The 2013 Financial Executives Research Foundation annual survey is out, and among a great deal of information is the fact that doing XBRL using in-house software requires far more time for the creation and review of filings than does utilizing a full-service solution.
Companies doing their XBRL in-house reported spending an average of 65 hours preparing the XBRL for their most recent annual filing and an average of 30 hours reviewing it. Compare that to companies utilizing a full-service solution, which reported spending an average of 28 hours preparing and 21 hours reviewing the XBRL for their most recent annual filing.
Doing XBRL in-house requires 2.3 times longer to prepare and 45% more time to review than utilizing a full-service solution.
In considering the option of bringing your XBRL processes in-house, one must consider not only the cost of licensing the software, but also the costs of staffing and operating the software. It takes both more time and human resources to do XBRL in-house. Large Accelerated filers reported having 66% more full-time employees working exclusively on SEC Filings than did smaller companies. Additionally, there can be considerable hourly costs for any necessary consultation or support. In-House software can work for certain companies, but the FERF survey shows that it requires more time, resources, bandwidth, and money than a full-service solution.
RDG Filings has made a consistent commitment to customer service, and we are proud to have set the standards for both service and XBRL data quality. Working with our unique full-service model will improve your filing procedures where the rubber for all four wheels meet the road – Service, Turnaround Times, Data Quality, and Cost.
Please get in touch with any questions.
Stewart Walker – SVP, Director of Sales
Reference: William M. Stinnett, Financial Executives Research Foundation: SEC Reporting and the Impact of XBRL: 2013 Survey, pages 15, 18, 19, 27.