Unlock Efficiency: Workiva Introduces Automated Historical Data Roll Forward

The world's most efficient reporting teams rely on accurate and timely data. But the quarterly and annual reporting process to achieve that data is a relentless cycle that can be challenging to manage. Just as you finalize one filing, the next deadline is on the horizon with the tedious task of updating outdated financial data-a process that drains both time and resources.

That's why we're excited to announce the launch of our new historical data roll forward feature. Now you can automate the roll forward of XBRL®-tagged historical data, effortlessly integrating it into new quarterly and annual reports.

Key benefits of historical data roll forward

• Faster updates: Say goodbye to hours of manual data entry and welcome a faster process for report preparation
• Improved accuracy: Reduce the risk of human error associated with manual copy and paste and use automation to assist in consistency across your fillings
• Easier to scale repeatable processes: Let your reporting grow with your company, adapting to increased data and complexity as your business expands

The historical data roll forward feature brings a new functionality to the Workiva platform, offering an automated and accurate method to populate historical XBRL-tagged data in bulk from previous SEC filings-such as 10-K, 10-Q, 20-F, 40-F, and 6-K. This enhancement streamlines the creation of new reports by updating your linked spreadsheets with changes reflected across document tables and text.

How historical data roll forward works

We've designed the feature with ease of use in mind. Our intuitive wizard takes your roll forward procedures from hours to minutes with a simple four-step process:

1. Select prior filing: Easily choose the previous SEC filing containing the XBRL-tagged historical data you need to roll forward
2. Preview historical data that will roll forward: Gain complete visibility into the data that will be automatically updated, ensuring accuracy and control
3. Track changes: Keep a reliable audit trail by overseeing the roll forward process and checking all changes to your current filing and original data, making it easy to sort out discrepancies and approve updates without the hassle of manual checks
4. Auto update: Let the wizard do the heavy lifting! Automatically update XBRL-tagged historical data at its source, ensuring changes are reflected across the entire filing document, including tables and text, optimizing document consistency

Why data automation matters

Think back to the last time you tried to roll forward data. It was likely a highly manual, time-consuming task. Someone had to track down the final FINAL version of your previous filing. Then manually set up a new document. Then dig through EDGAR®, Workiva, or Excel files for historical data scattered across different sources. Then copy and paste XBRL-tagged historical data cell by cell. Then painstakingly review figures and formatting to prevent an amended filing or restatement. And finally, after all that, you could update the new report with the current period's figures.

And it starts all over again each quarter.

This method drains valuable time and resources and increases risk of errors.

With historical data roll forward, Workiva simplifies the process by providing a guided step-by-step experience and automates the historical data updates across your files in minutes. This increases efficiency and reduces the likelihood of mistakes. Users can quickly review and validate imported data with an easy accept-and-reject capability, enhancing confidence in reporting outcomes.

Explore the possibilities

Don't let the burden of manually rolling forward financial data slow you down. Embrace the power of automation and see the difference that the Workiva platform's historical data roll forward can make in your reporting. Experience it yourself by requesting a demo today!

Plus, you can join us for a webinar on June 18 to explore several new product innovations, including this new feature-register now to secure your spot!

XBRL® is a trademark of XBRL International, Inc. All rights reserved. The XBRLTM/® standards are open and freely licensed by way of the XBRL International License Agreement.

SEC Reporting Datasheet

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