By now you’ve already submitted the bulk of your 10K Report and are working with your filer to adjust the final touches. Staying on track from today until the March 31 deadline is your main priority. Should you run into any bumps along the way, here are some last minute tips to keep you organized and focused.
Use SEC Tools
The SEC provides tools and templates for very novice filers and although many of you have probably already filed countless 10Ks before, it’s still good practice to refer back to the SEC’s tools occasionally to make sure you have addressed all necessary steps. Try skimming through the SEC template of the Form 10K to check if any items on your Form 10K were overlooked, sections were underdeveloped or facts still need to be explained. Compare the template to your document and check all items that have been completed or addressed.
Track Important Deadlines
Always, always keep track of your dates. Continue to keep a calendar with the most pertinent dates on hand. You might want to make fresh copies that include the latest updates for all parties involved to ensure everyone is on the same page. Edgar Agents has a free, downloadable calendar with the 2015 filing deadlines listed. Refer to this calendar often.
Proofread Titles and Submission Page
When proofing your documents, double check the submission page so the name of your exhibits match the .html file name. In addition, make sure the exhibit title description on the submission page is not too long. It will be cut off when filed and displayed on the SEC website. If possible, try shortening it to about 80 characters. When proofing documents, make sure to work off the latest draft to eliminate confusion among all parties involved.
Be Clear About Your Edits
While proofreading your 10K, use the proper proofreading marks and be clear about your instructions. Proofreader marks facilitate and reduce confusion when making edits. Be sure to incorporate marks that actually request a specific edit and avoid ambiguous symbols that neither correct or give direction. If you are not familiar with proofreader marks, the Chicago Manual of Style, AP or Merriam-Webster offer excellent reference guides. Although some symbols may vary, most marks are similar and any full-service financial filer will recognize them.
Check Signatures and Dates
Make sure all signatures and dates are accurate when submitting your documents. Even if the filing date could change during the conversion process (for example if a company decides to file on another date), be sure to double check the dates and signatures before giving final approval to file. It’s important to remember that for Edgar/XBRL, signature requirements are satisfied with the signatory’s name typed into the electronic format, but registrants are required to retain manually signed authorizations of the typed signatures for five years.
Still have questions about filing your 10K or need advice? The Edgar Agents team is available 24×7 to help you submit your filings on time. Or, read our “8 Tips to Prepare Your 10K Filing” blog for more helpful advice.
To learn more about our full array of SEC and XRBL filing services, contact Edgar Agents today.
Wednesday, March 25, 2015
Thursday, March 19, 2015
How Can EA16 Help Me File Section 16 Documents?
How Can EA16 Help Me File Section 16 Documents?
Back in 2010 the SEC updated its FAQs for Section 16 rules and regulations. The FAQs are a great resource to help companies understand the procedures for filing electronically and addresses specific questions related to a company’s officers and directors.
At Edgar Agents we often get questions related to Section 16 rules and our EA16 offering – a secure online portal that helps clients manage and file their Forms 3, 3/A, 4, 4/A, 5 and 5/A directly to the SEC. To help you learn more, we have created our own Section 16 FAQs.
What does EA16 do?
Our Section 16 portal, EA16, quickly creates, manages, and transmits XML-formatted Forms 3, 3/A, 4, 4/A, 5 and 5/A directly to the SEC. You can validate, test and file your forms to the SEC in real time. With EA16, you control the document and the entire filing process.
Can I revisit and work on a single draft before filing to the SEC?
Yes. You are able to save and re-visit current drafts and previous submissions. The EA16 portal stores a complete history of all filings so you can work on a draft, save it and come back to it later if you need to. You can also retrieve an older submission should you need it for reference.
Will I need to be trained to use the EA16 portal?
No. The EA16 portal is user friendly and includes a template that looks identical to a traditional Form , 3/A, 4, 4/A, 5 and 5/A. With a click of a button you can file a filled out and approved template directly to the SEC. If you have any questions, an Edgar Agents representative available 24/7, to guide you through the portal submission process.
