Rivet Software » XBRL

The XBRL Year: 2011

Stewart McKie - Executive Advisor — Mon, 09 Jan 2012 10:28:28 +0000

2011 was another exciting year for XBRL. I am indebted to various XBRL ’round-ups’ from the IFRS, XBRL International and others for the data in my take on the year.

January

2011 began ominously with a Neroesque statement from the European Banking Authority:

We recommend the use of XBRL as it will lead to greater harmonization of IT formats with the adoption of XBRL taxonomies.

While we hope that the use of XBRL will help prevent future financial meltdowns, this was clearly a prime example of fiddling while Rome burns.

February

According to the IFRS:

On 9 February, the Danish Government submitted a bill to amend the Danish Accounting Act. The proposed bill would allow the Danish Commerce and Companies Agency to establish rules for the mandatory use of XBRL by companies when submitting their annual and group accounts. If approved, the bill would come into effect from 1 May 2011, with the reporting system to be made available in 2011. Small limited companies-which currently make up 94 per cent of all business in Denmark-would be the first to be affected by the bill and would be required to submit their annual reports in XBRL format from 30 June 2012 at the earliest. Medium to large companies and state-owned companies would be required to follow suit from 31 December 2012 and 31 August 2013 respectively.

Plot spoiler: I have been reliably informed that The Killing (4) has Sarah Lund investigating a complex financial reporting scam in Copenhagen’s corporate cabals, involving a lot of dead bodies found with XBRL start and end tags tattooed on each buttock. A new kind of criminal calling card that requires an XBRL expert to expose the data that should have been between the tags.

I await the casting of the new XBRL expert on the Lund team with some excitement. Perhaps this could be the big break Eric Cohen or Mike Willis have been waiting for?

March

Rivet spoke at the 22^nd XBRL Conference in Brussels on the topic Dare to Share.

You can find out more about Dare to Share and the first woman to complete the UK’s Special Air Service (SAS) selection training in this blog post.

Dare to Share was a follow-up to our presentation on Buddhism, Excel and XBRL at the previous year’s XBRL conference in Amsterdam.

But more importantly, March was the month when according to the IFRS:

The Korean Financial Supervisory Service (FSS) mandated all financial institutions to submit regulatory reports using XBRL in the agency’s Financial Information Exchange System (FINES). The FSS receives over 2000 types of reports from over 800 institutions in this manner, which are created with a closed taxonomy using proprietary tagging software.

Nice to see Korea going with an open, extensible solution. But then it does come with a 7 year warranty.

April

April 1, 2011 was the date mandated for the filing of corporate tax reports in iXBRL in the UK.

In the run up to this date, the plucky old Brit Blitz spirit – Keep Calm and Carry on – seemed to fray at the edges. It was all too much for Britain’s tired and emotional finance professionals. Doom and gloom was predicated by one and all.

But my corporate tax return was filed in iXBRL in the same way it always was: By my accountant who used his regular accounts preparation software that had been adapted to output directly to HMRC in iXBRL format.

Simples, as the meerkat would say (US translation: Awesome as the gopher would say).

And thank goodness for that, for who knows, we could have had riots on the streets of Britain as disgruntled finance professionals, subjected to yet another taxonomy update, ran amok stealing calculators and Hermes green eye shades from shops set ablaze by hooded XBRL luddites.

Of course riots like that that could never happen here. This is England after all.

May

Revenue Ireland announced an RFI for the provision of Open Source XBRL and iXBRL software.

Good luck with that. The entire XBRL industry of software developers and service providers is behind you.

June

In the heat of summer, XBRL Spain announced five, 1000 euro awards for:

IT Architectural proposals suitable to be potentially developed as Open Source deliverables by way of Public Fundraising. The goal is facilitate the capture, analysis, creation and viewing of XBRL reports, to be used by citizens, small investors, IT SMEs and academia, as well as a help for implementing XBRL within supply chains while reducing regulatory burden.

Unfortunately, there was not enough rain on the plain that year. The entries in the competition were not as expected, and the Awards remain reserved.

Meanwhile, the Global Reporting Initiative (GRI) re-vitalised their initiative to create an XBRL taxonomy for sustainability reporting with a kick-off meeting for a new program that:

aims to publish an XBRL taxonomy covering both the G3 Guidelines and GRI’s latest G3.1 Guidelines.

