rivet software interactive financial management cpe webinar presentation
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Thursday, May 30, 20131 CPE Credit
2 RIVET SOFTWARE © Interactive Financial Management
HOUSEKEEPING
CPE credits will be emailed within
To receive a CPE credit you must:
1. Have checked the box when registering and identified your state2. Answer the polling questions and submit a survey 3. If you have any questions please submit to the Q&A4. If you have any audio or technical issues let us know through chat
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WHO IS RIVET SOFTWARE?
Released
Released
Released(Released to Open
Source in 2008, 7500+ downloads)
The SEC awarded Rivet contract to create a XBRL
filing viewer
Rivet completed joint project with Thomson Reuters to create a
universal XBRL loader
SEC announced XBRL Mandate for
corporations and mutual fund companies
Rivet established strategic partnership with RR Donnelley &
CO. (RRD)Rivet services 1,600
companies for corporate filings &
support 4,500 mutual fund filings
Rivet terminates services agreement
with RRD to refocus on customer satisfaction &
software productsThe SEC awarded Rivet contract to create
a rule-based XBRL rendering engine, still in use on SEC.GOV
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PRESENTER
Raul Varela, CFAVice President of Partnerships
Raul manages the development and direction of Rivet’s strategy for becoming the industry leader in global financial communications. As a former Investment Analyst, he is an expert at identifying market trends and predicting the impacts of new technology on business users. His experience in strategic partnership development and corporate strategy combined with his gift for project management, allows him to provide Rivet with key financial information knowledge along with strong leadership.
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AGENDA
+ What is Interactive Financial Management?
+ Why XBRL?
+ Leveraging Microsoft Office
+ Disclosure Management
+ SEC Reporting
+ Data Automation
+ Interactive Reporting
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POLLING QUESTION #1
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IFM DEFINITION
Interactive Financial Management
The management of financial reporting, financial control, and financial decision-making enabled by XBRL -- the global language of finance.
Interactive Financial Management provides the capabilities to extend the “last mile of finance” to the “next mile of finance”.
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The management of financial reporting, financial control, and financial decision-making enabled by XBRL -- the global language of finance.
Interactive Financial Management provides the capabilities to extend the “last mile of finance” to the “next mile of finance”.
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POLLING QUESTION #2
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WHAT IS XBRL?
XBRL stands for eXtensible Business Reporting Language
It is a language for the electronic communication of business information, providing major benefits in the preparation, analysis and communication of
business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using business
information.
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WHAT DOES XBRLLOOK LIKE?
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XBRLTIMELINE
TIMELINELimited liability no longer applies for some public companies from August 2011. By August 2013, Limited Liability will expire for most public companies.
LIABILITYAfter Limited Liability expires, XBRL financial information filed will be subject to the same level of liability as other financial information filed.
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XBRL IS INTERNATIONAL
UKCA
SPUS
AU
NZ
IR
JPKR
BE
VZ
CO
BR
AR
PT
RU
SG
HK
NOSE
PL
FI
IT
CN
IN
LB
CZ
UA
LUIASB
AE
NL
TR
GR
MTCH
FR
SI
HU
AT
Established Jurisdictions
Provisional Jurisdictions
in Construction & in Project
DE
DK
ZA
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USERS OF XBRL
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POLLING QUESTION #3
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WHY MICROSOFT OFFICE?
PresentationsData / Numbers
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LINKING EXCEL TO WORD
Excel
Word
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LINKING EXCEL TO POWERPOINT
Excel
PowerPoint
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CASE STUDY: ENERGY PROVIDER
Manual ProcessesThe internal process included typing hundreds of changes into a Word document, printing it out, handwriting additional changes, then walking upstairs to the SEC Accountant office and handing her the printed changes. Every time a number changed it had to be updated manually throughout the entire document.
Robust linking from Excel to WordChanging a number in their spreadsheet once and updating it automatically throughout their Word document.
1000+ LinksCrossfire linking allowed them to change a number in MS Excel and update it automatically throughout their MS Word Document.
CHALLENGE SOLUTION RESULT
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Collaborate with team members while creating disclosures. Easily allow internal and external team members to review content with in
disclosures. Work simultaneously with others on a single disclosure.
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DISCLOSURE MANAGEMENT
Multi-User collaboration
External review with Ease (Auditors/Legal)
Multiple documents with single data set
Version control (No pencils down!)
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CASE STUDY: CARDTRONICS
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Handle all the XBRL and EDGAR HTML filing requirements of the SEC mandate. Select tags once and reuse quarter to quarter including the
formatted EDGAR HTML. Roll forward your disclosure with a few clicks taking seconds instead of days.
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SEC REPORTING
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CASE STUDY: SUSSEX BANK
Multiple Timelines, Multiple Challenges.Wasted time using outdated processes instead of focusing on the quality of our data.
Sussex Implements CrossfireCrossfire’s Filing Wizard allowed Sussex to file their HTML and XBRL directly to the SEC.
$4,000 saved and 5 days gained.By using the Filing Wizard, the team completed their HTML and XBRL review two days prior to their deadline.
CHALLENGE SOLUTION RESULT
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The key link of the core accounting and finance information into the last mile of financial reporting. Provides easy access to financial information based on
the accounting structure of the information (the chart of accounts in many cases) instead of a more complex IT view into the data.
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POLLING QUESTION #4
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CASE STUDY: HELIX ENERGY
Manual InputsHelix prepared filing documents by manually entering data from various spreadsheets, combining email and pdf documents, and by copying and pasting from various enterprise resource planning (ERP) and business process management (BPM) solutions.
Data AutomationData could be moved directly from the company’s ERP solution into a platform, where tagging and validation are easily applied and verified.
Instant & Accurate DataThe data connector between their Oracle ERP and their SEC filing platform worked seamlessly. This process alone saved their team considerable timeas normally we would have to hand type all of the financial data into our periodic reports. now it populates instantly and accurately.
CHALLENGE SOLUTION RESULT
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Build digital board books that link back to your underlying data source. Drill down to the details that make up the number reported. Merge internal data with external
data from the SEC to easily create peer comparisons and benchmark reports. Take your information to the next mile of finance.
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CASE STUDY: NATIONAL HEALTH INVESTORS
Prior to using Crossfire’s SEC Data Feed, NHI manually used SEC.gov, created complex
formulas, calculated numbers, created PDF pages, and then finally emailed the files to the
executive team.
“We’re now able to get answers in minutes instead of hours. In our industry, being able to
quickly know what (and how) our peers are doing makes all the difference,” states Bell. NHI
demanded more from XBRL and Crossfire delivered. Rivet’s Crossfire enabled NHI to
strategically turn the SEC XBRL mandate into better analytics and better data throughout their
entire organization.
FAST & ACCURATE COMPETITOR ANALYSIS
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POLLING QUESTION #5
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The management of financial reporting, financial control, and financial decision-making enabled by XBRL -- the global language of finance.
Interactive Financial Management provides the capabilities to extend the “last mile of finance” to the “next mile of finance”.
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CONCLUSION
+ What is Interactive Financial Management?
+ Why XBRL?
+ Leveraging Microsoft Office
+ Disclosure Management
+ SEC Reporting
+ Data Automation
+ Interactive Reporting
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QUESTIONS?
QUESTIONS?
Interested in learning more about Microsoft Office best practices?
Join us for a 1 CPE Credit webinar on Wednesday, June 12th 11am ET
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