An Agile Accountant’s guide to FERC XBRL Reporting
The COVID-19 pandemic has quite literally revolutionized our perspectives towards traditional working. The sudden shift to remote working brought about numerous challenges in managing an organization. Yet, it also brought out the advantages of being on the cloud, eliminating the commute, automating processes, and leveraging collaborative software to sharpen key business processes.
The knowledge that the last two years are not just a one-time occurrence has alerted many firms to strategize and focus on thriving and surviving in these unpredictable times. For accountants and financial teams, adapting to a sudden pivot into remote working was a significant change. Some struggled, but others who embraced technology and digitized their processes had a smooth transition to new ways of working.
A change in accounting was also seen as an opportunity for management to identify opportunities to transform their operating models and the role of finance, risk, and compliance reporting in their businesses.
Regulators have published new guidance under both IFRS and US GAAP. This will result in heightened scrutiny by internal and external stakeholders over the data, systems, and processes used to measure compliance. It has become increasingly clear that only the most innovative and agile accountants will be most successful in the long term.
A modern platform that allows for a seamless, secure, and synergistic environment is invaluable for Agile Accountants. At DataTracks, we have understood this, which is why we have Glacier – an easy-to-use, nimble and intuitive solution hosted on a secure cloud that helps you deliver compliance reports and submit them to FERC.
Automation and Collaboration are Glacier’s pillars of function.
- It consolidates all your variable sources of information and inputs to give you a seamless remote working experience.
- It runs on a secure cloud platform, substantially reducing the cost and time of delivery while generating substantial expense reductions.
- Allows convergence between finance, risk, and compliance functions through cloud-based APIs and other approaches to connectivity.
- Supports “straight-through” automated financial reporting to meet the requirements of accounting change.
Glacier has keen intuitive functions that allow for collaborative data review, tracking and approval, version comparisons, and comprehensive validations.
By having finance, risk, and compliance functions operating together in a converged operating model underpinned by modern technology like Glacier, you will be able to achieve benefits in:
Lower operating costs
Deployment of a cloud-based solution like Glacier will lead to direct reductions in capital and operational expenditures.
Sharp reports
The ability to get complete, relevant, validated, and timely output fully converted to XBRL and ready for submission to FERC will be a competitive advantage like none other.
Better decision-making
A better understanding of the financial data required to be reported to the regulator will lead to better decision-making. Management will be more prepared to take timely action on unprofitable aspects of the business.
Future-proofing for industry changes
In the years following accounting change, there will be inevitable changes in industry structure. Even if it’s too soon to predict exactly how the marketplace dynamics will play out, investing now in a well-architected technology platform like Glacier that facilitates convergence and automation will preserve agility and flexibility for the future.
Click here to learn more about DataTracks and our FERC XBRL solution to simplify your FERC compliance reporting in XBRL.
To schedule a free demonstration of Glacier, send us an email.