The GRI may want to beef up their US lobbyists if the Republicans get in. Then again, they may need to if Obama stays on.

And France went surfing. Isn’t that just typical.

Well SURFI actually when the Autorité de Contrôle Prudentiel released the SURFI system (Système Unifié de Reporting Financier), which allows the submission of financial and prudential statements to the Banque de France in XBRL.

[Not to be confused with the SCURFI system that presents itself initially as symptoms of malaise and lethargy, followed by formation of spots on the skin, spongy gums, and bleeding from the mucous membranes.]

July

As everyone in Europe prepared to go on holiday, the IFRS announced an exciting new project:

Yes…you guessed it: The Bound Reference Viewer!

This project aims to improve the current version of this tool to enable users to read more easily the IFRSs as provided in the BV together with the XBRL reference linkbase included in the IFRS-GP Taxonomy.

The result – a 5-ring binder with coloured tabs!

And to think, only a year ago the Standard Business Reporting (SBR) program – one of the world’s largest XBRL reporting initiatives – went live in Australia. That’s two landmark events in a row.

August

XBRL went on vacation.

[There now follows a commercial break]

But Rivet did not, announcing the release of Q2 reporting period performance results showing the highest number of S.E.C. filings produced to date by the company.

Hurrah! An excuse for piles of cucumber sandwiches accompanied by lashings of ginger beer.

September

The Integrated Reporting bandwagon released an interesting discussion paper entitled: Towards Integrated Reporting: Communicating Value in the 21^st Century.

Surprisingly, XBRL actually got a brief mention:

While the internet and XBRL are introducing elements of technological innovation, many corporate reports are still presented as if they were entirely paper based.

But then again, many corporate reports are also presented as if they were transparent and true, which seems to me to be a bigger issue.

Despite the playing down of technology and XBRL as an enabler of Integrated Reporting, I’m pleased to see that the IIRC have adopted an XBRL tag as their logo – .

Hopefully this is the tag we’ll see at the beginning of every integrated report in the future.

October

Yes. It’s October and the XBRL abstract model is here.

Released at the 23rd XBRL International Conference in Montreal, Canada, the model looks like this:

Actually that’s a Kandinsky. But it would be good if the XBRL abstract model did look like this because a UML representation of the semantics of XBRL doesn’t look quite as nice on my living room wall. My wife asked me to take it down as it gives her a headache.

November

Some might say that XBRL is on a knife-edge, a rather more dramatic and disconcerting position than the more prosaic ‘tipping point’. But in November, CPA Success posed this fascinating question:

Looking for an edge, CPAs? Try Xbrl

In the article, Louis Matherne, the FASB’s chief of taxonomy development claims that:

We are taking the exchange of financial information into a place where we’ve not been before.

The mind boggles.

But what a pick-up line! If he had that in his arsenal, Maherne’s namesake Louis (Rick Moranis) in Ghostbusters would definitely have nailed Dana (Sigournay Weaver).

December

In December 31, 2011 the 2010 Income Tax Act comes into force in Germany, which mandates the electronic submission of standardized balance sheets and profit and loss accounts in XBRL formats. Vorsprung Durch Technik in action.

After all. The Eurozone has a single currency – or at least did as I was writing this – so why not a single XBRL taxonomy for key financial reports?

Then at least we can look forward to the spectacle of taxonomies being burned on the streets of Athens, the home of financial democracy (aka tax evasion as some cynics might characterize it).

At the end of another banner year for XBRL, I’ll leave the last word to John M. Swirsding in December’s Accounting Today:

CPAs stand to benefit from XBRL as the speed with which they receive and process information will increase, allowing them to better serve clients across a broad array of industries. Further distancing themselves from the stereotypical role of “bean counters,” accountants will be able to spend more time analyzing information, providing strategic advice, and ultimately driving greater value for their businesses or customers.

That’s why Rivet remains focused on leveraging the power of XBRL to raise the bar in corporate reporting and analytics. Compliance is just step one on the journey.

Did I miss anything significant?

The future start tag for all integrated reports?

Stewart McKie - Executive Advisor — Sat, 31 Dec 2011 12:32:13 +0000

In my roundup of the XBRL news of 2011 (coming soon), I mention the Integrated Reporting (IR) movement, which has been discussed in this blog over the years. The IR’s discussion document Towards Integrated Reporting: Communicating Value in the 21^st Century is well worth a read and also some thought in response to the questions it helpfully poses within the text. But what interests me more is their new logo , which looks to me like an XBRL tag – something that we should not regard as a coincidence.

