BlackLine Systems Account Reconciliation Software Delivers Annual Savings of More than $1 Million
Calabasas, CA – June 25, 2008 - A new study from third-party research firm Nucleus Research found that global telecommunications provider AT&T has experienced a rapid return and ongoing benefits on its investment in BlackLine Systems’ Balance Sheet Account Reconciliation solution, the industry’s first software application to automate and centralize the entire financial close process for accounting departments in large corporations.
The Nucleus study found that implementing BlackLine across its organization enabled AT&T to “reduce reliance on error-prone manual based accounts reconciliation and monitoring processes. This has enabled it to improve efficiency while reducing risk – and made it easier to integrate the accounting processes of new acquisitions.”
As a result, the study indicates, BlackLine’s Balance Sheet Account Reconciliation software paid for itself in just 1.8 months, delivered an ROI of 689 percent and saved AT&T more than $1 million annually after costs associated with owning and maintaining the system.
“CFOs and Controllers want to control and cut costs, but not at the expense of good internal controls,” Therese Tucker, Chief Executive Officer, BlackLine, said. ”Our solutions provide a key way for financial executives to reduce costs while increasing both control and visibility over the entire financial close process. Given the current state of the economy, BlackLine offers a compelling solution for well-run, cost-conscious companies.”
AT&T uses BlackLine throughout its global business operations, including other regional carrier acquisition companies and Cingular Wireless. In general, BlackLine customers, which include many of the Fortune 500 leaders, consistently report that BlackLine has cut their costs anywhere from 20 to 50 percent.