Every quarter, SEC reporting teams sweat the period between their earnings release and the filing of their 10-Ks and 10-Qs. The longer that gap, the greater the chance that changes will need to be made and unforeseen issues will arise that could potentially cause the earnings release to be inaccurate. In order to reduce the gap and gain overall efficiencies in reporting processes, many companies are adopting fully-integrated SEC reporting solutions.
The tedious and error-prone, manual SEC reporting process has not changed much in the last 25 years and has historically sent companies searching for financial printers or other outside resources to help them file. Those third-party resources generally require a “pencils down” period prior to the filing. This, along with other disjointed steps, contribute to an already time-consuming process that ultimately extends the reporting gap, and the risk of filing inaccurate data.
In this article, “Mind the Gap: What is Your SEC Reporting Exposure?”, Jerry Behar, co-founder and managing director of WebFilings, discusses the risks of extending your reporting gap, key findings from 2010 submissions from Fortune 100 companies, and how many of those companies are closing the gap by utilizing fully integrated SEC reporting solutions.