Can more than one person work on a draft at the same time?
Yes. Multiple users can work on the same draft under a single account. If necessary, users can also be assigned different administrative rights.
Is there flexibility in managing multiple issuers and reporting parties?
Yes. If you are filing for multiple reporting parties or have multiple issuers, you are can manage all parties under your own password without having to sign in for each individual party. The EA16 portal allows you to easily manage multiple issuers and reporting entities throughout the system.
Do I have to purchase software?
No. There is no software to purchase and no installation is required. You just need to call an Edgar Agent to set you up on our secure portal. The portal can be accessed directly from www.edgaragents.com.
Section 16 form filing is a critical part of reporting requirements and transparency between key stakeholders for a company and investors. As a full service compliance reporting services company, we make it easy and cost effective for companies to meet today’s financial reporting demands. To learn more about our EA16 portal for filing Section 16 forms, or to request a quote, call our office at 732-780-5036 or send us an email through our contact page.
Back in 2010 the SEC updated its FAQs for Section 16 rules and regulations. The FAQs are a great resource to help companies understand the procedures for filing electronically and addresses specific questions related to a company’s officers and directors.
At Edgar Agents we often get questions related to Section 16 rules and our EA16 offering – a secure online portal that helps clients manage and file their Forms 3, 3/A, 4, 4/A, 5 and 5/A directly to the SEC. To help you learn more, we have created our own Section 16 FAQs.
What does EA16 do?
Our Section 16 portal, EA16, quickly creates, manages, and transmits XML-formatted Forms 3, 3/A, 4, 4/A, 5 and 5/A directly to the SEC. You can validate, test and file your forms to the SEC in real time. With EA16, you control the document and the entire filing process.
Can I revisit and work on a single draft before filing to the SEC?
Yes. You are able to save and re-visit current drafts and previous submissions. The EA16 portal stores a complete history of all filings so you can work on a draft, save it and come back to it later if you need to. You can also retrieve an older submission should you need it for reference.
Will I need to be trained to use the EA16 portal?
No. The EA16 portal is user friendly and includes a template that looks identical to a traditional Form , 3/A, 4, 4/A, 5 and 5/A. With a click of a button you can file a filled out and approved template directly to the SEC. If you have any questions, an Edgar Agents representative available 24/7, to guide you through the portal submission process.
Can more than one person work on a draft at the same time?
Yes. Multiple users can work on the same draft under a single account. If necessary, users can also be assigned different administrative rights.
Is there flexibility in managing multiple issuers and reporting parties?
Yes. If you are filing for multiple reporting parties or have multiple issuers, you are can manage all parties under your own password without having to sign in for each individual party. The EA16 portal allows you to easily manage multiple issuers and reporting entities throughout the system.
Do I have to purchase software?
No. There is no software to purchase and no installation is required. You just need to call an Edgar Agent to set you up on our secure portal. The portal can be accessed directly from www.edgaragents.com.
Section 16 form filing is a critical part of reporting requirements and transparency between key stakeholders for a company and investors. As a full service compliance reporting services company, we make it easy and cost effective for companies to meet today’s financial reporting demands. To learn more about our EA16 portal for filing Section 16 forms, or to request a quote, call our office at 732-780-5036 or send us an email through our contact page.
Monday, March 16, 2015
Roth Conference Reveals IPO & Energy Investment Surge
The 27th Annual Roth Conference was buzzing as usual this year in beautiful Dana Point, CA. It was another successful year with cutting edge presentations, keynote addresses and networking opportunities. The first thing that struck us about the show was a shift in attendee demographics. There appeared to be more investment bankers at the show, which proves that investment in emerging companies continues to grow.
With so many bankers in attendance, it’s not surprising that conversations focused on IPO activity. Would 2015 surpass 2014’s 275 IPO filings – highest we’ve seen since the dot.com era? Although 2015 has gotten off to a slower start, the IPO trend still seems to be going strong especially with companies like Etsy, GoPro, Uber, Airbnb expected to file this year.
