February 16, 2021
Utegration Announces Partnership with Workiva to Help Utility Companies Comply with New XBRL® Reporting Requirements from FERC
Houston, TX – February 16, 2021 - Utegration announced today a partnership with Workiva, the developer of a SaaS solution that helps utility companies comply with the Federal Energy Regulatory Commission's (FERC) new reporting requirements announced in June 2019. The new rules require energy companies to submit annual financial and operations information in Extensible Business Reporting Language® (XBRL) format. FERC’s move to the non-proprietary XBRL opens the door for independent design and implementation of systems by a many software vendors rather than relying on FERC’s current system of Visual FoxPro, which is no longer supported by its developer, Microsoft.®
“The partnership between Utegration and Workiva provides utilities running SAP with the opportunity to further automate the XBRL reporting process and FERC compliance,” said Bart Thielbar, President and CEO of Utegration. “As utilities prepare for their first FERC filing requiring XBRL this November, they can rely on Utegration’s team of consultants, with their decades of FERC accounting expertise, as well as Workiva’s software to automate the reporting process, boost transparency, and minimize reconciliation issues. Workiva is the global market leader for XBRL solutions.”
Said Jerry Cavalieri, Managing Director, Regulatory Reporting at Utegration, “Preparation for rate cases typically involves dozens of people and hundreds—if not thousands—of hours of work. Utegration and Workiva not only simplify onerous compliance processes but also maximize the benefits utilities gain from investment in SAP and Workiva solutions by significantly reducing manual work, increasing cost transparency, and minimizing reconciliation issues.”
Workiva’s FERC solution, built on the Workiva Cloud Platform, complements both the delivered FERC functionality in the SAP ERP and Utegration’s Finance4U® add-on solutions for optimizing regulatory accounting in SAP. Utility organizations using the Workiva Cloud Platform can easily collaborate on form data in a centralized location for greater transparency, efficiency, data quality, accuracy, and auditability, and then tag their reports under FERC's XBRL taxonomy rules and submit electronic filings.
Learn more about Utegration’s perspective on XBRL and how we integrate the SAP ERP with Workiva’s XBRL solution for FERC reporting.
Utegration, an SAP gold partner and Top Workplace USA 2021, is a US-based full-service consulting and solution provider specializing in analytics and SAP technology for the utilities industry. Our industry experts have earned the trust of electric, gas, water and wastewater utilities across North America with our outcome-driven roadmaps and a track record of successful implementations. Utegration develops and optimizes new technology for finance, customer experience and asset operations to maximize our clients’ return on investment, while minimizing risk and complexity. Before you implement new technology, talk to Utegration. See how we can make the future work for you. Learn more at www.utegration.com
Finance4U® is a registered trademark of Utegration LLC.
Workiva Inc. (NYSE: WK) simplifies complex work for thousands of organizations worldwide. Customers trust Workiva’s open, intelligent and intuitive platform to connect data, documents and teams. The results: improved efficiency, greater transparency and less risk. For more information, visit Workiva.com.