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Account Reconciliations
Most companies regard account reconciliations as "the key critical control" for both compliance and accurate financial reporting. In January 2004, BlackLine Systems became the first company to offer an enterprise solution to automate and control balance sheet account reconciliations.
The Account Reconciliations module is designed to replace the manual process of maintaining and tracking thousands of spreadsheets in an uncontrolled environment. The current process for most companies is error-prone and labor-intensive. Managing risks and auditing this paper-driven process is very difficult. The Account Reconciliations module can make the entire process more efficient and more accurate. By standardizing the process company-wide, the overall quality of reconciliations can be easily monitored and maintained. Built-in workflow virtually guarantees that the account reconciliation process will run smoothly, and where possible, automatically.
BlackLine's Account Reconciliations module automates the reconciliation of low-risk accounts with a proprietary approach. BlackLine's Auto-Reconciliation process has saved its clients thousands of hours each month. (See our case study.)
The Account Reconciliations module seamlessly interfaces with all of the available ERP and GL systems as well as many subledgers to bring in all relevant data automatically. This eliminates the need for preparers to retrieve and re-verify account balances and activity. Extensive dashboards and reporting help provide compliance monitoring and reporting statistics. The account reconciliation process is optimized at every step to provide maximum value.
Like all the other BlackLine modules, the Account Reconciliations module includes full integration with the Alert Service, Document Management capabilities, and other modules in order to offer a fully integrated financial close process.
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