Concerning IPOs, attendees we spoke to were particularly interested in printing and printing costs associated with the IPO process. We learned that some printing bills had reached several thousand dollars for recent filings. For attorneys handling IPOs we recommended that they reevaluate current printer fees in order to save their clients thousands of dollars in overall charges. Attorneys, CFOs and others involved in IPOs should be looking for financial printers that offer fixed pricing contracts. This helps IPOs stay on budget. If you want to learn more, read our recent blog post on printing costs.
The energy sector was also a hot topic at this year’s show. We saw more energy investors this year. Last year’s attendees showed more interest in the healthcare market, while this year’s investors were looking at the clean technology, oil, gas and mining fields. But don’t sell the healthcare market short, there were still a fair share of presentations and interested parties discussing the health care and pharmaceutical market.
While the Edgar Agents team was not able to make it to every Panel discussion, there were a number of memorable ones such as shareholder activism, energy markets and IPO readiness, with a special presentation from Keynote speaker Martin E. Franklin, founder and executive chairman of Jarden Corporation.
On the lighter side, the conference offered many networking opportunities from morning yoga classes to a concert from Fall Out Boy. With such an exciting program on educational sessions and networking opportunities, The Roth Conference remains a major event in the financial industry for attorneys, CEOs, accountants, investors and basically anyone working in the small to mid-cap space. We look forward to seeing you at next year’s event!
Concerning IPOs, attendees we spoke to were particularly interested in printing and printing costs associated with the IPO process. We learned that some printing bills had reached several thousand dollars for recent filings. For attorneys handling IPOs we recommended that they reevaluate current printer fees in order to save their clients thousands of dollars in overall charges. Attorneys, CFOs and others involved in IPOs should be looking for financial printers that offer fixed pricing contracts. This helps IPOs stay on budget. If you want to learn more, read our recent blog post on printing costs.
The energy sector was also a hot topic at this year’s show. We saw more energy investors this year. Last year’s attendees showed more interest in the healthcare market, while this year’s investors were looking at the clean technology, oil, gas and mining fields. But don’t sell the healthcare market short, there were still a fair share of presentations and interested parties discussing the health care and pharmaceutical market.
While the Edgar Agents team was not able to make it to every Panel discussion, there were a number of memorable ones such as shareholder activism, energy markets and IPO readiness, with a special presentation from Keynote speaker Martin E. Franklin, founder and executive chairman of Jarden Corporation.
On the lighter side, the conference offered many networking opportunities from morning yoga classes to a concert from Fall Out Boy. With such an exciting program on educational sessions and networking opportunities, The Roth Conference remains a major event in the financial industry for attorneys, CEOs, accountants, investors and basically anyone working in the small to mid-cap space. We look forward to seeing you at next year’s event!
 |
| The Edgar Agents Booth during the Roth Conference. |
 |
| The Cro-nuts were a BIG hit at the Edgar Agents Booth during the conference. |
 |
| Left to right: Teresa Cordero, Vice President, Edgar Agents; Darrin M. Ocasio, Partner at Sichenzia Ross Friedman Ference LLP; Alla Mekhtieva, Business Development, Edgar Agents. |
Tuesday, March 3, 2015
Meet Edgar Agents: A Better Way to XBRL
Even with extensive coverage of XBRL regulations and operations, I’ve noticed there are still some basic questions about XBRL that remain unanswered. At Edgar Agents, we constantly receive calls from companies that need clarification on many aspects of XBRL and our experienced filers are always ready to assist them. We have compiled a list of the most commonly asked questions and answers to help inform our current and potential clients about our in-house XBRL procedures.
Why is the MD&A section not mapped?
Although many financial documents contain an MD&A section, it is not required by the SEC to tag this data in XBRL. The MD&A section is a useful part of the annual report, especially for investors analyzing the fundamentals, management and management styles of a company, but the MD&A section is not audited.