This tag could be the tag that starts every corporate report in the future. This is because, like it or not, the integrated report of the future will simply be a container for a set of more or less XBRL feeds encompassed by the start and end tags. These XBRL feeds will comprise tomorrow’s integrated report ‘components’ used to assemble the report content. Today these components can be financial GAAP/IFRS and non-financial GRI sustainability XBRL; tomorrow when a great deal of other data is easily available as an XBRL feed, a much wider range of XBRL components could also be assembled within the tags.

In effect, integrated reporting will become a mashup, powered by XBRL.

There’s nothing really new about this. Remember row and column sets in FRx? Same deal. It’s just that that the content of these IR components consists of standardised XBRL data rather than some legacy proprietary format.

Webinar Annoucement: Taking Back Control of Financial Reporting – An Inside Look with Cardtronics (NASDAQ: CATM)

Rivet Software — Thu, 08 Dec 2011 18:15:29 +0000

When Cardtronics set out to find an XBRL financial reporting solution, their goals were clear, they needed to find a solution that would allow them to:

Create accurate reports with little to no manual intervention
Update data throughout all documents automatically
Create one source for all external financial reporting needs and
Have confidence that the Cardtronics team would be empowered with the training needed to ensure a successful filing.

After evaluating a number of solutions, Cardtronics chose Rivet’s Crossfire Controller. The results include a successful first XBRL filing submitted on the same day as their press release and 10-Q, just one month after implementing Crossfire Controller. Learn firsthand about Cardtronics’ experience:

Implementing a self-service XBRL preparation model
Training their internal team on how to use Crossfire Controller, XBRL tagging, and best practices
Integrating Crossfire Controller into their existing systems and processes

This webinar will consist of a 20 minute presentation followed by 10 minutes of live Q&A.

Presented by:

Special Guest Mitzie Pierce
Director of External Reporting, Cardtronics

Christy Rohrs, CPA
Director of Education Services, Rivet Software

Thursday, December 15, 1:00pm-1:30pm ET – Register for webinar »

Webinar Announcement: Crossfire Controller Product Tour

Rivet Software — Tue, 29 Nov 2011 18:54:23 +0000

Rivet’s Crossfire Controller software integrates and streamlines the external financial reporting process to eliminate manual tasks while delivering a superior level of quality control. This solution creates efficiencies that dramatically improve the workflow of financial reporting cycles.

Join us for a 45-minute product demo and get a taste of how Crossfire Controller empowers companies to:

Accelerate the financial close process and reporting cycles
Minimize manual collection of data from disjointed sources
Put an end to maintaining multiple data sources and rekeying data at every step
Take control of the review process with advanced multi-user collaboration, change tracking, and version control
Bring XBRL in-house with confidence, when the time is right

…all without giving up the comfort of working within the Microsoft Office environment.

These webinars will consist of a 30 minute product overview including live, interactive product demonstration, followed 15 minutes of open Q&A.

Thursday, December 1, 12:30pm-1:15pm ET – Register for webinar »
Tuesday, December 13, 2:00pm-2:45pm ET – Register for webinar »
Thursday, January 12, 1:00pm-1:45pm ET – Register for webinar »

XBRL 23 in Montreal, XBRL is International

Jordan Woodard - XBRL Compliance Manager — Tue, 15 Nov 2011 15:46:30 +0000

Jordan Woodard comments on the success of XBRL23 (the 23rd XBRL International Conference), the status of current XBRL initiatives from around the world, and the future of XBRL & data standardization.

The 23rd XBRL International (XII) Conference was held a few weeks back in beautiful Montreal, Canada and the talk of the town was the new and existing XBRL global initiatives. This was my first XII Conference and I was joined by familiar faces from the SEC, FASB, the Big 4, and a number of new faces from around the Globe. I came to Montreal with inquiries of the world wide use of XBRL and left impressed by volume and variety of XBRL projects. I had a sense of pride at the number of initiatives Rivet is contributing to.

