The closing process in a business involves several stages, including entity closing and the corporate closing. After the company's books are closed for a quarter or a year, however, the company still needs to disclose the results to investors, stakeholders, regulatory agencies, and corporate executives. In her Financials Expert article, "Automate the Disclosure of Your Financial and Regulatory Reports — Including XBRL Submissions," Birgit Starmanns, Senior Director, SAP Marketing, EPM and Finance Solutions at SAP, explains how SAP BusinessObjects Disclosure Management can help you automate management of producing, publishing, and filing of financial statements and regulatory disclosures, including eXtensible Business Reporting Language (XBRL) submissions. According to Starmanns,"the information flow of SAP BusinessObjects Disclosure Management includes three stages: gathering the information (inputs); managing the revisions, validations, and approvals of the information (processing); and generating reports in various formats (outputs)."
She adds that during "each step of the disclosure management process, you can use collaboration to enable better communication between team members to accelerate the completion of the financial and regulatory statements, as well as to ensure that there are no conflicting edits to the chapters and reports."
For more tips on automating disclosure management processes, listen to Birgit's podcast with Andrea Haynes, group editor of SAPexperts.
Do you have your own questions about XBRL, managing financial disclosures, and SAP BusinessObjects Disclosure Management? Post your questions in a live Q&A with Birgit Starmanns on Tuesday, April 3, at 12:30 p.m. EDT in the Financials Forum. Register today for details on the Q&A and look at Birgit's recent Financials Expert article on the topic.