As the program manager overseeing regulatory reporting at a U.S.-based utility company, Kelly leads a team tasked with managing complex and highly manual reporting processes. With over 125 contributors and dozens of Excel workbooks, managing their annual regulatory submissions had become an inefficient, manual process.

The amount of checking between documents and control files was getting to the point of being impossible to manage – they had endless copying and pasting from Excel to Word and back to Excel to meet all the contributors’ needs.

“We were managing 48 individual Excel files with contributors from multiple teams,” Kelly said. “Version control and keeping the files aligned was a major challenge.”

The utility company needed to transform its reporting processes to reduce manual effort, minimize risk of errors, and allow more time for analysis. With Citrin Cooperman, a Workiva implementation partner, they were able to automate the reporting process using the Workiva platform, streamline workflows, and improve the efficiency of their reporting.

Why Workiva?

The company had seen the power of the Workiva platform in other areas of reporting. Internal teams overseeing other financial and compliance reporting functions had already achieved significant improvements using Workiva. Based on this success, Kelly and her colleague, Jackie, thought Workiva could be the right solution for automating their regulatory reporting processes.

“We saw demos from our internal teams and were impressed with how much time and effort it saved,” Jackie said. “When it came to implementing Workiva for this process, Citrin Cooperman was highly recommended based on their deep expertise and approach.”

"We were managing 48 individual Excel files with contributors from multiple teams..."

Why Citrin Cooperman?

Workiva offered the functionality and flexibility the company needed to automate its reporting process, but the utility company needed an implementation partner that could meet a tight timeframe.

Citrin Cooperman’s expertise in the platform made the transition seamless and met the timeframe requirements. On top of that, their honest and organized approach meshed well with the internal team, establishing a strong level of trust at the beginning of the project.

Together, Citrin Cooperman and the Workiva platform delivered a solution that not only solved the utility company’s immediate reporting challenges but also set the foundation for future success.

“The Workiva Solutions team at Citrin Cooperman was the perfect partner for this project,” Kelly said. “Their understanding of our needs and their ability to leverage Workiva’s features really made a difference.”

Citrin Cooperman’s Approach

The Workiva Solutions team at Citrin Cooperman reviewed all 48 Excel workbooks used in the previous reporting process. Then, they imported the data into the Workiva platform to assess the current state, helping to identify opportunities for improvement, version control issues, and workflow inefficiencies.

By taking the time to completely understand the previous process and how it would work with the Workiva platform, the team presented the utility company with three scenarios of a path forward, with accompanying pros and cons.

Kelly and Jackie ultimately chose a middle-ground solution that fit their reporting needs and process.

“Citrin Cooperman worked closely with us to ensure they understood the complexities of our current process,” Kelly said. “They used that knowledge to design a customized solution that not only addressed our challenges but also streamlined how data flowed between reports.”

“It was a great experience working with Jackie and Kelly. They both know their process inside and out,” Scott Freinberg, partner at Citrin Cooperman said. “They’d show up to meetings always prepared, ready to roll up their sleeves and figure everything out together. It doesn’t get much better than that from a client perspective.”

Bringing the Reporting Process to Life

Citrin Cooperman’s solution included many of the key features of the Workiva platform, like data linking, permission management, and robust audit trail functionality. The utility company had the ability to lock down specific columns, worksheets, and even cells, track changes, and use linked data across multiple reports.

“Our favorite feature is how we can now lock down columns and tag teams in comments for better collaboration,” Jackie said. “It transformed a 500-page report that used to require weeks of effort into a more manageable, streamlined process.”

In all, the utility company had one source of truth, which came in handy when a change was made an hour before their reporting presentation. With that one source of truth, they knew their entire presentation was completely accurate.

Training and Change Management

With over 100 contributors needing to adopt the new system, Citrin Cooperman worked with Kelly and Jackie to develop a comprehensive training program. They provided detailed documentation and led training sessions for the teams. Citrin Cooperman’s support didn’t stop there, though. They continued to provide post-go-live support for four months, ensuring the team was fully supported during the first live reporting cycle in Workiva.

“We worked with our change management team and used the ADKAR™ model to track progress,” Kelly said. “The training and support from Citrin Cooperman were essential in making this a smooth transition for everyone.”

"The training and support from Citrin Cooperman were essential in making this a smooth transition for everyone."

The Results

The benefits were immediate: the company could complete the regulatory reporting process ahead of schedule, with less stress. Teams that once worked 15-hour days, plus weekends, to meet deadlines now had extra time for deeper analysis, improving the overall quality of the report and quality of life.

“We finished early for the first time ever,” Jackie said. “There were a lot fewer weekends worked, and everyone was less stressed. We’re now able to focus more on improving the report rather than just trying to get it done.”

Looking Ahead

With the success of the initial implementation, the utility company is already exploring ways to further automate their processes using Workiva. They’re particularly interested in implementing Workiva’s data platform, which would allow them to fully eliminate Excel from their workflows.

Expanding their use of Workiva would also eliminate their need to keep an offline process to make corrections during the reporting process.

“This multi-phase approach is something we see with many clients,” Scott explained. “By starting with a successful implementation, the company is now better positioned to expand their use of the platform and automate even more reporting processes.”

The utility company even had their legal department on board. By the end of their initial reporting process using Workiva, their legal team was begging for all their reporting to be done in Workiva.

A project that ended ahead of schedule, with fewer working weekends, and with legal on board – what could be better?

"We finished [the regulatory reporting process] early for the first time ever."

Ready to Get Started?

Contact Nick or Scott to see how Citrin Cooperman can help your organization reduce errors and streamline reporting.

Nick Chavis
Partner, Workiva Solutions
nchavis@citrincooperman.com

Scott Freinberg
Partner, Workiva Solutions
sfreinberg@citrincooperman.com