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Workiva has been a great tool for automating our financial and regulatory reporting.
What do you like best about the product?
Workiva is very intuitive for accountants because many tools work like Excel and Word, but it has much more capability. It has helped a ton in automating our processes financial and regulatory reporting processes.
What do you dislike about the product?
The printing capability could be better. The ability to fit all rows in a page would be helpful. Also, the ability to adjust margins would be great. These issues can be worked around by exporting to Excel and making the adjustments there.
What problems is the product solving and how is that benefiting you?
Many of our financial reporting processes were Excel-based and relied on loading the same information multiple times. The most significant benefit we have seen is an increase in productivity. The time commitment of our larger projects has decreased by around 70%.
Recommendations to others considering the product:
Limit the number of data sources you use by pulling your data from the most direct source and include all the fields you could ever see yourself using. You can always find creative ways to lookup and total data, as long as the fields are there.
Workiva Review
What do you like best about the product?
It is a modern and user friendly platform. Workiva makes it easier to collaborate with team members in realtpeiem djfkdf ajskffdkfj
What do you dislike about the product?
I don't dislike anything about the platform.
What problems is the product solving and how is that benefiting you?
We are finding ways to make the preparation of our financial statements more efficient. The review process has been greatly improved with real-time visiblity.
Workiva is the Tesla of collaboration and reporting
What do you like best about the product?
My company, SmileDirectClub, has been a Workiva customer for almost 2 years - as we filed our initial 10Q and 10K with their SEC Filing Solution. Soon thereafter, we implemented their Integrated Risk Solutions - which include SOX, Audit, IT Risk & Compliance, ERM, and Policy Management. The ease of implementation, the continuous improvement of the platform, the excellent customer support from our Workiva have allowed us to grow as a company and easily adapt to WFH during COVID.
What do you dislike about the product?
Honestly, there is SO much in the Workiva platform, it is hard for a new user to grasp the breadth of the functionality. Workiva is working to improve this with their new "Home Page". The widgets and dashboards are fully configurable and are helping new users learn faster. But it is a challenge sometimes. I was a Workiva user at my previous company, as well, and I know that the product only continues to improve each quarter of each year. So, although it doesn't have everything I want right now, I know over time - it will.
What problems is the product solving and how is that benefiting you?
COVID has been a challenge for us - as my team and many others are now working remotely. But, the collaboration capabilities of Workiva (full audit trail, blackline capabilities, version control, review workflows) have enabled my Internal Audit Team to continue to work effectively and efficiently. My colleagues in Finance and Reporting have experienced similar benefits.
Also, the IR Solution's efficiencies have enabled my team to "do more with less." This has allowed us to assume all of the tasks previously shared with an external accounting firm (co-sourced audit) for our SOX Testing - saving SDC over $500K in 2020.
With the connected reporting capabilities, my internal audit team can now generate a draft audit report for my review in a day or less. Previously, this took days or weeks!
Also, the IR Solution's efficiencies have enabled my team to "do more with less." This has allowed us to assume all of the tasks previously shared with an external accounting firm (co-sourced audit) for our SOX Testing - saving SDC over $500K in 2020.
With the connected reporting capabilities, my internal audit team can now generate a draft audit report for my review in a day or less. Previously, this took days or weeks!
SOX Audit Made Easier
What do you like best about the product?
Continual willingness to upgrade the platform is very encouraging
What do you dislike about the product?
More steps could be integrated into the audit
What problems is the product solving and how is that benefiting you?
Time savings, automated certifications, linking between testing/narratives/flowcharts/database, company-wide access to all processes, and external audit limited access are all beneficial!
Workiva is a top-of-the-line financial reporting software package with expanding capabilities.
What do you like best about the product?
The best thing about Workiva is that the customer service department is willing to help out anytime there's a question, and I mean anytime. The Workiva platform helps my data stay connected, so I don't have any inconsistencies within my document. Having the software accessible from anywhere has helped out when everyone has had to work from home. I also like that they consistently add additional functionality to meet their customer's needs.
What do you dislike about the product?
