Sussex Sees Big Picture

info@rivetsoftware.com | www.rivetsoftware.com | 800-854-8821

with Rivet

Success Story

Multiple Timelines, Multiple ChallengesNewly-appointed Controller faces SEC deadline head-on.

A regional bank with locations throughout New Jersey and New York, Sussex Bancorp ardently works to improve efficiency of financial processes for its customers every day. When newly appointed Controller Crystal Bringuier came onboard in mid-2012, she approached improving her team’s external reporting process with the same enthusiasm. After a detailed review of the team’s existing XBRL process, Bringuier quickly established some major issues. "We were bogged down with too many pencil down requests from our printer. They were driving the process and making things more difficult”, says Bringuier.

Upon further review, the small financial reporting team also realized they were losing control of the excessive manual updates, the multiple rounds, and the rushed review times. When one number changed in their financials they had to track down that exact number everywhere it appeared and change it manually. In addition, they were continually pressured to incorpo-rate their printer’s tight timelines into their own SEC filing process. “We wasted time using outdated processes instead of focusing on the quality of our data. We knew we had to make a change,” says Bringuier.

the challenge

More Control, Better Quality >>

Easy-implementation and Rivet’s service leads to more control.

After realizing their current reporting processes and the additional layer of working with a printer were causing additional stress, the team knew they needed to move quickly to a more efficient platform. They also had some reservations about giving up more control of their process to a XBRL vendor. But Rivet’s dedicated accountant team quickly put their fears to rest by making the transition easy and stress-free. Rivet’s Right Service Model also allowed Sussex to dial up or dial down their level of service depending on when they needed it. “Our dedicated accountant’s taxonomy expertise is indispensable due to our limited staffing resources. She understands our document. And she’s always there when we have questions. We think of her as a member of our team”, says Bringuier.

Once Crossfire was implemented, the collaboration continued when the Sussex team began working within a single Word document. This enabled Bringuier’s team to work continuously, and simultaneously edit, comment, and review their filings in one place. The team was also relieved to be working in the familiar Microsoft Office environment, which alleviated having to learn a completely new platform. In addition, Sussex utilized Crossfire’s linking capabilities to change a number in one place and have it updated automatically throughout their entire document. “I no longer had to worry about the quality of our data. I knew our source data was accurate and could be updated quickly within Crossfire,” states Bringuier.

Lastly, Crossfire’s Filing Wizard allowed Sussex to file their HTML and XBRL directly to the SEC. “Crossfire allowed us to create our XBRL, work collaboratively in a single document, and file directly with the SEC all within one product. Our quarter-end filing process was not only efficient, but we knew our document was accurate”, says Bringuier.

the solution

$4,000 Saved >>

Sussex Implements Crossfire and Relies on Rivet’s XBRL Expertise

Crystal BringuierController, Sussex Bank

I no longer worry aboutthe quality of our data.I know it is accurate andcan be updated quickly.

Out of the Weeds and into the Future$4,000 saved and 5 days gained.

info@rivetsoftware.com | www.rivetsoftware.com | 800-854-8821

By eliminating the printer in their SEC filing process, Bringuier’s team saved over $4,000. Crossfire’s Filing Wizard not only saved Sussex money, but gave them back control in the days leading up to their SEC deadline. And finally, by using the Filing Wizard, the team completed their HTML and XBRL review two days prior to their deadline. “My team had two extra days to work on additional departmental projects that we had not been able to work on for months,” states Bringuier.

With Crossfire the team saved additional days by not having to incorporate their printer’s timelines into their SEC filing process. Sussex consolidated the multiple versionsof their document, which eliminated the chance of additional costly data errors. Bringuier efficiently delegated multiple filing tasks to her team. Crossfire provided the catalyst for making their entire internal reporting process better. “Crossfire inspired our department to make changes we had hoped to make, but just didn’t have the time for. Since implementing Crossfire we now have the time and the resources”, says Bringuier.

Crossfire not only inspired Sussex to look to the future, but has given them the ability to focus on the quality of their document instead of spending time pulling the document together. “My CFO told me that Crossfire makes it much easier to see the big picture because we’re not stuck in the weeds,” states Bringuier. The Sussex – Rivet partnership is set to evolve even further. “We’ve already taken advantage of Crossfire’s many benefits. We look forward to working with the entire Rivet team to utilize Crossfire’s deep financial reporting capabilities,” concludes Bringuier.

the results

$4,000 Saved Eliminated various printer fees &filed XBRL and EDGAR HTMLdirectly to the SEC.

Streamlined Process

Better data. Better Collaboration.No vendor timelines. A week gained.

A Week Back

“We have been able to save bystreamlining our process, the costsavings to Sussex are much higher. That time can now be spent onother tasks, which has improved theefficiency and productivity of theentire team and reduced the stresslevel and strain that is normallyassociated with quarter ends.”

- Crystal Bringuier