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Rivet Software Newsletters

Stay connected with Rivet Software's company updates and important information concerning the world of XBRL.

June 2010 Newsletter
Featuring: XBRL Due Diligence, Crossfire Product Update, and Video Featuring Rivet Software CEO Patrick Quinlan

July 2009 Newsletter
Featuring: Rivet's Support Packages and Recent Software Releases

February 2009 Newsletter
Featuring: The SEC Ruling and What You Need to Know

December 2008 Newsletter
Featuring: xbr-HELP!, a letter from our CFO


June 2010 Newsletter

Rivet Logo 

June / 2010
Dear Megan,

In this issue, we focus on the steps to take and the questions to ask as you begin your XBRL vendor evaluation process. Rivet will serve as an important resource as you begin to explore the SEC mandate and as XBRL is incorporated into your company's permanent lexicon. 
 
Rivet is dedicated to making the lives of finance professionals easier.  Let us know how we can help.
 
Thanks for reading this issue.  Please do not hesitate to contact us if you have any questions or comments. 
 
 
Sincerely,
Barclay Friesen
VP, Sales & Marketing
 
Wave 3 XBRL Due Diligence To Do List
Ahead of the game is the best place for an accountant to be
 
checkmarkSee how the software does both block and detail tagging of footnotes. Even if you plan on outsourcing, you want to ensure that the software can handle tagging efficiently and effectively with little to no manual effort moving forward. Have the vendor demonstrate its software capabilities with your current filing so you can fully understand what it will take to get the job done. Although detail tagging of footnotes is not something you need to do the first year, it is critical to select a provider that offers a complete solution. 
 
checkmarkConfirm that my provider's software and professional services allow for scalability. With the Wave 1 detail tagging mandate beginning concurrently with your first XBRL filing, you want to ensure that your provider will be able to handle both requirements without sacrificing your service. If your provider does not have software that is scalable or is not staffed to handle the increased workload, your filing may suffer. 
 
checkmarkAsk my provider to tag and test my March filing at no additional charge. This will give you an additional 3 months to ensure there are no hiccups in your processes.
 
checkmarkGet a complete cost analysis for 3 to 5 years. Have your vendor provide a cost analysis on all potential fees so that there are no surprises.
 
checkmarkEvaluate the process for talking to the person responsible for my XBRL documents. Do you get to work with an Industry Expert assigned to your account who is an accountant or CPA, or will you be routed to a service desk? Is this service available 24/7?
 
checkmarkAsk how I can bring the tagging process in house, if I want. Confirm that you can do so at your discretion with con­tinued support if needed. 
 
checkmarkMake sure that I own the templates and taxonomy. You should have ownership of both throughout the contract term.
 
checkmarkConfirm that of all SEC XBRL filers in your industry and any others you choose? my vendor gives me tools to analyze interactive data in order for my organization to reap the benefits of XBRL. Does your provider include analytics (like benchmarking and key performance indicators)


Contact us for more information...
Meet our SMEs - Subject Matter Experts
One of the ways Rivet makes the best use of your time is by matching you with your own Subject Matter Expert (SME), which allows for a common language to be spoken when creating your taxonomies and setting up your templates. This SME program will help save you time and makes the process seamless because you have one point of contact. This month we would like to introduce to you Rick Turnquist, our Banking Industry SME.
 
Rick Turnquist - Client Services Professional - Subject Matter Expert, Banking Industry
 
Rick Turnquist - Client Services Professional - Subject Matter Expert, Banking Industry
Rick joined the Professional Services team at Rivet Software in 2009. He is responsible for managing all services to Rivet clients in the banking industry.  He has developed a banking industry specific XBRL taxonomy which is constantly being refined based upon best practices within the banking industry.  Rivet uses this industry taxonomy to ensure that we deliver a consistent and reliable XBRL package to every Rivet banking client.

Rick has over twelve years of experience in the banking industry with Banc One Corporation (now part of JP Morgan Chase) and bank holding companies in Denver, Colorado.  Rick has also served as a financial systems consultant working with clients to implement the Platinum SQL accounting and FRx reporting systems.  Rick has extensive financial reporting experience in public and privately held companies over the course of his career.  He is a graduate of the University of Colorado and an actively licensed CPA in the State of Colorado.
Product Update - Crossfire Financial Reporting Platform 
Presenting Crossfire - the Integrated XBRL Solution
For the first time since XBRL was introduced, there is a single product that can be used for tagging, analytics, and reporting. Rivet Software, the leading XBRL internal and external financial information reporting provider, is excited to offer - Crossfire® Financial Reporting Platform. Whether you need to block tag your 10-Q or 10-K, detail tag your 10-Q or 10-K, or tag your mutual fund Risk/Return or summary prospectus, Crossfire is the solution for you. The analytics portion of the Crossfire platform is a robust and sophisticated web-delivered application that supports the aggregation and analysis of information from interactive data filings, ERP systems, data warehouses, and traditional financial data feeds, such as Thomson Reuters. Crossfire Financial Reporting Platform can also be used to incorporate transactional information directly from your ERP or other operational system inside a company, to enhance your internal financial reporting. 

Rivet on the Web

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www.rivetsoftware.com
Thanks for reading this issue.  Please do not hesitate to contact us if you have any questions or comments.
 
Sincerely,

Rivet Software
In This Issue
Due Diligence
Meet our SMEs
Product Update
Rivet Video
XBRL Webinar
The People of Rivet
Always putting the customer first

You can think of us as the Big Small Company or the Small Big Company - Rivet is growing rapidly as our products and services are in high demand. With that said, we know it's our people that will keep you here.  We want to introduce you to Rivet's leadership and let you hear in their own words why they believe in the future of XBRL and how Rivet is leading the way.
 

 Interview with Patrick Quinlan, CEO of Rivet Software
 

XBRL Webinar
Sign up for our educational XBRL webinar June 3rd.

Topics include:
  • Benefits of XBRL
  • What is XBRL?
  • Overview of SEC Requirements
  • Block vs. Detail Tagging
  • Preparing for the Mandate
  • Recommendations for worry-free filing process

 

Price for today,
Prepare for tomorrow
Important Reminder: 
 Rivet's pricing is good for 3Qs and 1K, plus a test filing.  This means you can lock-in current prices and have an XBRL vendor chosen so you can get back to the important business at hand. Look to save your organization money, get ahead of the game and start tagging when you're ready.

Rivet - the better way
 

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