# SEC and disclosure reporting for small business buyers: what AI models recommend, November 2026

Gane Index, November 2026 Edition. Asked as "SEC and disclosure reporting platform" and as "disclosure management software for SEC filings", six framings each, to fourteen models with search on, on behalf of a small B2B company. Added to the November 2026 Edition. Page: https://www.gane.ai/index/finance/accounting/sec-and-disclosure-reporting/2026-11/smb

**Standing:** Certent Disclosure Management leads with 36% of first choices; verdict contested. 66 first choices across the direct, paraphrase, budget and scale prompts.

## First-choice share

| Rank | Product | Share | Negative rate | Labels |
|---|---|---|---|---|
| 1 | [Certent Disclosure Management](https://www.gane.ai/index/finance/vendors/certent-disclosure-management/index.md) | 36% | 3% | 61 |
| 2 | [IRIS CARBON](https://www.gane.ai/index/finance/vendors/iris-carbon/index.md) | 29% | 2% | 48 |
| 3 | [DFIN ActiveDisclosure](https://www.gane.ai/index/finance/vendors/dfin-activedisclosure/index.md) | 17% | 11% | 57 |
| 4 | [Workiva](https://www.gane.ai/index/finance/vendors/workiva/index.md) | 6% | 75% | 67 |
| 6 | [Toppan Merrill Bridge](https://www.gane.ai/index/finance/vendors/toppan-merrill-bridge/index.md) | 2% | 13% | 31 |

Rank is by share of first choices among all 83 products named; products with the same share are tied, and the order among them carries no meaning. The table lists those with at least 10 labels.

## Each model's first choice on the direct prompt

- Claude Haiku 4.5: Certent Disclosure Management; alternatives ActiveDisclosure, IRIS CARBON
- GPT-5.4 mini: Workiva; alternatives Certent Disclosure Management, DFIN ActiveDisclosure
- Gemini 3.5 Flash: DFIN ActiveDisclosure; alternatives Certent Disclosure Management, IRIS CARBON, Toppan Merrill Bridge
- Perplexity Sonar: Certent Disclosure Management; alternatives DFIN ActiveDisclosure, IRIS CARBON
- Grok 4.20: Certent Disclosure Management; alternatives RDG Filings ThunderDome®
- Mistral Small: Certent Disclosure Management, IRIS CARBON; alternatives DFIN ActiveDisclosure
- DeepSeek V4 Flash: IRIS CARBON; alternatives Certent Disclosure Management, Filing Agent
- Llama 4 Maverick: Certent Disclosure Management, IRIS CARBON
- Qwen 3.7 Flash: Workiva; alternatives Densho, SAI360
- Kimi K2: Certent Disclosure Management; alternatives DFIN ActiveDisclosure, EDGARsuite, IRIS CARBON
- GLM 4.7 FlashX: DFIN ActiveDisclosure; alternatives Certent Disclosure Management, EDGARsuite, IRIS CARBON, SECFilers.net
- MiniMax M2.5: SEC EDGAR; alternatives DFIN ActiveDisclosure
- GPT-6 Luna: DFIN ActiveDisclosure; alternatives Certent Disclosure Management
- Muse Glimmer 30B: Certent Disclosure Management, DFIN ActiveDisclosure; alternatives IRIS CARBON, Toppan Merrill Bridge

## Sources the answers cite

76 of 84 answers came back with a source list, from 14 of 14 models. Sites named in the most answers:

- cfoshortlist.com: 58 answers, 123 citations
- houseblend.io: 46 answers, 69 citations
- sec.gov: 40 answers, 137 citations
- dfinsolutions.com: 39 answers, 57 citations
- g2.com: 24 answers, 36 citations
- iriscarbon.com: 15 answers, 29 citations
- sourceforge.net: 15 answers, 17 citations
- simetrik.com: 15 answers, 15 citations

Pages named in the most answers:

- https://cfoshortlist.com/reports/best-disclosure-management-software (53 answers)
- https://cfoshortlist.com/reports/sec-reporting-software (46 answers)
- https://houseblend.io/articles/sec-filing-software-platforms-pricing-compliance (30 answers)
- https://houseblend.io/articles/pdfs/sec-filing-software-platforms-pricing-compliance-08abc514a3c2fcc9.pdf (22 answers)
- https://dfinsolutions.com/products/activedisclosure (19 answers)
- https://dfinsolutions.com/knowledge-hub/blog/how-choose-sec-reporting-software-private-companies-2026 (17 answers)
- https://cfoshortlist.com/reports/regulatory-reporting-software (16 answers)
- https://simetrik.com/blog/best-financial-reporting-software (15 answers)
- https://sec.gov/submit-filings (14 answers)
- https://houseblend.io/articles/pdfs/sec-filing-software-platforms-pricing-compliance.pdf (10 answers)

## Warned against

- Workiva: 50 of 67 labels negative. "do not default to Workiva. It's the market leader for large accelerated filers, but it's overkill and overpriced for most small B2B companies." (DeepSeek V4 Flash, direct prompt)
- DFIN ActiveDisclosure: 6 of 57 labels negative. "built for public enterprise companies, SPACs, and large financial institutions... require $15,000–$50,000+ annual software subscriptions" (Gemini 3.5 Flash, negative prompt)
- Toppan Merrill Bridge: 4 of 31 labels negative. "What to Skip on a Tight Budget ... typically carries a premium." (DeepSeek V4 Flash, budget prompt)
- OneStream: 2 of 2 labels negative. "Do not assume these replace an SEC disclosure system." (Perplexity Sonar, negative prompt)

## Movement since October 2026

Floor: 10 points of share, measured on the calibration repeat.
Same leader: Certent Disclosure Management at 36%.

- Certent Disclosure Management: 32% to 36%, +4. Inside the floor by 6 points · rank 1 of 83, unchanged.
- DFIN ActiveDisclosure: 13% to 17%, +4. Inside the floor by 6 points · rank 3 of 83, unchanged.
- Workiva: 9% to 6%, −3. Inside the floor by 7 points · rank 4 of 83, unchanged.
- IRIS CARBON: 28% to 29%, +1. Inside the floor by 9 points · rank 2 of 83, unchanged.
- Toppan Merrill Bridge: 1% to 2%, +1. Inside the floor by 9 points · rank 9 → 6 of 83.
- FilePoint: 1% to 0%, −1. Inside the floor by 9 points · rank 6 → 21 of 83.
- Arelle: 1% to 0%, −1. Inside the floor by 9 points · rank 15 → 26 of 83.

## Record

- Method: https://www.gane.ai/index/finance/methodology
- License: CC BY 4.0. Cite as Gane Index, November 2026 Edition, www.gane.ai/index/finance.