Cloud-Based Software streamlines SEC reporting.
Press Release Summary:
WebFilings software includes word processing and spreadsheet functionality and allows multiple authors to collaborate on same document at same time. Web-based program integrates XBRL tagging into document development process so companies can draft documents and add XBRL tags simultaneously. It also converts documents into EDGAR HTML format, as required by SEC, with click of mouse. Document access controls and detailed document audit trail are also included.
Original Press Release:
WebFilings Launches Fully-Integrated, End-to-End Solution That Streamlines SEC Reporting
Cloud-based software reduces complexity, time and cost associated with creating and filing regulatory compliance reports
LOS ALTOS, Calif. - WebFilings announced today the launch of its cloud-based software which streamlines and improves the process of developing and filing Securities Exchange Commission (SEC) reports. The software integrates word processing and spreadsheet functionality, EDGAR HTML conversion and XBRL tagging into a single, fully-integrated, end-to-end solution that helps SEC reporting teams meet reporting requirements for a range of regulatory filings.
The WebFilings software, the first of its kind on the market, completely replaces the cumbersome manual process companies currently use to create their SEC reports. "SEC reporting professionals face a unique and growing set of challenges to create their regulatory reports," said Matthew Rizai, CEO of WebFilings. "We interviewed dozens of companies, discovered many common reporting issues, and developed a unique, cloud-based solution that streamlines the entire reporting process ... our product is like nothing else on the market today."
The intuitive WebFilings software features many tools that improve accuracy and streamline SEC report development. The software's sophisticated collaboration capabilities simplify the process of creating the reports and avoid version control problems using a "one active document" approach. The process lets multiple authors work on a document simultaneously and ensures they're all working with the current document every time. WebFilings software harnesses advanced data linking technology to support its "change once, update everywhere" functionality, which eliminates computational errors guaranteeing that changes to source values and text are reflected throughout the report.
Using document access controls and a detailed document audit trail WebFilings software enhances transparency while increasing security and aiding with internal controls.
The software also streamlines the actual report filing process. Before final reports can be filed with the SEC, the documents must be converted into a compliant, Electronic Data Gathering Analysis and Retrieval System (EDGAR) HTML format. Currently, many companies pay a third party to convert their reports. The WebFilings software resolves those challenges. With the click of a button, the software instantly converts the final documents into the EDGAR format. Companies can also file their reports with the SEC from within the WebFilings application, saving several days of processing time for the company and thousands of dollars annually in file conversion fees.
WebFilings also simplifies the creation and maintenance of eXtensible Business Reporting Language (XBRL), a reporting mandate requiring public companies to "tag" financial information in SEC reports. The new software's easy-to-use XBRL workflow is designed for financial reporting specialists - not XBRL technologists. This means that companies can easily manage the tagging process in-house and don't have to outsource the service. Unlike other "add on" solutions, WebFilings XBRL tagging is completely integrated into the document development process allowing companies to simultaneously draft documents and add XBRL tags.
The WebFilings end-to-end SEC reporting solution has been in development for nearly two years. WebFilings conducted two rounds of beta testing on the software over the last two quarters. Multiple NYSE and NASDAQ-listed companies beta-tested the software and successfully created their SEC reports.
"WebFilings has definitely improved our reporting process," said Karen Johnson, Director of Financial Reporting, of Meredith Corporation, a media and marketing company. "The multi-user access, data linking and integrated spreadsheet logic in the documents have saved us time and helped our team collaborate more efficiently and effectively."
WebFilings SaaS (software as a service) solution is now available as a subscription service. The company also offers a variety of support and professional services. For more information or to schedule a demonstration, visit www.webfilings.com or call 888-275-3125.
About WebFilings
WebFilings LLC is a privately held Silicon Valley and Ames, Iowa-based software company that develops and markets business process automation tools using cloud computing and web-based technologies. The company focuses on providing companies with a solution to help them meet their external reporting needs via an innovative, web-based software platform. WebFilings is dedicated to helping companies reduce the time, risk, and costs associated with creating and filing SEC reports. WebFilings was founded in 2008 by an accomplished management team whose backgrounds include software development, marketing and extensive SEC reporting domain expertise. Additional company information is available at www.webfilings.com.
Source: WebFilings LLC
CONTACT: Randy Califf of WebFilings LLC, 1-888-275-3125, press@webfilings.com
Web Site: www.webfilings.com/
