Utegration Announces Partnership with Workiva to Help Utility Companies Comply with New XBRL Reporting Requirements from FERC
Utegration, a US-based, full-service consulting and solution provider specializing in analytics and SAP technology for the utilities industry, today announced a partnership with Workiva Inc. (NYSE:WK), the company that simplifies complex work, 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 nonproprietary 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.
Mutual customers will utilize the Workiva’s cloud platform and XBRL leadership, and Utegration’s deep industry expertise to boost transparency and efficiency in their FERC reporting process, and comply with FERC’s new filing requirements.
“The partnership between Utegration and Workiva provides utilities on 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.”
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