JENSEN-GROUP Washed Away Their ESEF Worries by Choosing iXBRL from ParsePort
With sales and service centers in 22 countries and manufacturing facilities on three different continents, JENSEN-GROUP is nothing short of a global company. Founded on a small Danish island in 1937 they now deliver a range of products to customers all over the globe. As a global company with annual reports of more than 100 pages, what they were looking for was a consistent ESEF provider with a lot of experience, and earlier this year they approached Sturnis365, a ParsePort partner, about a solution for their iXBRL and ESEF needs.
After they implemented the ParsePort-Sturnis365 solution, we sat down with Scarlet Janssens, Treasury and IR Manager at JENSEN-GROUP, to have a chat about ESEF reporting.
“Like all public listed companies in Europe, we now need to hand in our annual reports in ESEF. We had initially thought it would be complicated, but it turns out, it doesn’t have to be.” Says Scarlet Janssens.
Excellent Reporting Requires Collaboration
Getting your annual financial report ready for publishing is a complicated matter even without considering the format of the final output file. It requires multiple people from different departments collaborating to meet a single deadline and deliver a satisfactory product.
Your marketing department is working on the design and the narrative of your report while your financial department is working on the numbers. And with ESEF you now also have the need for a team handling the conversion from the PDF file your marketing department produces and the Excel sheets your financial department works in.
When we asked Scarlet Janssens about their usual reporting process, this is what she said: “Creating our annual reports was always a bit like running a relay race. The marketing department creates a layout, then the financial department adds the figures and then it is handed over to the translator before it goes to the print shop for finalizing.”
This isn’t an unorthodox way of going about annual reports, and many companies will probably have a similar process. But it will also complicate matters when you need to add an iXBRL team who will handle the ESEF conversion. And because you are only allowed to publish in ESEF and cannot postpone the conversion until after publishing, the deadline for your marketing and financial teams will be even earlier than normal.
There is no reason for the report creation process to feel like a relay race, however. With the proper tools all teams can work at the same time, to make the process even faster.
With iXBRL from ParsePort There Is No Need to Change Your Workflows
Acquiring new software solutions often mean that you need to spend hours implementing the solution and changing your current workflows, and seeing as there is no way around the European Single Electronic Format, many companies seem to have accepted these changes.
“We didn’t want to change our current workflows related to the report creation process any more than absolutely necessary and now we don’t have to. After the tagging of our 2019 report everything is ready for us to convert our 2020 report to ESEF when we are ready.”
At ParsePort we understand the need for an efficient reporting process, and because of this we have focused on making our solution as low impact as possible.
The Perfect ESEF Solution for Any Situation
Not all companies are the same, which is why we offer different ways to handle your ESEF conversion and tagging. This isn’t any less true if you choose to access our services through a partner such as Sturnis365. Whether you want to control every part of the mapping, you want our iXBRL team take care of everything or if you want a healthy mix of the two, we’ve got a solution that fits your needs.
Wrapping up we asked Scarlet Janssens about the solution JENSEN-GROUP chose. “We ended up choosing a blended approach from Sturnis365 and ParsePort, which means that they take care of the technical aspects of the tagging process, while our team will handle the conversion by using the portal. The rest of our reporting process remains the same as it was before we had to become ESEF ready.”