EDGAR Online and its I-Metrix Suite of eXtensible Business Reporting Language (XBRL) products can be used with Microsoft Office System technology to streamline financial reporting and reduce manual data entry and validation. To help companies understand how to use XBRL, Microsoft features EDGAR Online and Rivet Software in an Office Solutions site that includes a video to demonstrate how reporting and analysis can be automated.

“The process of financial reporting and analysis can represent a huge cost for many companies,” according to Microsoft. “For example, the preparation of quarterly statements for publicly traded companies consumes the majority of a finance department’s resources during the reporting period. Likewise, it is not uncommon for equity analysts to spend up to one-third of their time entering data into spreadsheet models and verifying that data for accuracy.”

“The primary challenge with producing reports and analysis is that the data needed to produce these items is locked in documents, and the data relies on those documents to give it context. For example, a number in an annual report requires contextual information — company name, time period, or revenue—to give the number meaning. To use data locked in a document or spreadsheet, it must be manually entered, copied, and may need to be recalculated.”

By combining the Microsoft Office System with EDGAR Online or Rivet, firms can speed up this process (www.microsoft.com/office/showcase/xbrl/default.mspx).

“Microsoft Corporation supports XBRL from both a public company and software company standpoint,” explained Ohata of Microsoft. “XBRL presents an opportunity to deliver financial and other information in an agreed-upon industry fashion that provides quicker insight and increased transparency. In addition, XBRL creates an opportunity for Microsoft to showcase to customers how software such as I-Metrix can help address common business challenges using familiar Microsoft Office System technology.”

Susan Strausberg, president and CEO of EDGAR Online, said the relationship with Microsoft will help business people realize the benefits of XBRL through using the Microsoft Office tools they rely on every day.