SBA Expected to Introduce Modernized WIP Reporting System to Help Producers

Officials with the U.S. Small Business Administration (SBA) Office of Surety Guarantees (OSG) have indicated that soon they will begin accepting the required Work in Process (WIP) report data in machine-readable XBRL format to eliminate the need for surety bond producers to manually enter data into an online form. SBA OSG will make the announcement after completing a successful test of an automated method for formatting and inputting WIP data through its conversion into XBRL format. The XBRL conversion tool, built upon Microsoft’s Excel spreadsheet program, would convert WIP data that could then be simply uploaded to SBA’s website.

According to Michael Lischer, Chair of the NASBP Automation and Technology Committee and Vice President and Director of Surety of IMA Inc. in Denver, CO, “This is an important step towards building linkages between systems that will reduce redundant work and support greater accuracy, as compared to hand-keyed data." "NASBP members have had a big role in supporting automation efforts over several years," Lischer said adding, "This is an exciting development!”

NASBP will keep an ear out for new developments and will inform the NASBP membership about them as they occur.