5 Must-Haves in your FERC XBRL Software
The Federal Energy Regulatory Commission’s (FERC) transition from Visual Fox Pro to a standardized machine-readable reporting language (XBRL) has significantly reduced the costs of submitting financial statements.
Financial reporting has been simplified by presenting all annual and quarterly accounts and operations in XBRL.
If you’re a FERC-regulated company looking to transition to a user-friendly XBRL tool for your reporting needs, then we’ve got just the thing for you.
DataTracks’ Glacier software is built to make life easy for preparers. Glacier is a product that is an extension of the flagship Data Point Model (DPM). Our clients often say it is effortless, straightforward, and highly efficient.
Top 5 must-haves for your FERC XBRL reporting needs:
1. File-to-File Linking Feature
FERC filers either manually feed data to an application or copy-paste data from elsewhere. With Glacier, users can use any Excel spreadsheet and link that as the source of data. Once this is done, it is only a matter of updating numbers in Excel, and Glacier does the rest for the following filing periods.
Opting for DataTracks’ Glacier allows you to channel your resources to focus on more critical aspects for the growth, development, and efficiency of your company while it handles all your reporting needs.
Accounting professionals can avoid data entry and save time with a roll-forward feature. Users can populate historical data points into Glacier by utilizing an additional tool and roll-forward data seamlessly from the previous filing to the current period’s filing data.
This saves about 70% of the preparatory time and will eliminate errors as data is transferred effortlessly.
3. Comprehensive Validation
If you’re working on preparing and submitting an accurate report, save your time and reduce the rate of errors by opting for Glacier. It is equipped with an inbuilt comprehensive validation system. An inbuilt validation system comes in handy when you’re working on preparing precise, accurate, and error-free reports to file with the regulatory body. Glacier provides a report for resolving errors after validating all the criteria and a defined set of validation rules. Comprehensive validation in your software is critical to submitting error-free and accurate reports to the regulator without any hassle. DataTracks’ Glacier allows filers to work with the FERC templates with ease.
4. A granular audit trail
Every change, made at even the data point level, is captured and stored along with the date and time stamp for future reference. If you intend to review your audit trail report offline, Glacier allows you to export the report hassle-free.
Make sure to complete all deadlines and the hassle of high traffic on the online channels that allow you to file with the FERC with DataTracks Software. Whether on weekends or the rush hour during peak filing season, you’re guaranteed round-the-clock assistance for all your reporting needs.
Save time and money while staying ahead of deadlines with accurate, FERC-compliant reports Choose simplicity, choose DataTracks Glacier for FERC XBRL filings. Equip your team with the right tools for an enhanced experience.
Get in touch with an XBRL expert to know more.