As you prepare for your next 10Q filing in mid-November, there are several factors you will need to consider about the way your SEC filer works in order to get things done on time, within compliance and worry free. Before you select an SEC filing agent, ask them the following questions.
Do they outsource any part of the filing process to third parties?
Did you know that it is common for SEC filing agencies to outsource part of filing jobs to smaller agencies usually outside of the US? This is especially common during the busy Q season. If your filer does this, be aware that your job may sit in a long queue, waiting to be processed. The reason – the company doing the actual conversion work is processing many jobs from multiple different filers. Your project might not be a priority. In fact, many filing agents will ask for your financials up to 30 days in advance in order to get the XBRL out on time! Filers that handle the entire project in-house are able to process projects faster and make revisions to your filings immediately without unneeded delays.
Will you have a dedicated agent working on your filings?
While the SEC filing requirements are the same for all companies, your needs are unique. When working with a filing agent you want to have a dedicated agent who will work on all your projects. This person will know your specific needs/requirements and will incorporate it into the project. If you don’t have a dedicated agent, each of your projects will likely be worked on by different people (from an outsourced third-party). You will likely have to explain specific requests multiple times to person(s) doing the work, even if your previous conversation was only a few hours earlier.
Does the filing agent offer a single-source solution?
Having a filing agent that offers a single-source process will save you time and frustration. For background, single-source is a process in which the XBRL changes are processed simultaneously with EDGAR. This speeds up the process and allows for proofs to be sent sooner. Unfortunately many filings do not use a single-source process and wait until the EDGAR is complete before working on the XBRL. As a result, this process can take twice as long, sometimes 24-hours before a proof is sent out.
Is there a limit on the number of proofs allowed?
Some filing agencies limit the number of changes you can make to a filing. This makes it easier for them to process documents. During the Q season, or any filing period for that matter, changes are inevitable and unpredictable. It is impossible to determine how many changes you might have – even at the last minute. Work with a provider that offers unlimited changes or clearly understands the number of changes you can make without being charged extra.
Are there additional charges for overnight or weekend jobs?
It’s important to understand how the pricing for each filing agent works. Beware that some companies will list one price but charge extra for overnight or weekend jobs. Not all filing jobs can be submitted during ‘typical working hours’ and you may not be able to wait until the next day for it to be processed. Your filing may need to be worked on over a weekend or at night in order to make revisions and meet filing deadlines. Ask if the filing agent is open 24×7 and if they charge extra for rush projects or weekend/night work. Make sure that the filing company provides trained experts and personalized service even during non-business hours.
Edgar Agents Advantage
Selecting your SEC filing agent is a critical part of your financial reporting. The right agent can help guide you through the process for a smooth filing every time. Edgar Agents is one of the very few SEC filers, financial typeset and financial printers to provide dedicated, in-house customer service. We offer a single-source process and are available 24×7 at no extra charge to our customers.
Contact us today to learn more about Edgar Agents or for a customized quote for your next filing.
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