Kimberly-Clark’s global implementations project leader will present a case study on the ease of integration with SAP® solutions and key benefits and return on investment (ROI) the $20 billion public company has realized since using BlackLine on a global basis.

The session will focus on how finance, accounting, audit and compliance executives can further ensure the integrity of their balance sheets – and ultimately financial reports – by implementing software to automate the traditionally manual, labor-intensive and spreadsheet-driven account reconciliation process.

The webinar, scheduled for Thursday, Feb. 9, 2012, is designed to inform customers, whether operating in an environment of only SAP solutions or applications from multiple vendors, how account reconciliation process optimization can help them achieve a quicker and more accurate financial close process.  The session will demonstrate the importance of the account reconciliation process as a critical step on the path to “closing with confidence.”

Webinar details are as follows:

What:  “See How Kimberly-Clark Closes with Confidence by Automating Account Reconciliations with Solutions from BlackLine and SAP”

When:  9 a.m. PST/Noon EST, Thursday, Feb. 9, 2012

Speaker lineup:

• Stefan Karl, chief solution expert, Finance Solutions, SAP AG

• Mario Spanicciati, executive vice president, Operations, BlackLine Systems

• Geoff Jegier, project leader, Global Implementations, Kimberly-Clark Corporation

Attendees will leave the session with insight into how, by automating their account reconciliations, they can:

• Virtually eliminate spreadsheets (and the manual errors that come with them) from their account reconciliation process
• Automate traditionally manual accounting functions
• Have a faster, more efficient close cycle – maintaining more control and visibility worldwide, while reducing risk
• Realize exceptional ROI in a very short timeframe
• Improve the accuracy and timeliness of compliance reporting
• Manage compliance while servicing multiple locations, worldwide

To register, go to:  http://bit.ly/xSyr0v.

BlackLine is an SAP software solution and technology partner, member of the SAP PartnerEdge™ program and a participant in the SAP EcoHub solution marketplace – SAP’s premier online destination designed to provide SAP customers with information on relevant, complementary technology solutions that are certified by SAP (such as the BlackLine 5.1 solution).

BlackLine was named a 2011 SAP® Pinnacle award finalist in the “Software Solution Newcomer of the Year” category. SAP Pinnacle awards are presented annually to the “best and brightest” of the SAP partner ecosystem, recognizing partners that have excelled in developing and growing their partnership with SAP and driving customer success.

This webinar is one of a series that BlackLine will conduct in conjunction with SAP.

About BlackLine
Founded in 2001, BlackLine Systems was the first to develop and offer a commercially available Balance Sheet Account Reconciliation solution.  An experienced provider of software to companies from the Fortune 100 to beyond the Fortune 1,000, BlackLine provides quick-to-implement, scalable and easy-to-use applications that automate the entire financial close process to help improve financial controls for companies of all sizes.  BlackLine software applications complement existing Enterprise Performance Management (EPM), Governance Risk and Compliance (GRC) and Enterprise Resource Planning (ERP) systems.

BlackLine offers clients its enterprise-class software in a simple and secure OnDemand/SaaS platform.  With a proven track record and a commitment to customer success, BlackLine seeks to reduce the burden the financial close places on accounting and finance professionals.  For more information, please visit www.blackline.com.

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SAP, PartnerEdge and all SAP logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries.

All other product and service names mentioned are the trademarks of their respective companies.

Media Contact:
Kimberly Uberti
Director of Corporate Communications
BlackLine Systems
310-721-6850
kimberly.uberti@blackline.com

• Growth plan – how much is anticipated for the upcoming year?
• Risk appetite – how much risk can the organization tolerate?
• Financial systems status – what is the current state of underlying systems?
• Resources – what resources are available to support the plan?

When assessing an organization’s risk environment, auditors typically refer to The Committee of Sponsoring Organizations of the Treadway Commission’s (COSO’s) – Enterprise Risk Management–Integrated Framework. Management can use these same principles when developing their plan and setting risk management objectives.  As cited in a recent Institute of Internal Auditors, InternalAuditor, featured article[1]:

“Management can implement and monitor strategic objectives based on three elements: objective setting, event identification, and risk response.”

Let’s take a closer look at these points:

• Objective Setting – Define clear, concise and realistic objectives that support the strategic plan.  Keep it simple.
• Event Identification – Identify the events planned for the upcoming year and how those events will impact objectives.  Also, consider unplanned events such as staff turnover —  how will those types of events impact the organizations ability to meet objectives?
• Risk Response – Determine the level of controls required to effectively manage the risks associated with defined objectives.  You don’t need to completely eliminate all risks but you do need to understand the potential impact of risks.

Focus on areas that will provide the most bang for the buck.  As processes improve, re-deploy resources.  Once significant organizational risks are effectively managed, resources can be redirected to other areas like process improvement and efficiency.  Ultimately, an effective risk management plan will improve financial results.

Of course we share many responsibilities, but the differences within our roles became clear. We both have similar daily tasks, but approach them in vastly different ways. Bruce, the big company CFO, has more than 100 accounting/finance professionals in his organization. There is one main goal and many people to help achieve it. I, the small company CFO, have just two employees on my team. I have multiple goals, but on a smaller scale, in which I do much of the work myself.

The big company CFO’s main duty is to oversee the accounting and finance department at the “50,000- foot level.” He or she is responsible for ensuring the group produces timely and accurate financial information. Gaining comfort that his troops are carefully following month-end close processes and adhering to internal controls is something Bruce worries about each day. An automated system would be of great benefit in this type of environment because it leaves less room for human error. By removing manual processes that can be error-prone, automation takes away the worry and the angst. Choosing an automated product puts the right tools in place so the big company CFO can rest assured that the information he or she is reviewing is accurate. The move to automation would give Bruce the peace of mind he is looking for.

The primary role of a small company CFO is to remain focused on the day-to-day finance activities but never to forget the end goal of growing the company to the point where the CFO no longer needs to be involved in the daily activity and can step back and observe/monitor from a 50,000-foot view. We too worry about internal controls and processes, but live in them, not over them. Small company CFOs can trust the work because they are the ones doing it. We work directly with the numbers, so it’s easier to see accuracy. I see our month-end close processes and internal controls on a transactional basis, whereas Bruce sees his at a review level only.

Utilizing tools is necessary, whether you are a small company CFO or a big company CFO. Choosing the best technology and software for the environment is of great importance to run a successful ship.

• “The Navy and Marine Corps rely on the data from Defense Cash Accountability System (DCAS) to reconcile their FBWT to Treasury’s records; however, they have not taken the necessary actions to ensure that the data is reliable.”
• “Adequate documentation was not maintained to enable an independent evaluation of its efforts to research and resolve differences. In addition, there was no evidence of supervisory review and approval.”
• “Records contained forced balance entries (plugs) to account for differences between Navy and Marine Corps appropriation balances and Treasury’s.”

“As of April 2011, there were more than $22 billion in unmatched disbursements and collections affecting more than 10,000 lines of accounting.”

While your company might not have volume like the Navy and Marine Corps, the kind of problems noted by these departments are not that different than what we see in many companies. At least before they implement a software application like the BlackLine Account Reconciliation module.

An interesting additional note from the article, “realignment and closure changes from 2006-2008 resulted in loss of experienced personnel and remaining staff have not received training.”

As I always emphasize, key controls still come down to two major issues:  Training and Supervision.

If you’d like to read the report yourself, here’s the link to the GAO site:  http://www.gao.gov/products/GAO-12-132

What can you add or take away from your personal balance sheet in 2012?