Toronto, ON (Vocus) April 27, 2010
Financial reporting is put back into the hands of the finance department as PROPHIX Software, a leader in Corporate Performance Management (CPM), partners with Semansys Technologies, a leading vendor of XBRL software solutions, to offer PROPHIX XBRL Reporting.
“In the past, financial reporting often meant a call to the IT department to connect to data and accounts from various sources to generate even the simplest report,” says Geoffrey Ng, Vice-President, Product Planning. “PROPHIX XBRL Reporting is geared towards financial users in business of all sizes. It can be rapidly deployed, requires minimal training and zero technical setup. So instead of a call to IT, financial users can simply use the 3-step report generation wizard to provide reports to the SEC and other regulatory bodies.”
XBRL (eXtensible Business Reporting Language) is becoming the global standard for the electronic exchange of financial information between different computer systems. XBRL is simplifying the distribution and analysis of vital information. Regulators around the world are adopting XBRL at a rapid pace. Early users of XBRL include the U.S. Federal Deposit Insurance Corporation (FDIC) and the Committee of European Banking Supervisors (CEBS). Semansys Technologies has been among the first software vendors to help develop the standard and to implement XBRL in the practice of daily reporting processes. The company is an acknowledged industry leader, engaged in all levels of XBRL research and development.
“The adoption of XBRL around the world is growing fast and software vendors have interesting challenges to define their development strategy around XBRL,” Aad Bergman, Business Development Director at Semansys comments. “More and more software developers rely on Semansys’ expertise and products to minimize development effort and shorten go to market cycles. We are very pleased that a company with the reputation of PROPHIX has chosen Semansys as their strategic XBRL partner.”
Designed for rapid implementation, PROPHIX offers a complete solution for automating complex internal and external financial reporting processes. The software includes capabilities with workflows to control the collection and review of data, the ability to manage periodic adjustments through journals, and a full audit trail. With PROPHIX XBRL Reporting, customers of all sizes can automate the production of XBRL reports through predefined connections to PROPHIX. Financial users can connect to data, accounts, and dimensions from PROPHIX to deliver XBRL output and reports.
About PROPHIX Software
PROPHIX Software is a leading developer of solutions designed to automate financial processes including planning, reporting, analysis, and performance management for the mid-market. Thousands of finance leaders around the world use PROPHIX to empower their organization and gain greater insight into business performance. PROPHIX and its partners deliver the best value by combining high end functionality, low total cost of ownership, and the fastest implementations in its class. Learn more at http://www.prophix.com.
About Semansys Technologies
Semansys Technologies is a leading vendor of software solutions for financial reporting and business monitoring based on semantics and XBRL. The company offers a uniquely comprehensive solution that increases speed, quality and transparency in the exchange of information throughout ‘the financial supply chain’. The software helps regulators reduce risks and administrative burden. For preparers of business reports, Semansys provides easy to use and efficient reporting solutions. The use of open standards allows users of this software to deploy innovative real time business monitoring techniques such as daily balance sheets and continuous auditing. Semansys is closely involved in the development and global adoption of XBRL and realized the world’s first implementation of this standard. Semansys is based in Zoetermeer, The Netherlands. Learn more at http://www.semansys.com.