Lucanet vs. Workiva

Significant effort required for planning forms. There is no comprehensive, modern web version. Significant effort required for planning forms. Short-term planning, such as daily or weekly tasks, is difficult to map out in the Planner. Automation of Financial Closings, Valid real-time data consolidation, simplifies the income statement, balance sheet, and cash flow statement.

Wdesk is best suited for companies with demanding SEC filings and documents, with multiple revisions due to auditor/counsel review, and where financial reporting is extremely manual. Wdesk really helps take out the potential errors out of extremely manual processes, and helps automate regular financial reporting by allowing companies to link financial information and build customized flows of their information into financial statements and other documents (such as presentations or other internal reporting).

Incentivized

• Very intuitive interface to slice and dice the data to have a monthly, quarterly, or yearly view
• Easy to add additional journal entries
• Present legal consolidation structure in an intuitive way

Incentivized

• The biggest strength of the program for our team is that multiple users can work in the document at the same time. Multiple users can be in the program updating financial statements, footnotes, MD&A - all without stepping on each other's toes.
• Rolling forward the documents from one period to the next is pretty simple. Links to source documents are maintained and new ones can be added without much hassle.
• Edits and changes can be made right up until the last minute before filing. There is no waiting period or pencils-down period unless we enforce one ourselves - the Financial Reporting team is in control of the timing of our filings.

Incentivized

• Expensive Solution.
• Drawbacks of complex planning.
• Short-term planning on a daily or weekly basis is difficult to map out in the Planner.

• The automation could be better. A lot of mass updates are done manually.
• Sometimes the system has connection issues and certain functions are down.
• The customer service could be more proactive to provide regular training and sharing updates on the software.
• Customer service could be better to help process the mass updates in a timely fashion.

Incentivized

Automated data validation and mapping reduce manual effort and minimize sources of error, offering seamless integration with existing ERP systems and Excel, Improving Efficiency with the Help of AI.

Overall it's a good-to-go product because of its features. It's easy to set up, meets requirements, has quality support, etc. So far, it has been working quite well for me, and I wish to continue using it for as long as it meets my requirements.

Incentivized

Workiva's technical support is impeccable and undoubtedly one of the best. The times we needed them, they were super quick and willing to help. It works 24 hours a day, and there will always be someone to help with doubts or technical problems regarding the tool.

Incentivized

Incentivized

We moved from a third party filer to doing it in house. Have seen demos of products like Active Disclosure, which has come a long way from the beta version I saw and but we are not too far gone with Wdesk for us to evaluate other products. When we first signed up with Webfilings, (former name of Workiva), there were no viable products in the market. I had seen an Oracle product and a beta version of Active Disclosure. It was not hard to see the ease and intuitive-screens, to guide one through the filing process. The excel-like spreadsheets were an added bonus.

Incentivized

• Provides single source of truth regarding financial data
• Affordable solution

Incentivized

• We spend less than we used to with a traditional printer.
• We have been able to do turn-on-a-dime equity offerings with last minute changes and still file on time.
• Inviting external legal into the platform has helped with communication but we actually suspect they spend MORE time (and billing) on our documents than they used to just simply because it's so easy to get at them anytime they want.

Incentivized