Financial Reporting Around the World with One Platform, One Story
Disconnected Challenges
- Manual updating of hundreds of data points across a web of spreadsheet files
- Disconnected data, creating challenges in maintaining control
- Lack of real-time collaboration, leaving some teams waiting for information
Connected Results
- Automatically connected data, from source to reports
- Automatic audit trail to capture what changed and when
- Real-time collaboration in the cloud so everyone sees the most updated data
Why They Chose Workiva
Takeda started using the Workiva platform after acquiring a company that had used the Workiva SEC reporting solution.
Workiva Solutions
- Financial Reporting
- Management Reporting
Takeda Pharmaceutical Company Limited’s chief accounting officer is a huge proponent of digitisation and automation within the multinational company’s global finance group.
Both are necessities for a company that is among the 20 largest pharmaceutical companies in the world by revenue and has more than 200 group companies around the world.
As a company listed on both the Tokyo Stock Exchange and the New York Stock Exchange (NYSE), Takeda submits financial reports to the Financial Services Agency in Japan, NYSE and the U.S. Securities and Exchange Commission (SEC). Rather than submit different reports to different exchanges and regulators, Takeda aims to submit a single report with a single set of information as “one Takeda.”
That was a challenge when Takeda submitted reports to the SEC through an external organisation and communicated via email and traditional office software for documents. The process was too slow to provide investors with financial information as quickly as possible.
After acquiring a company that was using the Workiva platform, Takeda started using the Workiva SEC reporting solution in 2019. Today Takeda also uses the Workiva solutions for annual and interim reporting and financial statement automation to simplify how teams prepare income statements and balance sheets that feed into their SEC reports.
Takeda has seen a number of benefits, SEC Reporting Manager Izumi Masuyama said.
What Takeda likes about the Workiva platform
Now Takeda can report directly to the SEC. “We like that we have full control over the submission of all reports,” Izumi said.
“The second benefit is the linking function for numbers. Since we use common information in our various reports, and disclose a variety of common financial information across these reports, the linking feature allows us to update numbers from one data source for all our reports, making them more accurate and efficient. In the past, each team member had their own file, which they had to update into a single master file. However, now each of us can always see the latest information in the Workiva platform,” Izumi said. They can also automate some transcription tasks.
“Finally, the next great thing about the Workiva platform is that multiple members can work on the same part at the same time, and the collaboration accuracy is very high, which we like very much,” he said.
”Exactly what we are looking for”
With Workiva, Takeda’s teams have more time to research peer companies’ disclosures and make sure they’re conveying a consistent message in every report.
"We believe that the Workiva platform has greatly improved internal work efficiency and reduced our internal work time." Izumi said.
”Workiva has been very well-received because it is exactly what we are looking for.” Izumi said.
See what your financial reporting teams can do with Workiva. Request a demo at workiva.com/request-demo.
Related Resources
Are You Managing the Month End or is the Month End Managing You?
Approaching the month-end close process does not need to be a stressful experience. Watch this on-demand webinar to find out how you can achieve a stress-free month end close, and improve accuracy and trust in your financial data.