Smart tête-à-tête spurred from the “there is no luxury compliance” statement in the blog post The Strategic Shopping List that we suggest to public companies.
Basically, the conversations were based on the point that “some XBRL solutions are better than others.” I asked “how are you defining better?” The replies all went down the path of “there are XBRL DIY portals instead of the expensive full-service XBRL filing.”
That’s not better. That’s different.
In this discussion, “better” is a subjective term in comparison to the objective binary point of being SEC compliant.
A DIY portal may be better for a mega-cap company with a large and XBRL experienced financial reporting department that historically have oodles of edits… but it’s probably not better for a small or micro-cap company that has limited staff and simple books. Full-service may be better for them.
This directly relates to the Strategic Shopping List (thought process) for compliance. You’re not buying better compliance. You’re buying the service that better matches your workflow. That has nothing to do with compliance. It also directly relates to how we counsel clients about our fleXBRL program: we match the XBRL filing service that fits a company’s workflow which does affect budget.
This is how we define the different workflow patterns:
XBRL Complete: Flexible XBRL tagging process between Vintage Filings and client’s on-staff financial team. Our XBRL Dedicated Accountants execute taxonomy tagging process while clients have real-time web portal / Microsoft Office oversight to review, directly edit and submit both XBRL and associated HTML EDGAR files at any time up to filing deadline.
XBRL Command: 100% self-serve web portal / Microsoft Office solution for companies with on-staff XBRL specialist(s). XBRL and associated HTML EDGAR files can be submitted to the SEC at any time up to filing deadline.
XBRL Core: Traditional Excel-based XBRL tagging and filing solution. All tagging, timeline management and final filing executed by Vintage Filings XBRL specialists. Adherence to filing workflow timeline is essential.
What is your workflow match? Tell us here.
Have a great day.