How Glacier can save time for preparing compliance reports?
Peter works at an energy company in Houston as the Senior Manager of Financial Reporting. He is at his desk every morning, surrounded by mountains of paperwork. Rivers of red ink, multiple versions of an edited excel file, and innumerable cups of coffee later, he still doesn’t know what to do with the disorganized financial data in front of him. And the worst part? It’s not even close to ready for submission to the regulatory authorities at FERC, and the deadline is closing in on him.
It’s bad enough that this needs to be done for one line of business. But his company has diversified and has multiple regulated utilities across many different energy verticals. This makes the problem more complex and disparate for Peter and his team. With so many subsidiaries and the resulting reporting requirements, it is near impossible for Peter to continue with manual filings.
Besides, information has to come in from colleagues, legal has to sign-off, management needs to approve, and the software he is working on needs to co-operate. So many variables, so little time. What he needs is one comprehensive, all-encompassing solution that also helps with XBRL tagging.
He found it in Glacier – DataTracks’ flagship cloud-based platform for FERC regulatory compliance. Glacier transformed his work and helped connect filing data to his disparate colleagues with control and simplicity, thereby distributing his workload.
Most importantly, it helped him save time, a precious resource when sticking to government regulation. Let’s see how:
- It eliminated the need for manual keying in of data. With Glacier, Peter can connect data from source systems like Microsoft® Excel and convert the numbers directly to XBRL. The time it takes to complete this task is a fraction of doing it manually.
- Peter was considering training in XBRL so he could match taxonomy to the appropriate tags. Not anymore. Glacier offers digital spreadsheets in a simple layout with pre-tagged FERC templates. So, all one needs to have are the numbers and the knowledge of what goes under which label.
- Glacier also powered up productivity by minimizing human intervention. It gave Peter time for business intelligence, analysis and enhanced his resource management.
- What about unsuccessful submission due to errors? Peter can’t afford to spend time on the whole process again. Glacier comes with inbuilt comprehensive validation that shows results in an easily digestible manner and has an ability to navigate to the reported template in order to make corrections. Peter can review the results, online or offline, understand the changes through hyperlinks and modify relevant templates with ease.
- Glacier’s granular audit trail and version compare feature saves a lot of time. It allows Peter to review only the incremental changes and he does not have to review the whole version altogether.
- Are you wondering about Peter’s problem of disparate colleagues? That’s the best part of a cloud-based solution! A single, connected dataset can be accessed across subject matter experts, legal, tax, accounting, and finance teams in real-time from anywhere. Glacier can be accessed from a simple browser and comes with a light UI and friendly UX. It is hosted on highly secure servers with a scalable architecture.
- Despite it being easy-to-use and nimble to work on, if any issues or obstacles bare their teeth, Glacier comes with round-the-clock support from a team of experts who help over 250 companies with their regulatory compliance requirements in the US. It will be fixed in a jiffy!
Are you looking for an agile, efficient, and economical solution for your FERC compliance needs? Then Glacier is your answer! At DataTracks, we have a uniquely designed support package tailored to ensure that we have your back while you take care of your business growth.