Whether you like the familiarity and ease of Excel or the stability and security of a solution hosted in a world class data center run by IBM, you’ll find what you’re looking for within our two tagging products, Dragon Tag and CrossTag. We create tools that allow you to tag your financial statements “your way.”
As a CPA and since joining the Rivet team two years ago, I’ve come to appreciate the time commitment required to file your 10-Q’s and 10-K’s in XBRL format. Our objective is to make this process as easy as possible with intuitive, easy-to-use tools that are loaded with time saving features.
Take, for instance, the “Help Me Tag” feature that’s new in the spring 2009 release of CrossTag. If you’ve ever tried to locate a specific element in the US GAAP Taxonomy, you’ve probably come away a little frustrated. Navigating through it is like trying to find your soul mate at a singles bar. You know what you’re looking for but can’t seem to find the right one.
What the “Help Me Tag” feature does for you is a little like what “E-Harmony” did for dating. Based on a 64-point personality profile, no just kidding, but based on the criteria you select, a sophisticated search engine returns a list of matches, ranked highest to lowest.
Additionally, in an effort to help you pick the right element, we show you what other companies are using in their filings by SEC filings in general, or if you want industry specific data, by SIC. Take a look at the following screen shot to get an idea of what I’m talking about.
Figure 1 Example of “Help Me Tag”
In the above example, the user was looking for a match to “Operating Income” in the US-GAAP Taxonomy. The search came back showing “Operating Income (Loss), Total” as the most likely match with an 82.5% probability. The SEC % column shows that 70.1% of SEC filers used that element and the SIC % column shows that 44.4% of Crude Petroleum and Natural Gas companies (the SIC selected) used that element. So as you can see, this feature can greatly reduce the time spent searching for the right element.
Like I said earlier, you can tag it your way using our products. This means you can start the tagging process with what you already have – financial statements in Excel format. Since Dragon Tag is an Excel add-in, you can start tagging with your existing Excel spreadsheets. CrossTag, however, is independent of Excel so what we’ve done is added an import feature which allows you to bring the entire excel workbook into CrossTag with the click of a button.
Figure 2 – Example of an imported financial statement from Excel
The great thing about this is that we can use your existing financial statement line items to modify the XBRL labels in the base US GAAP Taxonomy so the end result is an XBRL financial statement that looks the same as your existing printed financial statement. Again, we can do this with the click of a button using the “Update Taxonomy” feature.
This feature allows you to update the taxonomy labels to the labels YOU are using which shifts a lot of tedious work out of your hands to our tool. An added benefit is that the final review process becomes a lot easier when the labels in XBRL and in the printed financials match.
Figure 3 – Before running “Update Taxonomy” your label and the taxonomy’s label differ
Figure 4 – After running “Update Taxonomy” the labels now match
These are just a couple of the many ways our tools can save you time in the tagging process and help you produce accurate XBRL financial statements that reflect the way you present your company’s data. You can tag it your way!
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