Tuesday, February 02. 2021
At Novaworks, we understand XBRL, and we understand that each taxonomy requires a unique approach. XBRLworks is a completely new method of creating form-based XBRL reports. We’re building on more than ten years of experience with our highly successful GoFiler platform for XBRL-formatted financial filings to deliver a powerful but simple solution to formatting your FERC filing in XBRL. Best of all, our solution doesn’t require you to know anything at all about XBRL itself. It takes care of creating well-structured, compliant XBRL behind the scenes while you interact with intuitive forms and tools.
Let’s take a brief look at what XBRLworks for FERC has to offer.
Ease of Access
XBRLworks is a cloud-based web application that allows you to work on your FERC filings anywhere and anytime, even on mobile devices. You can easily manage your filings through your dashboard, including file sharing and collaboration. In addition, our cloud storage is secure, complete with backups and file restoration. Local, intranet-based installations are also available.
XBRLworks uses tiered subscriptions to reduce costs. This makes it ideal for both small projects and large collaborations.
Create and Edit FERC XBRL Forms
XBRLworks offers solutions for each of the forms covered in FERC’s XBRL mandate, from the simplest to the most complex.
- Edit FERC XBRL using convenient, web-based forms. Each page of the traditional form has been recreated as an HTML form, where you can input data and footnotes for every item.
- Export validated XBRL to your computer for filing. You can export projects to XBRL whenever you want and as many times as you want.
- Project locking and proofing tools aid in review. Project leaders can lock individual pages or the entire project to prevent editing. You can also easily create PDF or Excel proofs to review.
- Import data from Microsoft Excel or Word to make entering data into large tables a breeze.
- Every form field has revision tracking, so data can be easily recovered.
A Focus on Teamwork and Collaboration*
Creating a regulatory filing can be a complex task involving many different parties. Whether your team is large or small, XBRLworks offers a host of tools to make communication and collaboration easy.
- Invite team members to collaborate on your projects. Team members don’t require a subscription. They can create an account for free, accept your invitation to join a team, and begin working on any projects that have been associated with that team.
- Create different teams to complete different projects. Only members of a project’s team will be able to collaborate on that project.
- See your tasks right where you’re working so you always know what needs to be done and when.
Managing Tasks and Workflow
Through XBRLworks, you are able to delegate work easily and with precision. XBRLworks is designed to help you keep your eye on your progress and keep everyone in your team on the same page.
- Set tasks and deadlines for yourself or for your team members. Tasks have descriptions, priorities, and due dates to keep your team on target.
- Communicate with other team members privately through XBRLworks’ in-app messaging system.
- Escalate tasks as needed with options to leave notes for your team members. Team members can update task statuses with notes for open communication with the entire team.
- Track progress using a real-time activity log. Each time a project or task is revised, the activity is displayed in a simple log so you can manage your team more effectively.
- Add comments to form fields to communicate with other team members or keep notes for yourself. You can also communicate directly on the form. Unlike footnotes, comments don’t export as part of the XBRL data, so you can use them to store private information for yourself and your team to see.
- Projects feature full journaling for revision tracking. If you make a mistake, you can restore a previous version. Need a copy of a form you completed last year? You can pull it from your project archive and use it as a template for your current filing.
XBRLworks is the answer to your XBRL needs as a FERC filer. You can do it all, from managing your projects to collaborating with your team to downloading your completed XBRL documents, without ever writing a line of XBRL code or hand-tagging your XBRL document. With XBRLworks, there’s no fiddling with form templates or worrying about formatting your spreadsheets. Everything you need to complete your XBRL filing is right at your fingertips.
FERC support in XBRLworks is just the beginning. Other taxonomies will be added in the future, making XBRLworks the platform where anyone can take unstructured, form-based data and easily create machine-readable XBRL.
Stay tuned to the blog at novaworkssoftware.com for exciting updates regarding this new opportunity. You may also contact sales for more information, including pricing, by emailing email@example.com or by calling (585) 424-1700. We look forward to helping you meet your compliance needs!
* Teams are available for premium, enterprise, and agent level subscriptions.