Reviews (1-4 of 4)
March 02, 2018
Score 8 out of 10
We've implemented Wdesk in several departments in our organization. Our Financial Reporting team uses Wdesk to file the company's 10-K and 10-Qs. Legal uses it to file the Proxy Statement, and Internal Reporting uses it to file our quarterly press release 8Ks. We manage interdepartmental input on each document through permissions in the program.
- 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.
- The links to source data and XBRL tags cannot be maintained if you cut a section of one footnote and paste it into another footnote. This function does exist if you want to COPY and paste - but if you want to cut a section out of a footnote and paste it into a different one, you'll have to re-link the text to source data and re-add the XBRL tags.
- Once your links have been created in a footnote, you can't remove multiple links at the same time. So if you want to remove an entire paragraph that has already been linked and tagged from a footnote, you'll have to go into that paragraph and manually delete each link before you can delete the paragraph.
Read Erin Crossland's full review
Wdesk is great for companies in which several employees or departments touch filing data simultaneously. If you want to have one set of data for your 10-Qs, 10-Ks, press releases, and proxy statements, and you want your Reporting, Legal, HR, and Internal Relations teams to be able to access all of it at the same time, Wdesk is a GREAT product. To maximize the program's capabilities, you'll want to take advantage of the linking functionality with your source data (that's what we're ensuring is happening in the periods between our filings). If you're in a company that only has one or two people on your reporting team, and those employees don't have the time to properly set up links using the source data, this program could be overwhelming.
October 23, 2017
Our Global Financial Reporting Team currently uses Wdesk to help prepare our Earnings Release, Form 10-K, Form 10-Q, and IFRS financial statements. We are currently in the process of encouraging other departments to start using Wdesk as we see the incredible potential in the software and how it can help various processes. It helps address issues such as document control, consistent financial reporting, permission control, etc.
Read Kalynne Cuza, CPA's full review
Well suited for financial reporting or any other process throughout an organization that involves multiple layers of review and version control of documents formatted in Microsoft Word, PowerPoint, or Excel products.
I have been using Wdesk for SEC filings and just recently, involving other groups such as Treasury and Legal to use for their own unique filings such as registration related documents, conflict minerals, proxy etc, . The primary focus is SEC filings but with the recent implementation of Certifications, we are expanding the use of Wdesk in other areas, slowly but surely. Our goal is to expand the use of the Wdesk platform for other important functions such as SOX.
- Data integrity, Using work books to source the same data into various sections of a document is the best feature of Wdesk. The excel like feel of a workbook only makes it even more simple in its use.
- Formatting the document to make it printer friendly is a cinch. The final printed product is very sleek and printer friendly.
- I use Data collection feature which lets other groups populate different sections of the document for which they have responsibility. For instance, the Treasury group fills out all debt related information. The Stock compensation related information is filled by the controller's group, etc.
- Customer Service is one of the best features of Wdesk. Support is right here in the USA and I always can count on my Customer Success Manager or in his absence, any other person, from their team, to provide solution when I am in a bind.
- While I have been using Data Collection for a few quarters now, I still find it a bit of a hit or miss in that templates don't seem to roll seamlessly. I always have some issues which seem to require an override of sorts.
- I have also been using the Support Binder feature and while it serves the purpose, I think it can be polished.
Read Sandhya Chakrapani's full review
SEC Filings are a cinch with Wdesk. We are introducing the platform for Certifications, which also seems to be going well. We have a lot of internal reports that we use for slicing and dicing and it is an area that I would like to harness the central workbook to link to but not sure how successful it will be, depending on forecast and budget information that is currently not in Wdesk.
October 13, 2017
We use Wdesk for SEC Reporting. It's used by Accounting and external legal.
- Filing - So easy to make last minute changes minutes before filing and still file on time; you're in control.
- Linking - rolling documents forward each quarter is so easy because you change dates and numbers in one place, and they change everywhere you have them linked to.
- XBRL - we used to do it in-house and now we outsource it to Workiva. Their tool is easy to use and since outsourcing, it's been beyond easy for us!
- Usability - it's gotten light years better over the years but each feature, whether word processing, spreadsheets, charts, graphs, etc., Microsoft products are more robust and have more offerings. There's always something you wish you could do in Wdesk, thinking, "I can do this in Excel, I want to be able to ___ in Wdesk too"
- Importing odd SEC documents. It just doesn't work all that well and a lot of formatting needs to go into it to get it ready. Once you have your standards - 10-K, 10-Q, etc., in and formatted, you're good, but when you try to bring in one-time documents like a credit agreement, employment agreements, or an underwriting agreement, formatting is time consuming. The alternative is to file the entire thing as an image, which we sometimes do, because of this issue.
- Keeping organized. You build up a lot of documents and filings, things filed together, things that were never filed, etc., and it's challenging to weed through sometimes, when searching for something after the fact.
Read this authenticated review
Great for SEC Reporting and anything where you use and reuse numbers in management reporting, etc.
Not easy to use when you like to include screenshots as evidence.
Not easy to use when you like to include screenshots as evidence.
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