Topics for Blog 1970-01-01T00:00:00Z 5 5 0 0 0 5 7865582 Workiva for Internal Audit 2019-03-18T13:25:57Z 2019-03-18T13:25:57Z Mike michael_d_6078382 Watch this video to see how Wdesk can help internal audit professionals. Learn how you can create greater efficiency in internal audit processes and stay confident in the work you present.<br /><br /><div class="video-container"><iframe src=""></iframe></div><br /><br />For more info, <a href=";utm_medium=video&amp;utm_campaign=audit" rel="nofollow" target="_blank" title="Link https//wwwworkivacom/solutions/internal-audit-managementutm_sourcecommunityutm_mediumvideoutm_campaignaudit">vist this page</a>. question 0 1 1 create 7864816 Leading the Way to the Modern CAFR 2019-03-15T15:37:44Z 2019-03-15T15:37:44Z Mike michael_d_6078382 <img src="" title="Leading the Way to the Modern CAFR" width="650" /><br /><br /><i>This blog originally appeared on </i><a href="" rel="nofollow" target="_blank" title="Link https//wwwworkivacom/blog/leading-way-modern-cafr"><i></i></a><i> on March 14, 2019.<br /><br />Written by <a href="" rel="nofollow" target="_blank">Cathlyn Coons</a>.<br /></i><span><i><br /></i>Comprehensive annual financial reports (CAFRs) are the lengthy presentations published by state and local governments, usually online in PDF format, to detail their financial health. Constituents consume the reports for insight into the operations of a specific state or municipality. However, comparing one entity to another is often challenging because of the wide variation in the reporting data within CAFRs.</span> It appears to be only a matter of time before regulators adopt open data mandates for state and local financial reporting. Their counterparts in corporate and federal financial reporting have already moved toward searchable, machine-readable financial data, tagged according to a standard taxonomy. In fact, Inline XBRLTM is emerging as the data encoding language of choice for reporting.<br /><br /> To demonstrate the potential for data modernization in state and local government financial reporting, Workiva helped launch <a href="" rel="nofollow" target="_blank" title="Link /landing/modern-cafr">The Modern CAFR</a> pilot project. The Modern CAFR project showcases what the future of government financial reporting might look like and the potential benefits it may bring.<br /><br /> <b>A look inside the modern CAFR</b><br /> With the <a href="" rel="nofollow" target="_blank" title="Link https//xbrlus/news/cafr-demonstration-taxonomy-published/">release of the CAFR Demonstration Taxonomy (v0.5) by XBRL US in January</a>, the Workiva team created sample filings from publicly available data inside the CAFRs filed by the states of Utah and Georgia for 2017.<br /><br /> <a href="http:///landing/modern-cafr" rel="nofollow" target="_blank">The Modern CAFR</a> website was developed to host the sample filings. As users navigate to financial statements, they are able to click on a line item and see the details pop up with the information behind that number. The result is easier CAFR analysis, universally understood and available in seconds.<br /><br /> A modern CAFR indeed.<br /><br /> <img src="" title="Image https//wwwworkivacom/sites/workiva/files/images/blogs/modern-cafr-screenshot-20190226-j75021png" /><br /><b>The potential for data modernization in state and local financial reporting<br /></b><span><b><br /></b>Imagine investment boutiques, especially those focused on fixed income, efficiently pulling data from CAFRs to evaluate which bonds to add to their portfolios, instead of scraping together that information manually.<br /></span><span><br />Communities could more easily review data from cities of a similar size to see how they compare. Rating agencies and data aggregators like S&amp;P Global could do the same.<br /></span><br /><b>The open data movement keeps gathering momentum<br /></b><span><b><br /></b>The Modern CAFR pilot program is underway just as the open data movement is beginning to ramp. For public companies, the Securities and Exchange Commission (SEC) is phasing in the mandate with </span><a href="" rel="nofollow" target="_blank" title="Link /blog/sec-approves-ixbrl-what-are-next-steps-filers">requirements for filers to use the iXBRL format</a><span>.<br /></span><span><br />In January, the </span><a href="" rel="nofollow" target="_blank">president signed into law</a><span> provisions in the OPEN Government Data Act requiring nonsensitive government data to be reported in machine-readable format for federal agencies. Meanwhile, the GREAT Act, which would require the government to adopt a single data format for grant reporting, is making its way through Congress.