As an investment advisor I spend a considerable amount of time with financial statements. Getting the data into a useable format on a spreadsheet takes time and then it has to be updated each quarter- multiply that by 50+ companies and you can see where the day goes.
When I looked for a web-based service for the data, I found two types of products: the first consisted of excel VBA functions written to download information from free sites, but the financial information was so limited and generalized that it was virtually worthless. The second type consisted of subscription services which charged many thousands of dollars a year.
XBRLAnalyst was the right product and a considerable value. I can download detailed financial data from SEC filings into either a pre-formatted layout or I can easily create my own. The user interface is excellent, especially the ability to toggle between the data on the spreadsheet and the actual filing. Other functionalities include historical data, company comparisons and a screening tool.
You do not have to know XBRL to use the software, and I highly recommend it.
- Kenneth C. A. Isaacs, Massachusetts Finance Group, Inc.