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Centri Case Study: Optimizing SEC Reporting

Challenge

A public company, SEC filer, sought to better utilize Workiva, a cloud-based financial reporting and compliance platform, to streamline SEC financial reporting requirements for its 10-Ks and 10-Qs. The company aimed to further automate its reporting processes and reduce the amount of time and effort required for regulatory filings. Although the accounting team had experience with Workiva, the absence of an in-house expert limited their ability to leverage additional capabilities.

Action

The company engaged Centri to assess its current use of Workiva, focusing on financial statement linking to a consolidation file, data sourcing from the company’s ERP, user access across subsidiaries, and overall automation within Workiva. Centri also evaluated the company’s financial reporting close process and the integration of the ERP and period-end reconciliations within Workiva.

Additionally, since the company used the same consolidation workbook for annual board reporting and subsidiary-level standalone financial statements, Centri assessed the integration of data across all financial reports within Workiva.

Resolution

Centri assembled a highly skilled SEC financial reporting team to optimize the company’s use of Workiva. The team provided subsidiary controllers with limited access to prepare reconciliations directly in Workiva, reducing manual data rework and enabling real-time variance analysis. This update minimized version control risks by allowing real-time collaboration between subsidiary controllers and the Corporate Controller. Centri also integrated the company’s quarter-end reconciliations into Workiva, building financial statement footnote tables and adding validation checks throughout the consolidation file.

Results

By utilizing Centri for this Workiva and financial reporting optimization, the company significantly reduced the effort required for SEC financial reporting, subsidiary financial reporting, management reporting, and board of directors deliverables. The financial close was shortened by two business days, and draft SEC financial statements were produced four business days faster. The additional capacity allowed the accounting staff to focus on value-added tasks such as process improvements, FP&A assistance, training and development, and assistance with M&A due diligence activities.

Anthony Fumo

Director | CPA

Anthony is a Director at Centri Business Consulting. He has more than 10 years of experience in public accounting, private accounting, and consulting services. View Anthony Fumo's Full Bio

Derek Kearns

Partner | SEC, Financial Reporting & SPAC Practice Leader | CPA

Derek is a Partner at Centri Business Consulting and the leader of the firm’s SEC, Financial Reporting, & SPAC Practice. He has more than 23 years of accounting experience in both public and private industries. View Derek Kearns's Full Bio