Annual Reporting after the ESEF Mandate
How Boozt.com Will Handle It
For more than a decade Boozt.com has been changing the way consumers all over the world shop and experience fashion with daily new arrivals of more than 600 Scandinavian and international designer brands on their site.
Like all other companies listed on European markets Boozt.com has to report in ESEF, which meant they needed to find an ESEF provider to help them convert their annual report to the new European Single Electronic Format. The Swedish company looked at several different ESEF providers before choosing ParsePort.
After they decided on ParsePort, we sat down with Philip Leander, Financial Reporting Manager at Boozt Fashion AB, to have a chat about his thoughts on ESEF and what their focus was when looking for an ESEF provider.
Finishing an Annual Financial Report Was Already Complicated Enough
Change can be a good thing, when it is needed, but change for the sake of it is unnecessary and for large companies it can be a costly affair as well. When we’re talking annual reporting, the workflow is complicated enough to begin with, requiring multiple departments collaborating to produce one finished product. Making changes to the reporting workflow is of course equally complicated.
Boozt.com, like so many other companies, have several people from both finance, communications and design collaborate on creating a single, glossy annual financial report, and starting with the reporting year of 2020, they also need to convert that PDF into ESEF.
“We have invested a lot of time getting our closing process to the point where it is now, and all of us felt like we wanted to make the conversion to ESEF as simple as possible,” Philip Leander said, when we started talking about the switch to ESEF.
Boozt.com Didn’t Want to Make the Reporting Process More Complicated Than It Needs to Be
Changes to the workflow is a sore point for many of the people we talk to, which is why we have focused on making our product as low impact as possible, when it comes to your workflow.
We asked Philip Leander what they looked for, when they started searching for an ESEF provider, and he quickly narrowed in on the simplicity. Boozt is always open to change, but each addition to the reporting process makes it more complex and therefore they preferred a product which is simple.
“We knew we somehow had to cover the mapping and tagging of the report, but we wanted a smooth solution where we didn’t need to change the way we work, so I think that became our primary concern from a very early stage. We wanted to find a solution which was simple and didn’t require that our teams needed to learn a new software.”
Mapping of an ESEF report is a science unto itself. The tools needed to convert a report to ESEF aside, the mapping of the posts must be done in accordance with the ESEF taxonomy, which isn’t always straight forward, and at the same time manually tagging an ESEF report can take hours. Still, many companies prefer to remain in control of how the posts are tagged, which is why ParsePort offers a co-pilot solution where we map and tag the files in collaboration with the customer. ParsePort handles the technical aspects of the process, while the customer remains in control of how the elements are tagged.
When we asked Philip Leander about why Boozt.com chose the ParsePort co-pilot solution he had no doubt, “We looked at the offers from a couple of different ESEF vendors before deciding but in the end, we chose the solution that seemed simplest to implement. And we’re really thankful that we don’t need to handle the mapping and tagging on our own.”
How Boozt.com Converts to ESEF
As part of the implementation process, we have mapped the 2019 annual financial report from Boozt.com. This serves two purposes. First, they get a chance to see how our product works and what the final result will look like and second, it lets us create an Excel template which they can use in the conversion of their 2020 report.
We asked Philip Leander what made his team decide on ParsePort, “Frankly, your product seems to be a lot simpler, and better, than the other solutions we were looking at.”