Do I need to post my XBRL filings to my website?
The SEC requires companies to post the last 12 months of their XBRL filings onto their website. Edgar Agents makes this easy with our XBRL Widget. The Edgar Agents widget can be easily uploaded onto your website without in-house IT assistance, and ensures that XBRL filings are available on your website within 2 hours of filing with the SEC. And, all company filing information is automatically updated.
How can I reduce the amount of time it takes to get an XBRL draft?
Most clients feel XBRL adds to their work load since they have to review both XBRL and Edgar, but clients of Edgar Agents know that both our Edgar and XBRL departments have proofreaders onboard that review the work twice before submitting it back to a client. The chance of missing something is very minimal and the amount of review work is cut in half. Trusting your filer is key and utilizing some tips to speed up the process is also good practice.
Does Edgar Agents use third-party vendors to help with XBRL conversions?
No, all of our XBRL conversions are done by experienced Edgar Agent employees. Unlike other filing agents who outsource the XBRL and work with many different third party filing firms, we take the time to address each client’s specific needs. This streamlines the reporting process.
Do you have a specific timeline companies must follow?
We understand there are several factors associated with preparing financials and work with our clients to meet the tightest of filing deadlines. Our staff is available 24×7 at no extra cost. We can make changes up until the very last minutes – even on weekends and holidays.
Leveraging best practices, we recommend that clients send the initial draft 2 weeks prior to the deadline. This enables us to update XBRL files with SEC changes and map new data with the latest information since the client’s previous filing. As part of this process, our XBRL team selects new tags for new notes and sets up the proper XBRL formatting structure to prevent SEC filing errors.
How much will my XBRL cost?
Edgar Agents offers transparent billing practices with customized packaging and pricing for our clients and their budgets, and there are no extra charges for overnight or weekend jobs. Please contact Edgar Agents at info@edgaragents.com to learn more about our services.
Follow us on Twitter @EdgarAgentsLLC and our LinkedIn page.
Why is the MD&A section not mapped?
Although many financial documents contain an MD&A section, it is not required by the SEC to tag this data in XBRL. The MD&A section is a useful part of the annual report, especially for investors analyzing the fundamentals, management and management styles of a company, but the MD&A section is not audited.
Do I need to post my XBRL filings to my website?
The SEC requires companies to post the last 12 months of their XBRL filings onto their website. Edgar Agents makes this easy with our XBRL Widget. The Edgar Agents widget can be easily uploaded onto your website without in-house IT assistance, and ensures that XBRL filings are available on your website within 2 hours of filing with the SEC. And, all company filing information is automatically updated.
How can I reduce the amount of time it takes to get an XBRL draft?
Most clients feel XBRL adds to their work load since they have to review both XBRL and Edgar, but clients of Edgar Agents know that both our Edgar and XBRL departments have proofreaders onboard that review the work twice before submitting it back to a client. The chance of missing something is very minimal and the amount of review work is cut in half. Trusting your filer is key and utilizing some tips to speed up the process is also good practice.
Does Edgar Agents use third-party vendors to help with XBRL conversions?
No, all of our XBRL conversions are done by experienced Edgar Agent employees. Unlike other filing agents who outsource the XBRL and work with many different third party filing firms, we take the time to address each client’s specific needs. This streamlines the reporting process.
Do you have a specific timeline companies must follow?
We understand there are several factors associated with preparing financials and work with our clients to meet the tightest of filing deadlines. Our staff is available 24×7 at no extra cost. We can make changes up until the very last minutes – even on weekends and holidays.
Leveraging best practices, we recommend that clients send the initial draft 2 weeks prior to the deadline. This enables us to update XBRL files with SEC changes and map new data with the latest information since the client’s previous filing. As part of this process, our XBRL team selects new tags for new notes and sets up the proper XBRL formatting structure to prevent SEC filing errors.
How much will my XBRL cost?
