Tag: Technology

The Financial Reporting Times, They Are a Changin’

The Financial Reporting Times, They Are a Changin’Since I started working at Rivet Software over three years ago, I have seen some dramatic transformations in both my company and the external reporting industry. I have worked directly with clients in multiple roles from compliance, to professional services and now in sales and marketing – and I have noticed a certain change in behavior from the public accounting world. As an accountant raised by an accountant, I know that industry folk tend to be very change averse, but a shift in this mentality over the past year or two has taken place.

This industry is ripe with new reporting mandates and technologies to match, which has sculpted a group that was once fully complacent in its ways, into proactive, new technology seeking professionals that no longer “fear change”. This trend has led accounting mavens to turn their old processes on their heads and truly find the best available solution for their needs.

This ever-changing business landscape has instilled a certain “adaptability” trait in my contemporaries. The XBRL mandate swung down like a wrecking ball, disrupting reporting calendars and internal processes alike. Those who didn’t adapt and embrace new technology to streamline disclosure creation and review, fell behind.

These people now seek out efficiency through automation and companies like Rivet have identified this and aim to give the people what they want! At this point nearly everyone is familiar with the alternatives to the archaic, iteration based financial printer model of the past – and have looked to incorporate a single-source platform. The big picture of financial reporting has changed from a once linear process to full-on data integration. We have embraced this change through our Interactive Financial Management mentality. Giving our clients financial data freedom allows seamless flow of data from source accounting system into Microsoft Excel; from Excel into multiple authoring documents (both in MS Word and PowerPoint), where they have the ability to create, manage and review both XBRL and HTML submissions and directly file to the SEC.

The once standard “if it ain’t broke, don’t fix it” adage has progressed into a market mentality to actively seek the best option to fit ever-changing needs. Accountants no longer need to have their data tied up in proprietary systems, bogged down by expensive and slow on-premise solutions or managed through antiquated platforms – and they know it. We have always embraced change and adaptability to find the best solutions for our clients’ needs and look forward to continuing to work with this newly invigorated group of accounting and finance professionals.

 

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