Press Release Summary:
Based on XBRL framework, CrossfireÂ® 3.0 Financial Reporting Platform(TM) simplifies process of SEC financial filings by managing preparation and review processes. It includes Reviewer's Guide that lets users collaborate across multiple document iterations and make comments which are stored in central data repository. Changes made in one location are applied to exact-matched data throughout document. Data comparisons and information center are also included in SaaS product.
Original Press Release:
Rivet Software Launches Crossfire® 3.0 to Transform and Simplify Financial Communications
Crossfire Financial Reporting Platform(TM) streamlines workflow processes to improve turn times for financial statement filings
DENVER - Rivet Software, the premier provider of standards-based business reporting and analytics, announced today the release of Crossfire 3.0, an enhanced software platform that simplifies the process of SEC financial filings by managing the complicated preparation and review processes. Crossfire leverages the power of eXtensible Business Reporting Language (XBRL) technology to control document progression and centralize reviewers' comments, reducing closing process timelines and ensuring information accuracy.
Crossfire 3.0 is a standards-based reporting platform that specializes in internal and external financial reporting and analytics. Based on an XBRL framework, Crossfire 3.0 simplifies the user experience by eliminating the file management issue. Rivet's uniquely integrated solution allows its customers to confidently control the entire financial reporting cycle and comply with all SEC filing needs.
Significant customer benefits of Crossfire 3.0 include:
Integrated Online Reviewer's Guide
Crossfire 3.0 includes an innovative, integrated Reviewer's Guide that allows preparers and reviewers to closely collaborate across multiple iterations as the filing progresses from inception to completion. With this guide, users no longer need to interact with standalone documents to review XBRL tag selections and comment information. Instead, they view information within Crossfire and make comments which are stored within a central data repository. By capturing all input in a single version of the document the integrity of the data is protected through the process. This "single document" system streamlines the process for reviewing and approving filings in a way not available through any other financial software.
Tag Matching Intelligence
Crossfire 3.0 now preserves existing tags and comments when rolling forward from one filing to the next. When new data matches an XBRL tag from the previous quarter, Crossfire recognizes the match and automatically applies the tag throughout the document. This enhanced matching intelligence saves a substantial amount of time and makes last-minute filing changes possible.
One Change Updates Entire Document
The latest release of Crossfire allows users to change XBRL-tagged data in one location and instantly apply that change to exact-matched data throughout the entire document.
Crossfire 3.0 includes the ability to split the XBRL templates so a filing can be worked on by different people in parallel. Once the separate pieces are complete, a user can simply merge them back into the master file. This capability saves time by simplifying the workflow process and eliminates traditionally complex version and document control mechanisms.
"The release of Crossfire 3.0 reaffirms Rivet's commitment to make it easier to leverage internal and external business information in a more streamlined filing process," said Patrick Quinlan, CEO of Rivet Software. "Thousands of development hours have been invested in making Crossfire the most powerful XBRL software solution on the market, making it easier and faster than ever before to complete error-free financial filings."
With this latest release, Rivet Software further solidifies Crossfire as the preferred XBRL solution for preparing and submitting SEC filings. Proof this platform is the most tried, proven, and used XBRL financial communication solution on the market:
- 25% of Fortune 500 companies currently use Crossfire for XBRL reporting.
- Crossfire was used to prepare and submit 338 10K and 10Q filings this past season, including more detailed footnote filings than any other provider.
- Over 150,000 hours went into developing and testing the SEC-compliant, XBRL software platform.
- Rivet experienced a 300% increase in the number of Crossfire filings from Q1 to Q2 this year.
The Crossfire Financial Reporting Platform(TM) is available as a Software-as-a-Service (SaaS) product. The platform leverages Microsoft® Excel, SharePoint® and SQL Server® technologies and runs in a web browser. Designed by accountants for accountants, it features data comparisons, single hub information access, an integrated information center and much more. Crossfire 3.0 is supported by Rivet's global professional services team 24 hours a day, seven days a week. More information on this XBRL SEC filing solution can be found at www.rivetsoftware.com/products.
About Rivet Software
Founded in 2002, Rivet Software is headquartered in Denver, CO, and is the pioneer in standards-based business reporting and analytics, serving public and private companies, regulatory agencies and investors worldwide. Rivet enables more Fortune 500 companies in completing their SEC filings than any other company. Rivet empowers companies with control over the collection, analysis and dissemination of their internal and external financial information, helping to advance the transformation of business communication. Rivet's flagship product, Crossfire Financial Reporting Platform(TM), is a standards-based platform focused on internal and external reporting and analytics. Crossfire® is built on a robust XBRL framework with the support of an integrated information center and is easy to use for true information transparency. www.rivetsoftware.com
Web Site: www.rivetsoftware.com/