Wdesk works well for collaboration on all of our company's filings
March 02, 2018
Wdesk works well for collaboration on all of our company's filings
Score 8 out of 10
Vetted Review
Verified User
Overall Satisfaction with Wdesk
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.
- We're saving money by bringing the XBRL tagging function in-house instead of outsourcing that.
- We're using the built-in access security features to automate as many of our internal controls as possible.
- Merrill Bridge
I liked Merrill Bridge and Wdesk. I'd be happy with either one, as both have a user interface that's simple for seasoned users of the Microsoft suite of products. We use Wdesk because there's a large network of Wdesk users in this community, there are lots of training resources available online and in-person, and all of the departments in the company like the program.