Edgar Agents offers transparent billing practices with customized packaging and pricing for our clients and their budgets, and there are no extra charges for overnight or weekend jobs. Please contact Edgar Agents at info@edgaragents.com to learn more about our services.
Follow us on Twitter @EdgarAgentsLLC and our LinkedIn page.
Monday, March 2, 2015
8 Tips to Prepare Your 10K Filing
Once again we’ve reached upon a 10K filing frenzy. Are you ready? According to the SEC’s filing calendar, the due dates for the 2014 year-end 10Ks are March 16 for accelerated filers and March 31 for non-accelerated filers. Whether you have already prepared or not, some things are bound to change at the last minute. It’s just the nature of the business, but there is no need to panic. Just be sure to follow these simple steps and you should be ready for your next 10K filing period.
Get Organized
As many of you know, preparing a 10K is a labor of love but you should still take the time to get organized to ensure your filing process goes smoothly. Create a list of items that need to be done by specific dates or times. No matter how close to the deadline you are, be sure to sort and prepare the most pertinent pieces first before executing your plan of action. For more on getting organized, check out our blog post Preparing Your Filings in Half the Time.
Make a Checklist
As with all filings, you must always be aware of your deadline. When filing a 10K form create a checklist according to due dates. Only list the most important pieces of the puzzle so you don’t overwhelm yourself and simply address all the items on the list in an orderly fashion. As basic as it may seem, this simple task will help you stay focused when things get hectic at the final hour. Also create internal deadlines for each item to help you manage the process and meet SEC deadlines. This way you’ll be ready to file sooner than later.
For help creating your checklist, Deloitte & Touche LLP recently published a SEC Compliance Checklist for Annual Report on SEC Form 10-K.
Keep a Calendar
Keep a calendar of all important dates. Edgar Agents provides a free calendar to all its clients with all the deadline dates, SEC holidays and any other pertinent dates you should know when filing your documents (download calendar). Make copies for all parties involved in the filing. This way everyone stays on the same page and can use the calendar as a tool when discussing next steps.
Know Policies and Procedures
Anyone preparing a company filing should be familiar with Regulation 12B and Regulation S-T, which explains how to prepare and submit documents electronically. If there is anything about filing electronically that you are doubtful about and your research doesn’t answer your questions, give us a call ahead of time. We can help guide you through the necessary steps so you’re prepared to file before the deadline.
In addition, be aware that companies are required to disclose in the annual report whether periodic and current reports are available on their website. To assist with this, Edgar Agents offers its clients an XBRL widget that can be easily uploaded onto your site and updates automatically to display your latest financials. Ask about our XBRL widget when you call.
Deliver Financials First
Submit your financial statements and notes first – these take the longest to process. Statements and notes need to be formatted in Edgar while specific information needs to be tagged in XBRL throughout the document. This procedure can take some time to administer accurately. To help speed and simplify the process, Edgar Agents uses single source technology so changes reflect in both formats simultaneously. However, it is still good practice to send financials and any tables that belong in the document before the main body of the 10K.
Send Changes in Bulk
Submit all your changes at once or in one proof. If there is more than one party reviewing your documents, submit all their edits, plus your edits, in one email or in one proof if possible. This could help speed up the alteration process. Also, be sure to work off of the latest draft when making edits. Working off of an older draft can be confusing to all parties involved.
Check Signatures and Dates
Make sure all signatures and dates are accurate when submitting your documents. Even if the filing date could change during the conversion process (for example if a company decides to file on another date), be sure to double check the dates and signatures before giving final approval to file. It’s important to remember that for Edgar/XBRL, signature requirements are satisfied with the signatory’s name typed into the electronic format, but Registrants are required to retain manually signed authorizations of the typed signatures for five years.
