DataTracks, a global leader in cloud-based compliance reporting, has announced exciting new features for Rainbow, its flagship disclosure management solution (DMS). These new capabilities were launched at the recently concluded XBRL GovFin 2024 event held in New York and reinforced Rainbow’s position as a robust cloud solution for SEC reporting.
Sriram Srinivasan, Senior Vice President, US Business at DataTracks, said, “Rainbow’s latest enhancements are designed for organizations handling compliance reporting in any format, not just iXBRL. The complexities of managing multiple data sources, facilitating user collaboration, and version control are all addressed while maintaining strong document oversight. Our goal is to simplify reporting processes with efficiency.”
DataTracks Rainbow™, a distinguished software for compliance reporting, now boasts an enhanced integrated spreadsheet functionality designed to improve data linking capabilities. Users can not only upload offline spreadsheet files and link them to the main report but also directly access and edit these spreadsheets within Rainbow. Each spreadsheet file, whether uploaded by users or directly linked and imported from various sources, can be accessed only by permitted users based on their level of permission (View or Edit).
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Users can create additional sheets or files, and build complex formulas, further streamlining the already efficient reporting process while maintaining high data security standards. Users are supported by robust controls that ensure only the latest data is reported. This is achieved through clear color-coded indicators that highlight linked data, and thorough validations that alert users if they attempt to generate outputs without using the latest dataset.
When a document is tagged with XBRL, the linked data will be updated without altering the underlying tags, eliminating the need for retagging with each update. Creating a reporting cycle for a new period is seamless: simply copy the previous report document, import the new dataset (either automatically or manually), refresh the values in the main report, and collaborate to update the narrative content. With these enhancements, Rainbow continues to empower users to efficiently manage their compliance reporting processes with unparalleled precision and security.
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