Highlights of the conference include:

Updates from XBRL International (XII) on a number of initiatives they will be focusing on next
- Technology Working Groups such as the Abstract Modeling Task Force and the Comparability Task Force
- Best Practices working groups such as the Project Listing Database Task Force and the Taxonomy Recognition Task Force
Updates from the SEC including additional information about their acceptance of the IFRS Taxonomy
- The SEC expects to have a taxonomy in early 2012, with a similar block note and detail footnote tagging phase in schedule as the US GAAP filers, with a full implementation by 2013.
Panels on XBRL is being used to improve business performance
Updates on XBRL from around the world:
- Australia and the Netherlands outlined Standard Business Reporting (SBR) , and how SBR can be adopted in other jurisdictions.
- Canada touched on IFRS convergence and word of gaining traction from more XBRL adoption.
- The UK about XBRL for HMRC and the use iXBRL.
- China’s implementation status.
- Updates from the US on the impact of XBRL for the Child and Family Services act, the Digital Accountability and Transparency Act and more from Kim Wallin on her utilization of XBRL in the Nevada State Controller’s Office.
The release of a taxonomy for Corporate Actions and its potential implication to the financial industry.
Updates from the auditors on performing agreed upon procedure engagements and new interest in the issuance of comfort letters for XBRL.
- A closer look at the AICPA’s Exposure Draft Proposed Principals and Criteria for XBRL-Formatted Information.
Introduction to Solvency II, a standardized approach to implement a process identifying and qualifying risk using XBRL technologies.
Deep dives in to the Abstract Model and Comparability Task force, both exciting projects coming from XII.
Discussions on XBRL GL and integrated reporting.
Insight on the academic communities’ use of XBRL.

There was a lot covered at the XBRL International (XII) Conference but there is still a lot to do. Involvement in the standards setting community and XII is crucial to the success of data standardization and Rivet’s ability to provide solutions that support the standard. Currently Rivet is actively contributing to the XII Comparability Task Force, the XII XBRL Exam Question Writing Initiative, and makes it a point to comment on draft documents from XII.

Rivet is proud to support the cause and stands behind the “Preserve. Promote. Participate.” banner of the XBRL International (XII) Conference.

Hope to see you at the XBRL 24 International conference in Abu Dhabi!

- Jordan

Webinar Announcement: XBRL Auditing – Live Demo of Rivet and CoreFiling Software Solutions

Rivet Software — Wed, 12 Oct 2011 16:48:16 +0000

With limited liability provisions already expired for large accelerated filers, and the remainder of public companies soon to join, the need for a user friendly review and validation process has become increasingly apparent.

That’s why Rivet Software and CoreFiling are proud to announce a software solution that allows public companies and auditing firms to comprehensively review and validate XBRL-tagged financial information prior to filing submission. Rivet’s XBRL Auditing package gives companies a real confidence in the accuracy and timeliness of their XBRL filings.

Join us to learn how to ensure XBRL files are fully compliant, prior to SEC submission, with software readily available today.

Rivet’s XBRL Auditing Package includes:

Rivet’s Dragon View software
CoreFiling’s Magnify software
Set of Rivet’s XBRL Comparative Reports
24/7 access to Rivet University

This Webinar will consist of 30 minute presentation and software demonstration followed by 15 minutes of live Q&A.

Friday, October 14, 3:00pm-3:45pm ET – Register for webinar »

Get the Most Out of Your XBRL Software

Charlie Hymer, CPA - Regional Sales Director — Mon, 19 Sep 2011 20:21:58 +0000

Charlie Hymer, CPA – Regional Sales Director, reminisces about the old days of financial reporting and how XBRL will forever change its future.

The financial reporting industry has changed drastically over the last 20 years. Not to date myself, but oh well, here goes. I remember when I first started out at Arthur Andersen we didn’t have computers. We used columnar paper and had to continually tape more paper on the end of the spreadsheets to add more columns if the paper wasn’t long enough. To make a change was completely manual—erasing, re-adding, and hoping that everything flowed through properly. In 1989 we got computers to go out in the field. They looked like huge suitcases and we newbies always had to carry them because they were so heavy. We used Lotus 123 and thought that it couldn’t get any better than that. Then a little company called Microsoft gave us Excel and Word. What? No more hand created spreadsheets? Where’s the fun in that? It was accounting nirvana. Although this was a drastic change in the late 1980’s, there haven’t been any revolutions since. Until now! We’ve moved from a paper-based system to an electronic system. Now we are moving to Internet systems, based on XBRL. This will further revolutionize the way financial reports are processed.

