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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!
Excellent reporting software and amazing collaboration tool
What do you like best about the product?
We have unlocked a new power of Wdesk by adding on Wdata. We have no streamlined our entire reporting process from data input to external document output. We have been adding more users and more process into Wdesk as we harness its power.
What do you dislike about the product?
Wdata is not a tool that can be implemented by an in house finance team. It requires serious IT knowledge and this should be included as part of the standard Wdata package.
What problems is the product solving and how is that benefiting you?
Version control of Annual Report has improved greatly. The ability to have 1 source of truth for all reporting requirements is great. I no longer need to provide status updates to members of the team as the information is at everyone's fingertips.
Efficiency Maker....Enhanced Data Integrity
What do you like best about the product?
Workiva allows us to have one version of the truth across our reporting. Our SEC reporting documents, earnings presentations, and board documents are all linked to the same information. As we update one, all are updated. We use several review functions, including with our outside advisors making it easy to communicate with those advisors. Wdesk also makes it easy to see what has changed from draft to draft. In addition, we use Wdesk for our SOX documentation and related testing, which are all fully integrated, allowing for updates in one place to flow through as appropriate to other documents. We use Certifications within Wdesk to complete our certification and sub-certification processes within our SOX process. Wdesk Certifications is easy for our employees to use thereby, increasing our response times.
What do you dislike about the product?
Due to Flash Player going away, Workiva has had transitioned all accounts from their Classic platform to their NextGen platform. While the NextGen platform has many advantages over the Classic platform, not all features and functions available in the Classic platform are built out in the NextGen platform.
What problems is the product solving and how is that benefiting you?
Several of the benefits realized include excellent version control, allowing multiple people to work in a single document, linking to make sure disclosures are consistent and to reduce inputs, audit trail of all changes to both the documents themselves and the underlying spreadsheets, and ability to send reviews and blacklines to senior management and external advisors.
Best in class for SEC reporting
What do you like best about the product?
WDesk flourishes in providing a cloud-based, highly programmable SEC Reporting, Financial Reporting process. Our team also uses it for SOX and Internal Controls. Workiva is far ahead of the competition when it comes to what the software offers, if you want all of the connectivity, tools, and automation for strong financial reporting (SEC or otherwise). WDesk continues to innovate with its WData, where it creates strong APIs for reporting to take out even more of the manual entry of data for reporting and presentations. Strongly recommended for a long-term, sustainable reporting platform.
What do you dislike about the product?
Wdesk isn't perfect, though its developers continue to improve upon the product. There is some nuance in learning and optimizing the product for your specific needs. In addition, the product is expensive, and there are cheaper options if you have a simpler need for SEC reporting or financial reporting. However, if you are trying to build a technology stack in finance that has the best platform for sustainable reporting into the future, Workiva is excellent.
What problems is the product solving and how is that benefiting you?
Less error in our financial reporting, easier turn-around in internal and external reviews, and building in processes to take out manual processes in reporting. All in all, the best financial reporting module I have used to automate, streamline, and simplify financial reporting (once you have taken the time/resources to build out your financials).
Workiva Makes My Work Easier
What do you like best about the product?
The way the folders are set up since the migration to NextGen is far more intuitive and logical than the Classic platform.
What do you dislike about the product?
I wish the xbrl tagging were easier and more efficient.
What problems is the product solving and how is that benefiting you?
The Section 16 module is amazing, in that I am able to reconcile the number of holdings for our Section 16 officers, as opposed to inputting the amounts with each filing, due to the running tally feature. This is far more efficient than other platforms I have used.
Recommendations to others considering the product:
This is nearly a complete SEC filing solution, user-friendly, logical and efficient.
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