<br /></span><span><br />What does all this activity mean for state and local chief financial officers and finance directors? Here are the top takeaways for leaders to plan ahead:</span><ol><li><b>Explore iXBRL software</b><br />Begin researching technologies, and know your options—in case a mandate for iXBRL tagging takes effect.</li><br /><li><b>Join the discussion on taxonomy</b><br />XBRL US is encouraging government agencies and users of state and local government data to <a href="" rel="nofollow" target="_blank" title="Link https//xbrlus/xbrl-taxonomy/2019-cafr/">weigh in</a> on its demonstration CAFR taxonomy.</li><br /><li><b>Connect your data</b><br />Begin to explore the correlation of open data to connected reporting. How can you connect your data so that a number that appears in the mayor’s budget presentation, for example, is consistent with the same number when it appears in a CAFR or a municipal securities document on EMMA? Some teams use shared drives to work from the same data. <a href="" rel="nofollow" target="_blank" title="Link /resources/workiva-state-and-local-government">Cloud solutions</a> are available to connect data, people, and processes for more dynamic reporting with real-time updates.</li></ol> For more on how to evaluate technology for government reporting, <a href="" rel="nofollow" target="_blank" title="Link /resources/checklist-how-choose-technology-modern-government-reporting">download this checklist</a>. question 0 1 1 create 7864809 Experts Weigh In On Inline XBRL in Finance Executive Podcast 2019-03-15T15:20:15Z 2019-03-15T15:20:15Z Mike michael_d_6078382 <img src="" title="Experts Weigh In On Inline XBRL in Finance Executive Podcast" width="650" /><br /><br /><i>This blog originally appeared on </i><a href="" rel="nofollow" target="_blank" title="Link https//wwwworkivacom/blog/experts-weigh-inline-xbrl-finance-executive-podcast"><i></i></a><i> on March 7, 2019.<br /></i><i><br /></i>After the Securities and Exchange Commission <a href="" rel="nofollow" target="_blank" title="Link /blog/sec-approves-ixbrl-what-are-next-steps-filers">announced its move to Inline XBRL</a>&nbsp;format in mid-2018, accounting teams quickly went from asking "What is the Inline XBRL requirement?" to "<a href="" rel="nofollow" target="_blank" title="Link /resources/how-prepare-inline-xbrl">How do I prepare for the Inline XBRL requirement</a>?"<br /><span><br />A </span><a href=",-Explained.aspx" rel="nofollow" target="_blank" title="Link https//wwwfinancialexecutivesorg/FEI-Daily/September-2018/Inline-XBRL-Explainedaspx">Financial Executive Podcast</a><span> explored the topic of iXBRL reporting in depth. FEI invited Emily Huang of Idaciti, Mike Starr of Workiva, and Mike Willis of the SEC to discuss the merits of the soon-to-be-required inline format.<br /></span><b><br />The impact of inline filings<br /></b><b><br /></b>Mike Willis began the conversation by explaining the fundamental difference between traditional XBRL® and Inline XBRL filings: "Instead of submitting the entire active data file [such as a 10-Q or 10-K] as an exhibit that's separate, inline filers embed a part of the interactive data file within the HTML filing. They submit the rest of it as an exhibit to the filing, which includes the contextual information that describes a tag, and that process is typically handled by the software that they're using." He went on to highlight how the SEC took the preparers' perspectives into account before weighing in on the decision. The SEC carefully examined the impact the iXBRL format would have on reducing the reporting burden and enhancing report quality, he said. The commission also considered general marketplace readiness and factors such as vendor support and how to ease the transition.<br /><br /> <b>Stronger data standards<br /></b><b><br /></b>Mike Starr spoke at length on the iXBRL format's potential to improve standardization within financial reporting. "My hope is that it will lead to consistent tagging across companies," Starr said. "You know, GAAP requires the same information to be reported for similar events or transactions. And the inherent consistency in GAAP is not always reflected in the XBRL filings."<b><br /><br />Faster analysis of financial reports<br /></b><b><br /></b>In addition, iXBRL tagging makes it possible for analysts, investors, and internal decision-makers to quickly research and assess corporate financial data with greater context. According to Emily Huang, "That sort of unification of the presentation, underlying data, really, really sort of brought us interactivity from a dream to reality. That's why Inline XBRL is so powerful." Other topics discussed include the timing of the iXBRL mandate, what data in iXBRL format looks like, and next steps for filers.<br /><br /> Listen to the full "Inline XBRL, Explained" podcast from FEI to <a href="" rel="nofollow" target="_blank" title="Link /resources/podcast-inline-xbrl-explained">learn more about the iXBRL mandate</a>.