting your 10Q or 10K. With IRIS Carbon, this baby is well taken care of.