The transition to next-gen could have been smoother, especially with features such as attachments, support binders, and XBRL. That being said, I think there will be some growing pains when a significant update is rolled out. There does seem to be some turnover on the customer support side, but they are good at having the new support staff reach out to set up a meeting to get to know us and our needs.
What problems is the product solving and how is that benefiting you?
The most significant benefits of using Workiva, both on a financial reporting side and an internal audit side, are that all the information and all the users are connected. This connectivity ensures no disruption when multiple people need to work on the document. When the pandemic forced us to work from home, there was no interruption on the Workiva side. The tool has an extensive help site with many different topics to choose from, and the subject matter experts are always willing to answer any questions that users might have. I have assisted many new users with Workiva, and they're always very impressed with the level of detail in the walkthroughs. It is also super helpful that our auditors can access Workiva and pull their support down, both on the internal controls and the financial reporting side.
Recommendations to others considering the product:
I would advise anybody that is looking into Workiva to reach out to one of their reps and have them do a demonstration for your accounting and finance leadership to show the full capabilities of the software.
Workiva Rocks!
What do you like best about the product?
The ease of use as well as how much time it saves us.
What do you dislike about the product?
There is really nothing that I dislike about Workiva
What problems is the product solving and how is that benefiting you?
Multiple users in one document help streamline our SEC filing.
Workiva makes life so much easier
What do you like best about the product?
the tool itself is great, but the CSMs are always there to help and the 1800 # never lets you down in a pinch.
What do you dislike about the product?
I would love more training opportunities geared towards our company driven by the CSMs
What problems is the product solving and how is that benefiting you?
As i mentioned above, Workiva is solving any head count issues we might have in a given period.
Best Collaboration Platform!
What do you like best about the product?
The ability to link data between documents which allows semi-automatic updates (contingent upon publishing).
What do you dislike about the product?
The platform does not signify an icon in the applicable section when an attachment is uploaded; the attachment icon in the menu bar on the right only illuminates when an attachment is added and the applied reference creates an orange border. This requires reviewing the each section to identify where an attachement exists with the document.
What problems is the product solving and how is that benefiting you?
Workiva has minimized duplication of efforts through the link feature. In addition, allowing others to collaborate within the document assist improves capacity. Lastly, the efficiency rates have doubled as a result of this platform allow time to focus on the analysis rather than repopulating the same data through numerous renditions..
LB Foster Company
What do you like best about the product?
Very intuitive system, very user friendly, and stays on top with consistently improving their product.
What do you dislike about the product?
Some areas that we utilize could be a bit more robust in capability (presentations).
What problems is the product solving and how is that benefiting you?
Completely streamlined our external reporting, digitalized our SOX program, and created a financial close monitoring checklist with reporting.
Great Intuitive Platform for Financial Reporting, Constantly Improving
What do you like best about the product?
The linking feature allows you to easily input data once and repeat it across multiple sources, which makes updates in subsequent revisions simple and effective. Formulas available are similar to Microsoft Excel, and the integration across Documents, Sheets, and Presentations make the software very intuitive. The ability to create document drafts and show markups and blacklines right in the software also simplifies the review process, as well as indicating cell history information in Sheets to easily see the authors of the changes and the date information has been updated.
What do you dislike about the product?
There is an initial learning curve on how to use the software, especially in formatting documents as it can be tricky. Sometimes, pushing updates across multiple Documents and Sheets results in errors, requiring the web pages to be refreshed. There have been infrequent outages and transitions between versions of the software that took time from the team to implement and resolve, but overall, these issues were addressed. Also, it may take time for certain features to be implemented for use for all users.
What problems is the product solving and how is that benefiting you?
Workiva helps our team solve the issue of preparing financial statements and quarterly reports with multiple users working on the documents simultaneously. We have realized significant efficiencies in the preparation process and continue to update our working papers to help improve the efficiency of our inputs each and every passing quarter.
Recommendations to others considering the product:
If your organization is considering implementing Workiva to help with the quarterly report preparation process, it's highly recommended!
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