<br /><br /> <i>XBRL, Inline XBRL, and iXBRL are trademarks of XBRL International, Inc. All rights reserved. The XBRL&nbsp;standards are open and freely licensed by way of the XBRL International License Agreement.</i> question 0 1 1 create 7864807 Financial Close Benchmarks: How Does Your Process Compare? 2019-03-15T15:13:41Z 2019-03-15T15:13:41Z Mike michael_d_6078382 <img src="" title="Image https//wwwworkivacom/sites/workiva/files/styles/large_778x340/public/images/blogs/blog-webinar-poll-results-j73069png" width="650" /><br /><br />This blog originally appeared on <a href="" rel="nofollow" target="_blank"></a> on Mar. 11, 2019.<br /><br /><i>Written by <a href="" rel="nofollow" target="_blank" title="Link https//wwwworkivacom/contributors/dominick-fatibene">Dominick Fatibene</a></i><br /><br />During my years in finance roles, whether I worked on earnings, investor and board reports, or <a href="" rel="nofollow" target="_blank" title="Link /resources/workiva-performance-reporting">financial planning and analysis</a>, we were always challenged to complete our year-end reporting faster. After all, the quicker the close, the sooner we could provide stakeholders with insights for decision-making. <br /><br /> We also looked for ways to make the financial close process smoother, from reducing the number of manual tasks to improving the quality of the narrative in our reports. While no two financial closes are alike, there were certain improvements we all wanted. And, it didn't stop at the year-end close: How could we make each month and quarter of reporting better?<br /><br /> I recently shared some of these best practices in the webinar, <a href="" rel="nofollow" target="_blank" title="Link /resources/5-steps-simplify-your-financial-close-and-reporting-process">5 Steps to Simplify Your Financial Close and Reporting Process</a>, and asked for feedback from the accounting and finance professionals who joined. 130 attendees shared the current state of their financial close process, from the accounting close all the way to analysis and <a href="" rel="nofollow" target="_blank" title="Link /solutions/financial-close-reporting">final reporting</a>. Take a closer look at the results below.<br /><br /> <b>Teams of all sizes are interested in a simpler financial close<br /></b><span><b><br /></b>Organizations large and small are interested in simplifying the financial close process, as evidenced by the wide range of contributors reported by attendees. There were nearly the same number of respondents with close teams of fewer than five people as there were teams with more than 20 individuals involved. The key takeaway here: efficiency is a universal concern, and there is always room for improvement, regardless of your organization's size.</span><b><br /></b><img src="" title="Image https//wwwworkivacom/sites/workiva/files/images/blogs/financial-close-webinar-chart-1-20190219-j73069png" /><br /><br /><b>Gathering data is still largely a disconnected process<br /></b><span><b><br /></b>Webinar attendees said they use several methods for gathering data for reporting results at the end of a period, including desktop-based spreadsheets, presentations, and enterprise resource planning (ERP) programs. Seven in ten say one way they wrangle data for the financial close is via email, phone, meetings, or other word-of-mouth methods. The result of these practices leaves finance teams exposed to error, as they require cutting and pasting, or worse: manual data entry. These are disconnected methods that do not update in real time.</span> <br /><img src="" title="Image https//wwwworkivacom/sites/workiva/files/images/blogs/financial-close-webinar-chart-2-20190219-j73069png" /><br /><br /> <b>Timing and accuracy are the greatest risks related to reporting<br /></b><br />Regardless of the method, gathering data can be a challenge for internal and external reporting teams. Webinar attendees agreed that the primary risks they face include the timing of information, input errors, version control issues, and lack of visibility into the data. A more collaborative and connected approach can help resolve multiple areas of concern at once.<b><br /></b><img src="" title="Image https//wwwworkivacom/sites/workiva/files/images/blogs/financial-close-webinar-chart-3-20190219-j73069_0png" /><b><br /></b><br /><b>The solution for a simpler financial close<br /></b><span><b><br /></b>These findings are consistent with what we hear from accounting and finance teams across the globe. They are worried that data will change from one version of a document to another, and it may not always be immediately obvious why or when the number changed. Was it a copy-and-paste error? Did someone update the numbers to reflect new information? Is everyone rounding numbers in the same way? Are departments categorizing certain expenses differently?