Does it give you a headache to think about all of the requirements and standards your business much follow to stay compliant? Reporting for the Securities and Exchange Commission (SEC) is a complicated maze of compliance standards, reporting mandates, and financial disclosures. On top of that, the required SOX controls create an additional set of requirements that heavily burden your accounting team.
Riddled with a landmine of strict deadlines, software limitations, and non-compliance penalties, SEC filings take up huge amounts of your time and resources to navigate. With the right software and an experienced team, you’ll gain the convenience and transparency your business needs to overcome the challenges of regulatory filings.
Requirements of SEC Reporting
SEC regulations call for publicly-owned businesses to release certain business and financial data on a regular basis. This includes disclosures of relevant financial information to stockholders and investors to provide financial transparency and prevent accounting fraud.
Much of the content from the filings must include:
- An annual report (Form 10-K) describing operations and financial statements
- A quarterly report (Form 10-Q) that includes a less comprehensive overview of ongoing operations
- A development disclosure (Form 8-K) that reports any major company events
- Any company insider ownership reports, stock, and amounts
What are XBRL and EDGAR Filings?
We are in a world where technology and digital tools reign, and it’s no different for public financial reporting. XBRL and EDGAR are both tools used to create and read more useful and accurate digital reports, making your business financials more accessible to your potential investors and stockholders.
So what exactly do each of these tools do?
- XBRL (eXtensible Business Reporting Language) is a standard used for business reporting that replaces outdated, paper-based reports with digital ones. It provides a markup language used to seamlessly exchange business information and transmit financial records globally.
- EDGAR (Electronic Data Gathering, Analysis, and Retrieval) is a system database that holds all public filings and reports, providing free access for researching a company’s public financials and business operations.
Leading SEC Reporting Software Features
With a reporting software that specializes in SEC filing, you’ll be able to replace outdated processes that could be bogging you down and give you an inaccurate snapshot of your financials. A more efficient and advanced software system will enrich your financial data with the info you need to be successful and build a better future for your business.
Take the headache out of SEC reporting with these key features in the leading SEC reporting software:
- Financial Reporting Automation
- Disclosure Integrity
- Robust Cloud Security
- Seemless Existing Workflow Integrations
- Streamlines XLBR and EDGAR Filing
- Real-Time Collaboration
If you want to understand your company’s true performance and get back on track to SEC compliance, the accounting experts at Lescault and Walderman can help. We want to offer our deep industry knowledge to help you continue growing your business and maintain compliance.
Sign up today for a free call and we can help you select and implement the software that’s right for your business!
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