Q: Can you explain what XBRL software does?
A: XBRL stands for eXtensible Business Reporting Language and offers an effective means to “tag” or “mark up” financial documents, such as balance sheets and income statements.
It is not only a global standard for business reporting but the Securities and Exchange Commission has mandated that publicly traded companies must file their financial statements in this format. Once financial information is tagged, it becomes interactive data, which leverages the true value of XBRL.
A frequently referenced analogy is the bar code on a can of green beans. The bar code contains a lot of information about the product, such as when it was packaged, the cost to make it, the retail price, and so on. At the checkout counter, all of that data is captured when the can of green beans is scanned. The grocery store and the manufacturer now have access to that data for analysis and reporting. The same thing applies with financial information in XBRL format.
Q: Why is Rivet targeting stay-at-home moms to fill open positions?
A: We initially targeted certified public accountants who were stay-at-home moms who chose to leave the workforce to raise a family. What we’ve discovered in the last few months is that there are many CPAs, male and female, with or without children, who have been losing their jobs due to the economy or prefer to work part-time.
These part-time CPAs demonstrate our financial reporting software online to other corporate accountants from the convenience of their own home.
Q: What is Adventure Racing and what do you gain from it?
A: Adventure Racing is a fairly new sport that consists of co-ed teams of two to five people and can last anywhere from one to three days. The only thing you know for sure is where the starting line is and what time you need to be there. A race might include typical activities such as swimming, bicycling or running, but these are usually taken to the extreme.
What I love about Adventure Racing is you have to use your brain and strategize with your teammates just to finish the race, in addition to being incredibly physically challenged.
Edited for length and clarity by Andy Vuong.