I know, XBRL has been a burden to the public companies filing with the SEC. What is forgotten is that XBRL is a way of tagging data that frees you from your spreadsheets. Let me explain in a little more detail because this way of thinking is completely new for us spreadsheet focused accountants. How many times have we looked at our summary Excel or Word document and said, “Hmmm, where did this number come from?” You hover over the cell and learn that it came from a previous spreadsheet in your workbook. You go to that spreadsheet, click on the cell and learn that it came from another spreadsheet. Eventually you learn that the original source is located on a coworker’s desktop. A couple of alarms go off in my head.

The audit trail – Tracing data back to the source can take a significant amount of time to move through all the links. At Arthur Andersen, my senior would make me print out the cell references to help with the audit trail.
Excel linking – What happens if your coworker’s hard drive goes down? Or somewhere in the spreadsheets someone accidentally breaks the link causing the dreaded #REF#!?
Changes – How do you make a last minute change, ensure it flows through properly, and that the final document is accurate without visually watching this change happen?

Now let’s think about this from the XBRL perspective. All XBRL does is attach information about the number to the number. Or for us spreadsheet focused accountants, the column and row information is attached to the number wherever the number goes. Let’s use a simple example. Your PP&E at September 30, 2011 for Subsidiary 1 is $1,200,000. XBRL tags the 1,200,000 with the dollar sign so we know it’s US dollars, the date so we know it’s for 9/30/11 and that it’s PP&E for Sub 1. Now wherever this number is used you will be able to see this information. No more searching back through documents for the audit trail to confirm the number. I am over simplifying, but hopefully you are starting to see the benefit.

Because of the XBRL tag, there is no need for Excel linking. Merely refer to the element name and date and the number will be updated in every instance correctly. No more Find & Replace! No more Excel #REF#!

This decreases the amount of time for both internal and external reporting departments. Accounting departments are not a revenue generating department. We should be a value-add department though. XBRL allows for quick and accurate changes. This changes the accounting world. Now when management asks for a report, we will be able to create and deliver it quickly and efficiently. Information will become timely thereby increasing our value to our companies. And we won’t be doing administrative tasks to ensure data integrity and accuracy.

With XBRL, we no longer have to worry about taking weeks or months to process our financial reports. XBRL gives us the ability to get reports completed at the speed of light (well almost) and the list of benefits stemming from XBRL grows daily. Many companies are already incorporating XBRL into their accounting departments to take advantage of this technology. Here are some features to look for when you consider implementation:

Ability to review online while not requiring users to be online if they so desire – I’ve never been able to convince upper level management to make changes online and selecting a package that doesn’t force them to do so will make your life a little more pleasant
Multi-User Collaboration – allows multiple users to review documents and data at the same time
Analyze – analysis features allow users to compare their financial performance vs. peers and competitors
Document Management – Look for solutions that include version control and change tracking all fully integrated with Microsoft Excel and Word
Change Once, Change Everywhere – updates to tagged data automatically change in all instances within the document
Data Aggregation – The solution must use XBRL to aggregate data. Seek out a solution that is built on XBRL. Many solutions are adding XBRL as a module or as a requirement to get the beloved yes on the RFI.

No matter what vendor you chose, make sure that you have confidence in your reports. XBRL makes data accurate, reliable, and reusable. We accountants are sometimes overworked, underappreciated, and undervalued. XBRL just might change all that!

Emily Huang Receives 2011 Outstanding Women in Business Award

Patrick Quinlan - CEO (2010-2011) — Mon, 12 Sep 2011 17:35:51 +0000

Patrick Quinlan discusses co-founder Emily Huang’s recent patents and contributions to Rivet Software.

Congratulations to our co-founder, Emily Huang, who won the Annual Outstanding Women in Business Award from the Denver Business Journal (even if we had to enter her in secret). To see the full list of winners go to the Denver Business Journal website.

Taking steps to start your own company is especially worthy when you are the inventor of 2 issued US Software patents (XBRL enabler for business documents #7,415,482 & Analysis of financial and business information based on interactive data, # 7,822,769). Emily also has several other pending patents related to XBRL creation and consumption, and her patents set Rivet apart from the market. They’ve even led to winning contracts with the SEC and Thomson Reuters, to name just a couple.

Successful entrepreneurs are a rare breed, and our co-founder, Emily Huang, is among the best. She made her mark in the XBRL industry with her extensive technical expertise and find-the-way-to-the-yes spirit, which has helped create the best global financial reporting software and analytics solutions out there today. Emily bravely takes on those technical challenges that others are not willing/able to solve. Her determination to produce products that create transparent, easy-to-read documents was a driving force in starting Rivet Software.

