Financial Close Suite | BlackLine Systems

Financial Close Suite

BlackLine’s Financial Close Suite provides accounting and finance departments with end-to-end functionality that automates and streamlines manual, spreadsheet-driven accounting processes. By implementing BlackLine’s centralized, automated system, companies gain critical, real-time visibility into their financial closes while optimizing workflow, saving time and enhancing accuracy.

The Financial Close Suite provides a highly configurable system of six distinct modules that are integrated with each other and compatible with all external systems to address every component of the financial close process. Each module can be accessed anytime, anywhere via BlackLine’s Software-as-a-Service (SaaS) delivery model.

The BlackLine application helps managers gain unprecedented decision-support capabilities, with on-demand visibility into content and statuses even when business units are remote. Standardized templates pre-populated with documents, comments, carry-forward items and other information reduce the amount of work required by preparers. Approvers and reviewers benefit from the automated workflow and the ability to review all work in one integrated online system. Finally, auditors gain efficiencies with the ability to electronically review supporting documentation, request information and monitor progress.

“I don’t think we could have survived without BlackLine.”

Vinita Singhania,
Senior Corporate Accountant

Dana Corporation

Financial Close Suite Modules

  • Account Reconciliations Eliminate spreadsheets, and increase efficiency, control and visibility.
    Account Reconciliations | Financial Close Suite  | BlackLine Systems

    BlackLine’s Account Reconciliations module ensures that reconciliations are complete and accurate. It brings full transparency to required adjustments that may create risk. Many manual activities can instead be automated fully or partially as required, resulting in reduced labor costs. Replacing spreadsheets with BlackLine’s Account Reconciliations module fundamentally improves the transparency, accuracy and efficiency of the reconciliation process.

  • Task Management Monitor and control the entire financial close process.
    Task Management | Financial Close Suite  | BlackLine Systems

    BlackLine’s Task Management module provides a configurable, web-based platform for all the task lists that companies track and manage. Some of the types of task lists commonly incorporated into the Task Management module include month-end close, auditor PBC lists, operational checklists, exception handling and research, tax filings, compliance controls and recurring journals.

  • Transaction Matching Match and reconcile millions of transactions in minutes.
    Transaction Matching | Financial Close Suite  | BlackLine Systems

    High-volume reconciliations can be some of the most time-consuming and painful components of the financial close process. The need to tick-and-tie millions of individual transactions can occupy hundreds of hours each month. BlackLine’s Transaction Matching module can streamline and automate detail-heavy reconciliations, such as bank reconciliations, credit card matching, intercompany reconciliations and invoice-to-PO matching.

  • Journal Entry Centralize and control the creation and posting of manual journals.
    Journal Entry | Financial Close Suite  | BlackLine Systems

    BlackLine’s Journal Entry module provides a controlled, template approach to centralizing manual journals. Companies can create, review, and approve journals, then electronically certify and store them with all supporting documentation. Journals can be posted to the general (or sub) ledger systems either on demand or in a batch on a schedule. Moreover, pre-posting validation means journals are not rejected from the general ledger due to entry errors.

  • Variance Analysis Reduce risk by automating flux analyses.
    Variance Analysis | Financial Close Suite  | BlackLine Systems

    BlackLine’s Variance Analysis module replaces the spreadsheet flux analysis that is manually completed by many companies as part of their risk identification and mitigation process. Using the Variance Analysis module is straightforward. The business owner identifies which accounts need monitoring, and when new balances are imported, variance analysis templates are automatically created for the accounts that deviate from defined parameters.

  • Consolidation Integrity Manager Eliminate the manual work in system-to-system tie-outs.
    Consolidation Integrity Manager | Financial Close Suite  | BlackLine Systems

    BlackLine’s Consolidation Integrity Manager (CIM) module gives companies the ability to automate system-to-system reconciliations. This is invaluable if a company has a consolidation system and multiple source general ledgers feeding into it. Before BlackLine, the reconciliation process typically included an extract and manual comparison of balances from both systems, a procedure often complicated by the roll-up process. CIM automates these processes.

Standardization

Standardized templates guide your preparers in completing account reconciliations that are accurate and consistent across your organization. There are no formula errors and no confusion about how the information is organized—just straightforward documentation and explanations of what makes up the account balances.

Responsibility and Workflow

All accounts are assigned specifically to preparers, approvers and reviewers. Real-time information grids show you the status of your reconciliation process, so you can manage immediately. You know what needs to be done and who should do it. Each step of completion is electronically captured to provide you with visibility to see what was done, who did it and when it was done. This allows you to monitor the accuracy of your reconciliation process as well as the timeliness of completion.

Documentation

Not only do the standardized templates assist your staff in preparing clear and concise explanations for elements in the account balance, but supporting documents can also be electronically attached, so they never get lost or changed. This integrity of control is critical to a best-in-class documentation process.

Automation

Many account reconciliations can be completed using BlackLine’s auto-certification processes. These straightforward algorithms can be applied to many low-risk accounts, so you retain visibility over the reasonableness of the account balance but remove the repetitive and tedious documentation process.

Training

While account reconciliations are a fundamental control in the accounting process, many people have learned how to do an account reconciliation by just repeating what has been done before. There are not formal training programs available to set the right tone and direction for completing good reconciliations. Because our software application focuses on good reconciliation processes, our training programs fill the void in the area of expectations versus results. All of our training is offered at no cost to our clients and available via live webinars and BlackLine U – our Learning Management System for anytime, anywhere availability.

Integration with ERPs

We have worked with hundreds of companies around the world using ERP/GL applications that range from QuickBooks to SAP’s most sophisticated applications to SaaS applications like NetSuite and Intacct. Many clients use multiple applications. BlackLine can work seamlessly with any ERP/GL application to import account balances and information. Sub-ledger information can also be imported for your fixed asset, inventory, accounts payable or accounts receivable systems.