Actions your Finance team can take to collaborate with sensitive data, improve report quality and save money.10-K, 10-Q, 8-K, 6-K, 20-F, and proxy reports are just some of the many reports finance organizations generate to meet regulatory requirements. Financial regulatory reporting is complicated, costly, and must be delivered on time, even during challenging times like today’s COVID environment.
Many finance teams are adjusting to ‘work from home,’ adding to the challenges of gathering data from different systems while maintaining security and accuracy to deliver the data on time, which alone can be an arduous task.
Then there is the challenge to make the report look good. How can finance teams effectively communicate the data, deliver regulatory reports on time, and reflect your company’s brand identity?
When submitting to regulators like the SEC, there are complex statutory mandates which require layers of data. Unfortunately, that when displayed, there is only basic formatting making financial statements hard to read and generic.
Today, everyone spends so much time online. We expect easy access to visually appealing and engaging information. Typically, regulatory filings do not meet the visual quality seen on other websites. As a result, some companies work with downstream publishing or post-processing agencies to try to improve the look of their reports, adding significant additional costs, time, and risk.
Read on to learn more about how to manage quality, collaboration, and how to reduce the cost of regulatory report submissions.
What is High Definition (HD) Reporting?
Certent CDM’s High Definition (HD) Reporting generates pixel-perfect web-based documents that look and behave like paper reports while supporting regulatory requirements reducing cost, time, and risks. HD Reporting fully supports the Inline XBRL or iXBRL requirements. XBRL data can be embedded within documents without sacrificing the quality of the presentation.
How can HD Reporting Save Cost and Reduce Risk?
HD Reporting enables customers to deliver a higher standard of communication without the need to create additional reports and in the tools they already have. The ability to develop and enforce intelligent processes with integrated controls, compliance checklists, and full audit trail functionality for documents in Microsoft Office means reduced risk and no more bottlenecks.
According to a survey from Spiceworks, some 83% of the polled enterprises are using Microsoft Office in their businesses. HD Reporting automatically processes documents, including Microsoft Office files, and converts them to HTML without sacrificing any quality, in just minutes.
This easy conversion removes the need for additional conversion software or an outside service to facilitate this conversion. Naturally, this saves time and other associated costs. Most notably, though, this removes any risk whatsoever of discrepancies between the version prepared in-house and the final version prepared for final submission.
Bonus Tip: The same HD reporting HTML can be published on a company web site as well as submit to regulatory authorities. Annual reports, quarterly reports, and corporate press releases are commonly posted to Investor Relations sites. No need to add extra steps or involve external parties to convert to HTML, saving time, and risk.
Taking Your Regulatory Reports to the Next Level
Creating effective and visually compelling regulatory reports is a challenge, but tools that allow teams to collaborate securely, manage workflow, and reduce the need for additional services make the difference. In fact, by reducing the need for down-stream publishing, there are potential savings of thousands of dollars.
Annual Reports and other filings need to reflect the brand and standards organizations hold themselves to in all facets of their business. HD Reporting with the readability of a paper document raises the definition of the state-of-the-art for regulatory reporting but also amplifies investments organizations have made in their brand.
To learn more, watch our webinar on How to Transform the Quality of Inline XBRL Reports.