The other people who shaped our industry… Charles Hoffman, Eric Cohen, Louis Matherne and the AICPA, as well as companies such as Emily’s predecessor, FRx Software, knew that turning unreliable data into easily accessible nuggets of information would change and literally create one global language of finance. My hat is off to you all.

Congratulations again, Emily!

Patrick

XBRL US National Conference

Charlie Hymer, CPA - Regional Sales Director — Thu, 08 Sep 2011 21:33:54 +0000

Charlie Hymer, CPA – Regional Sales Director, discusses the upcoming conference held in Nashville on September 26th and 27th.

XBRL has become the new global language in the financial industry due to the success of its rapid growth. This is exciting news for companies because with XBRL, making informed decisions based on accurate financial reports is achievable faster than ever before.

As an employee at Rivet, I see the benefits of using the language on a daily basis. Yes, XBRL is a relatively new concept and to me that’s the exciting part. XBRL can be manipulated to do a variety of functions to serve its users.

When I heard about the upcoming XBRL US National Conference, I immediately wanted to attend. In fact, anyone who is in the financial industry should be interested in this conference. XBRL US supports the implementation of XML business reporting standards and promotes the adoption of XBRL in the U.S. When it comes to learning what is next regarding XBRL in the U.S., they are the “go-to” guys.

This year’s conference will focus on US GAAP reporting with a large focus on how public companies can get more out of their XBRL investment). Many people have begun to discuss the best ways for their company to use XBRL, so this conference comes at the perfect time. It will be beneficial for both people who see the benefits of using XBRL and those who do not.

The event will be held in Nashville and features key leaders in XBRL such as Charles Hoffman (founder of XBRL and Director of Innovative Solutions at UBmatrix), Eric Cohen (co-founder of XBRL and Global Technical Leader at PwC), and Louis Matherne (Chief of Taxonomy Development at FASB). Along with having a booth at the conference, Rivet will be featured on two panels. Director of Business Development, Ted Stravropoulous, will speak on the “Corporate Competitive Analysis” panel. Raul Varela, CFA and Vice President of Strategic Initiatives, will moderate the “Leveraging XBRL to Better Communicate with Investors” panel.

There is still time to register so get your seat while you still can. I will be at the conference in a few weeks, along with Patrick Quinlan (CEO), Phil Mennona (Senior XBRL Compliance Manager), Raul Varela, and Ted Stavropoulos. If you make it out to Nashville come stop by our booth and say hello!

Rivet Announces Record Number of Produced Filings in Q2

Patrick Quinlan - CEO (2010-2011) — Tue, 30 Aug 2011 15:54:43 +0000

Patrick Quinlan discusses the company’s XBRL filings results and 2011 Inc. 500 award.

XBRL as the new global financial reporting language has gained steam over the last couple of years primarily in the US because of the SEC mandate requiring all public companies to use it to file their financial reports. Now that the third wave of filers has been sequenced in, Rivet has seen an immense increase in the number of filings we produce for our clients.

In Q2, we will set a filing record; Rivet is on target to handle 1500 filings, resulting in a 200% increase from Q1. Rivet’s record is a major milestone for the company especially since our numbers show we produced twice the average increase of filings of our next five largest competitors.

I credit our ability to effectively handle the increase in filings to our incredible team, and to the release of Crossfire 4.1, which has allowed us to double our productivity. This cutting edge software platform gives users more control over the filing process and allows for increased scalability and speed in querying reports.

Last week we also announced our ranking in Inc. magazine’s list of fastest-growing companies in America. Rivet has grown 3,466.5% in the past three years leading to a 6^th place ranking in the software category and 60^th overall on the prestigious 2011 Inc. 500|5000 annual list. Companies placed on this list have shown their ability to be innovative, provide jobs, and drive the economy forward. Rivet is proud to join 14 other Colorado companies on this list.

We are really excited about both winning the award and our Q2 filings results. Our employees have worked hard to help us attain the title of leader in financial reporting software. I am astounded at their drive and enjoy working with each and every one of them. As I look forward to Rivet’s bright future, I am thrilled to be a part of a company and industry that is making significant strides in helping America become more efficient in the way it reports financial information.

- Patrick