</span> Having listened to teams involved in the financial close process—and having been part of a large financial FP&amp;A team myself—I know how valuable it is to have transparency into data. A full audit trail can help alleviate any unknowns—thanks to a record of each change—down to the individual contributor and exact timestamp.<br /><br /> Linking capabilities of modern cloud solutions also enable you to make a last-minute change to data in a source document and see it automatically update every linked instance across multiple reports of connected data.<br /><br /> From my perspective, that level of transparency and connectivity are two of the most significant factors to simplifying the financial close.<br /><span><br /><b>Take the financial close survey<br /></b></span><span><b><br /></b>Now that you have seen how some of your peers manage their financial close, how does your process compare? </span><a href=";utm_source=direct-mail&amp;utm_content=2019&amp;utm_solution=financial-close-reporting&amp;utm_program=mktg-70011" rel="nofollow" target="_blank">Take our benchmarking survey</a><span>, and share your organization's experience.</span> question 0 1 1 create 7864775 Spring Refresh on Your Workiva Partnership Promotion 2019-03-15T13:59:03Z 2019-03-15T13:59:03Z Mike michael_d_6078382 Once you have completed onboarding and certification with Workiva, you can begin driving new business by promoting our partnership. Here are several ways to showcase your offerings and reach customers and prospects.&nbsp;<br /><br /><b>Checklist for new Workiva partners</b><br />The initial launch of your integration is the best time to make a splash. Consider promoting your partnership on multiple channels:<br /><ul><li><b>Customer</b> <b>newsletter</b>: Inform current customers about the benefits they can expect with your new integration<br /><br /></li><li><b>Social</b> <b>media</b>: Announce our new partnership on your social channels. Include @workiva or #workiva in your post, and we will reshare with our followers.<br /><br /></li><li><b>Blog</b>: A post on your company site or LinkedIn page allows you to describe the combined value we can deliver to your customers and boosts your search engine optimization (SEO). Share a link with your Alliance Manager and the Workiva marketing team, and we may be able to cross-promote your post.<br /><br /></li><li><b>Sales</b>: <a href="" rel="nofollow" target="_blank" title="Link https//workiva-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">Refresh your sales team</a> on messaging, value propositions, and joint customer benefits from your Workiva partnership.</li></ul>As you create content, the <a href="" rel="nofollow" target="_blank" title="Link http//discoverworkivacom/GR3X7sMLMz">Workiva Partner Style Guide</a> is your cheat sheet for Workiva brand guidelines, including boilerplate language, logo usage, trademarks, and tips on using "Workiva," "Wdata," and "Wdesk" in your communications.<br /><br /><b>Workiva launch support</b><br />In addition to your own launch marketing activities, we will also promote our partnership and its benefits to our customers and prospects:<br /><ul><li><b><a href="" rel="nofollow" target="_blank" title="Link:">Workiva partner page</a></b>: Your logo and a brief description are posted to our website on the Find a Partner page.<br /><br /></li><li><b>Sales and support communication</b>: We will highlight our partnership in internal communications, and datasheets or applicable demos are shared with our sales team.</li></ul><b>Ongoing marketing opportunities</b><br />Leverage Workiva activities throughout the year to continue to build awareness of our partnership:<br /><ul><li><b>Customer-facing events</b>: Participate in joint events as a thought leader, or co-host a workshop or webinar with Workiva.<br /><br /></li><li><b>Customer case study</b>: Identify a customer who has found success by combining our offerings, and we can collaborate on a video or case study to highlight their story.<br /><br /></li><li><b>Sponsor Workiva Amplify</b>: Showcase your expertise during our annual user conference to over 1,800 accounting, finance, risk, and compliance professionals.<br /><br /></li><li><b>Testimonial video</b>: Highlight the benefits that joint customers can expect in a shareable video that we can promote across our channels.<br /><br /></li><li><b>White paper or <a href="" rel="nofollow">blog post</a></b>: Build your exposure as an expert in connected data, reporting, and compliance by co-authoring a report or blog post with us.</li></ul><b>Next steps</b><br />Contact your Alliance Manager with questions or to coordinate any launch or marketing activities. question 0 1 1 create