Trust Your SEC Filing Agent
Finally, it is critical that you trust and have confidence in your filing agent. Is your filing agent responsive and available to you 24×7, including weekends and holidays? Do they adjust priorities to ensure that your requests are being met and all questions are being answered? If you are not satisfied with your filer, it’s time for a new one now. The Edgar Agents brand promise is to provide unparalleled customer service that is why we partner with our clients and are available 24×7. We also take on last minute projects even during heavy filing periods.
To learn more about Edgar Agents and our many services, please call us at 732-780-5036 or visit our website at www.edgaragents.com.
Get Organized
As many of you know, preparing a 10K is a labor of love but you should still take the time to get organized to ensure your filing process goes smoothly. Create a list of items that need to be done by specific dates or times. No matter how close to the deadline you are, be sure to sort and prepare the most pertinent pieces first before executing your plan of action. For more on getting organized, check out our blog post Preparing Your Filings in Half the Time.
Make a Checklist
As with all filings, you must always be aware of your deadline. When filing a 10K form create a checklist according to due dates. Only list the most important pieces of the puzzle so you don’t overwhelm yourself and simply address all the items on the list in an orderly fashion. As basic as it may seem, this simple task will help you stay focused when things get hectic at the final hour. Also create internal deadlines for each item to help you manage the process and meet SEC deadlines. This way you’ll be ready to file sooner than later.
For help creating your checklist, Deloitte & Touche LLP recently published a SEC Compliance Checklist for Annual Report on SEC Form 10-K.
Keep a Calendar
Keep a calendar of all important dates. Edgar Agents provides a free calendar to all its clients with all the deadline dates, SEC holidays and any other pertinent dates you should know when filing your documents (download calendar). Make copies for all parties involved in the filing. This way everyone stays on the same page and can use the calendar as a tool when discussing next steps.
Know Policies and Procedures
Anyone preparing a company filing should be familiar with Regulation 12B and Regulation S-T, which explains how to prepare and submit documents electronically. If there is anything about filing electronically that you are doubtful about and your research doesn’t answer your questions, give us a call ahead of time. We can help guide you through the necessary steps so you’re prepared to file before the deadline.
In addition, be aware that companies are required to disclose in the annual report whether periodic and current reports are available on their website. To assist with this, Edgar Agents offers its clients an XBRL widget that can be easily uploaded onto your site and updates automatically to display your latest financials. Ask about our XBRL widget when you call.
Deliver Financials First
Submit your financial statements and notes first – these take the longest to process. Statements and notes need to be formatted in Edgar while specific information needs to be tagged in XBRL throughout the document. This procedure can take some time to administer accurately. To help speed and simplify the process, Edgar Agents uses single source technology so changes reflect in both formats simultaneously. However, it is still good practice to send financials and any tables that belong in the document before the main body of the 10K.
Send Changes in Bulk
Submit all your changes at once or in one proof. If there is more than one party reviewing your documents, submit all their edits, plus your edits, in one email or in one proof if possible. This could help speed up the alteration process. Also, be sure to work off of the latest draft when making edits. Working off of an older draft can be confusing to all parties involved.
Check Signatures and Dates
Make sure all signatures and dates are accurate when submitting your documents. Even if the filing date could change during the conversion process (for example if a company decides to file on another date), be sure to double check the dates and signatures before giving final approval to file. It’s important to remember that for Edgar/XBRL, signature requirements are satisfied with the signatory’s name typed into the electronic format, but Registrants are required to retain manually signed authorizations of the typed signatures for five years.
Trust Your SEC Filing Agent
Finally, it is critical that you trust and have confidence in your filing agent. Is your filing agent responsive and available to you 24×7, including weekends and holidays? Do they adjust priorities to ensure that your requests are being met and all questions are being answered? If you are not satisfied with your filer, it’s time for a new one now. The Edgar Agents brand promise is to provide unparalleled customer service that is why we partner with our clients and are available 24×7. We also take on last minute projects even during heavy filing periods.
To learn more about Edgar Agents and our many services, please call us at 732-780-5036 or visit our website at www.edgaragents.com.
Subscribe to:
Posts (Atom)