Keeping the Upper Hand on Financial Reports

Interview with: Matt Rizai, Chief Executive Officer and Managing Director, WebFilings

Las Vegas, NV, September 24, 2010 - FOR IMMEDIATE RELEASE

Public companies need to assert control over their financial reports, says Matt Rizai, Managing Director and Chief Executive Officer at WebFilings. Besides costing three to four times less compared to older solutions and outsourcing services, Chief Financial Officers (CFOs) need to make use of new Securities and Exchange Commission (SEC) reporting technologies to optimize their external reporting process, gain back time and get control. From a solution provider company at the marcus evans CFO Summit XXI Fall 2010 taking place in Las Vegas, November 4-6, Rizai highlights the key challenges and WebFilings’ solution for ensuring financial reporting success.

What should CFOs be aware of during the external financial reporting process?

Matt Rizai: Financial reporting is going through a transformation. More rules and regulations from the SEC are being implemented to make sure companies are providing their financial information and their quarterly reports in the appropriate manner.

The financial world has become more complex in the last 10 years, and CFOs need to ensure accuracy when reporting their companies’ respective financial data. Regulatory agencies require companies to produce their financial information in compliance with standards, and in a timely manner, all the while ensuring 100 per cent accuracy. It is a challenge for public companies to juggle all the different facets for putting together a perfect “Q” multiple times a year, and their “K” annually. And unfortunately many do not hit that goal.

Why is implementing XBRL important?

Matt Rizai: The eXtensible Business Reporting Language (XBRL) gives external parties a window into companies’ accounting policies and procedures. CFOs must understand the implications of this new compliance standard, and its impact on a company’s accounting policies and procedures. Inversely, it allows the SEC and external parties to compare and contrast one company’s financials with another.

Public companies need to assert control over their SEC financial reporting process and the reports that they produce. Companies must not only ensure that their reports are correct, but they must also confirm that their XBRL exhibits are accurate and in synch with their other EDGAR filings. They must also ensure that the XBRL elements selected from the taxonomy are accurately mapped to their company’s accounting. XBRL is a new standard which is adding quite a significant level of complexity as well as additional time and resources, and some senior accounting leaders are concerned that costs will be high and that XBRL may introduce errors into the SEC filing process.

But implementing XBRL the right way provides opportunities as well.

What is the case for keeping SEC reporting in-house versus outsourcing?

Matt Rizai: XBRL layers another level of strain on the work involved in a company’s SEC reporting process. Additionally, there is limited knowledge about XBRL tagging inside companies today. Given this, outsourcing could be an option for some CFOs. However, there is a risk of continuing to outsource without understanding the ramifications. In most cases outsourcing can be three to four times the cost of completing it in-house. Ultimately, the CFO is responsible for making sure everything is filed correctly. We have found that successful companies are accountable for the filing process from start to finish. Additionally, there are some tools to bring parts of the process in-house. However, most XBRL tools are designed for programmers, not accountants. This means that CFOs cannot just bring the tagging tools into an organization and start using it, as they may need to engage extensive outside expertise to help. There is a better way.

What long-term strategies would you recommend to CFOs?

Matt Rizai: This is the opportune time for CFOs to look and see how they can have a comprehensive, overall strategy for their external financial reporting activities. There will be new types of SEC regulations that will come in the future. CFOs need to understand that the only way to manage the current and future regulation risks is to start preparing for them right now. Companies that will ensure success will be those that holistically evaluate their SEC reporting process. Combining the experience of your external reporting teams with investments in process improvements and technology will yield superior results.

CFOs need to approach this from both a business and accounting perspective. The investments made must have the end goal in mind – providing a robust external reporting process capable of addressing today’s challenges and tomorrow’s reporting requirements. By selecting an externally reporting platform that can help them streamline the whole process – from document creation and drafting, managing review and approval, through tagging and EDGARization, and all the way to SEC acceptance - CFOs can significantly lower the costs of financial reporting activities and mitigate risks. CFOs can ultimately gain back time in the process, necessary for ensuring accuracy, while maintaining control of their reports from beginning to end. With the right solution, CFOs can optimize and simplify the filing process, save the company money, and return valuable time to the external reporting team.

Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division

Tel: + 357 22 849 313

Email: press@marcusevanscy.com

Aboutthe CFO Summit XXI Fall 2010

This unique forum will take place at theRed Rock Casino Resort & Spa, Las Vegas, Nevada, November 4-6, 2010. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The summit includes presentations on building financial strength, implementing enterprise risk management and positioning the organization for long term success.

For more information please send an email toinfo@marcusevanscy.com or visit the event website at http://www.cfosummits.com/MattRizaiInterview

Please note that the summit is a closed business event and the number of participants strictly limited.

About marcus evans Summits

marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com

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About WebFilings

WebFilings is a privatelyheld Los Altos, California and Ames, Iowabased company that offers the first and only end