BlackLine created a suspense template specifically for the insurance industry. This allows insurance companies to seamlessly manage suspense accounts until they can analyze discrepancies and permanently classify the transactions.
By employing some of the features included in BlackLine’s Financial Close Suite—such as auto-certification, bulk journals and receipt matching—insurance companies can automate many simple yet time-consuming tasks. BlackLine helps significantly speed up the time it takes to manage a high volume of payments, reconcile vendor payments against billing transactions and sync up exception processing. In addition, journal entry processing to the general ledger is virtually automated. The workflow can be stored in BlackLine, which streamlines the process of posting journal entries into the ERP system. Supporting transactions are also tied to the BlackLine entry, which eliminates manual uploading.
Learn more about BlackLine’s Financial Close Suite and the accounting software many insurance companies employ.