The key benefits of a shared service model are reduced costs and standardized processes (typically accomplished by centralizing those processes), while maintaining control over the information. Shared services often leverage technology to reap these benefits and improve overall operations.
BlackLine helps accounting and finance shared service centers achieve their goals in a number of ways. The Financial Close Suite provides a central, online platform for completing several financial close activities, including:
- Completing account reconciliations
- Matching up transactions for various activities or accounts (such as bank accounts or credit card transactions)
- Managing tasks or checklists
- Posting journal entries
- Conducting variance or flux analysis
- Performing reconciliations between general ledgers and consolidation systems to ensure financial integrity
Features like auto-certification of low-risk accounts; automatic workflow (which streamlines the routing between preparers and reviewers); an online document repository to hold supporting documentation; and comprehensive reporting and monitoring help these shared services organizations centralize and standardize accounting functions.
Learn more about BlackLine’s Financial Close Suite and how the various modules have helped companies like MGM Resorts International, ABB and Northrop Grumman streamline their processes and reduce their costs around the financial close.