Some of the most intriguing functions in our new Controller package, are the data integrators and adapters. What they do is enable you to  automatically transfer data early in the financial reporting process. And that has lots of useful benefits.

With the pressure of smaller reporting windows, more scrutiny on what’s reported and more reporting required in XBRL, getting information from different systems accurately, quickly and smoothly is key to successful work flow management for reporting in XBRL.

If your business is considering a strategic reporting solution that includes XBRL, there are several questions you should be thinking about:

l          Will we need to manually re-key or transfer the same information into different modules and applications?

l          Is the software accurate, easy-to-use, simple to install and cost-effective?

l          Will the system really improve productivity?

l          Will the system keep up with changing SEC rulings and changes in XBRL technology?

l          Can the system keep up with the growth of our company?

l          Can we meet all our current practices with one software supplier?

In considering these questions, it’s worth remembering that many financial reporting processes are far from perfect. Some businesses have to re-enter data from one system to another, or re-key data from one module to another. Both of these practices introduce possibilities for error. Other possible areas for errors are mathematical errors in spreadsheets used to stage data or clerical errors introduced when reviewing reports.

Data integrators and adapters that transfer data automatically, accurately and quickly between systems can reduce or eliminate these errors. They do this by minimizing the opportunity for human error to creep into the process.  Controls can also be put in the workflow to check and catch large variances before transactions are posted between systems  and to report these possible concerns as part of the oversight of the work flow process.

In Rivet’s Controller Package, our integrators and adapters (the components that are configured to transfer data between two systems) have the ability to interface with different ERP, GL and CPM systems and transfer the data right down to the transaction detail level. This eliminates the need to re-enter information across systems or modules, minimizes the potential for error and greatly improves data accuracy.

We bring this all together in an interface very similar to Excel. This interface is where XBRL tags are applied to the data in reusable templates and this is also where the financials will be generated for output in XBRL. These templates only need updating each period with the new reporting periods. So they can be used again and again to generate financials in XBRL, once the new financial data for the period is imported. Because the templates are created with our web-based products, they are automatically updated with any new or amended SEC and XBRL rule changes, removing another administrative burden, adding essential reassurance and further improving process productivity.

You can’t always control what you have to do, but with the help of Controller’s data adapters and integrators you can control how you do it. These components may not be as alluring as fancy reports and visual charts but they reduce errors by removing the need to re-key data, they provide reassurance that your data is compliant with the latest rules and regulations and they improve the productivity of your overall XBRL reporting process.