6 Reasons Why CFO’s Need to Automate SEC EDGAR Filings ?

SEC Reporting in EDGAR, XBRL, iXBRL for SEC Compliance:

Automation plays a major role in how the businesses operate across its various functional roles and thereby increasing its efficiency and decreasing the Operating costs. SECfly’s Single Source Platform solves the current issues that are faced in SEC Reporting and paves way for NextGen Automated SEC Reporting.

One of the major issues in SEC Reporting for companies is the co-ordination and follow-up with the filing agents for the converted documents. This leads to manual workflow and thereby increases the cost and time for converting these documents into appropriate formats like EDGAR, XBRL, iXBRL for reporting to SEC.

The occurrence of errors is also high with the third party filing agents, since it has to be manually coded into HTML document. Now all these documentation can be automated and made error-free with SECfly’s Financial Reporting Platform.

1. Avoid Missing the Deadlines

Companies hardly cannot miss the deadlines and therefore SEC Reports has to be filed before the given deadlines and it is a time consuming tedious process, which involves co-ordination from different people in Financial roles. SECfly has a perfect solution to meet the given deadlines by automating the entire SEC reporting process to ensure it gets filed in appropriate time. By Optimizing the financial workflow with SECfly’s platform, companies can file their reports to SEC on-time.

2. Saving Compliance Costs

Automating your SEC Compliance needs can save your costs and time, which has been previously done manually SEC Filing agents manually. Manual processing of SEC documents increases the workload of the reporting managers and consumes more time. This can be solved with automatic document conversions executed with SECfly’s Platform.

3. Tracking Real Time Status

With a single Source platform like SECfly, Companies can track the status of EDGAR, XBRL, iXBRL conversions and Typesetting in real-time and instantly without any intermediaries or other third party filing agents. It also helps several people involved in the project to view and track the status simultaneously thereby increasing the transparency in company’s financial reporting process.

4. Making Live Edits with In-Built CMS Functionality

With SECfly’s integrated content management system allows managers to make Live edits in-case of any changes in the document and also to review it immediately. All the changes are reflected instantly without causing any delays. This saves a lot of time for managers whereas in traditional way of SEC Reporting, they have to co-ordinate with SEC Filing agents to make the changes.

5. Improving the SEC Reporting

SECfly’s Reporting Dashboard will enable Managers to Collect and view Reports in real-time under the Single Source platform and they can collaborate with the Dedicated Project Management team to support the filing process effectively without causing any delays.

6. Storing the Data in Secure Servers

With concerns over storage and security, SECfly has got integrated data storage systems so that companies can store their reporting documents and view it from their dashboard with a click of a button and the data securely hosted in Amazon Cloud servers

SECfly offers completely free iXBRL Onboarding to companies as SEC has made mandatory to submit their documents in iXBRL format. This makes SECfly’s Platform to deliver much better ROI to companies in terms of meeting their SEC compliance needs by automating their SEC Reporting workflow and also saves upto 50 percent of their Reporting costs  and also increases its efficiency.