LOS ANGELES and LONDON – Nov. 4, 2013 – The BlackLine Financial Close Suite for SAP® Solutions, from enterprise-class financial software company BlackLine Systems, has become an SAP-endorsed business solution. By achieving this status, the BlackLine Financial Close Suite joins the ranks of fewer than 40 solutions that have been endorsed by enterprise application software leader SAP AG (NYSE:SAP).
By automating traditionally manual accounting processes such as the often spreadsheet-driven account reconciliation process, BlackLine’s flagship SaaS (Software-as-a-Service) offering is designed to help finance, accounting, audit and compliance managers in mid- to large-sized organizations and across all industries optimize their financial close process. The solution covers important business requirements and adds value for users of SAP solutions.
Solutions endorsed by SAP AG are complementary to SAP software offerings, have been specifically integrated with SAP solutions and tested by SAP, and provide additional choices and flexibility for businesses running SAP applications. SAP-endorsed business solutions are offered by SAP partners.
“SAP’s endorsement further validates what BlackLine sees as a massive demand for solutions to help automate processes for corporate finance and accounting departments, and we anticipate it will open the door to additional world-class organizations that can benefit from our solutions,” said Mario Spanicciati, executive vice president of Operations and executive director of EMEA for BlackLine Systems. “We’re focused on helping the office of the CFO achieve greater ROI from their finance and accounting functions globally. We expect to continue to work closely with SAP so that future generations of our solutions are closely aligned and deliver even greater results.”
Clients already using the BlackLine Financial Close Suite alongside solutions from SAP include worldwide e-commerce leader eBay, defense industry giant Northrop Grumman, global aluminum manufacturing leader Novelis and global insurance industry giant Zurich, among many others.
“Using BlackLine software alongside SAP applications has greatly increased the visibility, efficiency and accuracy surrounding our account reconciliation process. We now have a completely electronic and paperless process for how we review reconciliations,” Laura Darbro, Zurich’s vice president of Close Operations and General Accounting, said. “In the approval process, all the data is sourced and available within the BlackLine tool. BlackLine has increased visibility, improved levels of monitoring and reporting on the reconciliation status across all the areas within finance, and created complete audit trails and controls around those account reconciliations, as well.”
The Finance team at Novelis has instant visibility globally into the status of the reconciliation process for all of the company’s balance sheet accounts.
“Before we implemented BlackLine, people around the world would analyze similar accounts for their locations in very different ways,” said Josh Morris, director, Accounting and Financial Reporting, Novelis. “With BlackLine’s standard templates, each reconciliation is in the same format whether it is performed in Sao Paulo, Brazil or Seoul, South Korea. We have a depth of visibility into the details that was never possible before adding the BlackLine OnDemand solution. And, because it’s offered in a SaaS model, I can now see the detail of reconciliations performed worldwide from my desk in Atlanta, or wherever I may happen to be with my laptop or other mobile device.”
For more than three years, BlackLine has been an SAP software solution and technology partner in the SAP PartnerEdge® program. BlackLine is also a participant in SAP Store, the online e-commerce channel or “e-channel” for enterprise solutions and services from SAP and its partners.
“By endorsing the market-leading BlackLine Financial Close Suite, SAP continues to support our customers’ businesses and build its ecosystem around SAP accounting and financial close solutions,” said Kai Finck, senior vice president, Office of the CFO solutions, SAP. “The use of BlackLine software will enable customers to reduce risk and achieve compliance in their account reconciliation and financial close processes, gain efficiencies and increase employee productivity, thus freeing-up resources for value-adding activities and supporting the business. It complements the innovations SAP is delivering to these customers leveraging the SAP HANA platform.”
In 2011, BlackLine was named an 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.
BlackLine is a provider of cloud-based solutions that transform Finance and Accounting (F&A) by automating, centralising and streamlining financial close operations, intercompany accounting processes and other key F&A processes for large and midsize enterprises. Designed to complement ERP and other financial systems, BlackLine’s cloud platform increases operational efficiency, real-time visibility, control and compliance to ensure end-to-end financial close management and accounting automation.
BlackLine’s mission is to continuously improve the quality, accuracy and efficiency of Finance and Accounting by centralising key functions within a single, unified cloud platform. Enabling customers to move beyond outdated processes and point solutions to a Continuous Accounting model, in which real-time automation, controls and period-end tasks are embedded within day-to-day activities. BlackLine helps companies modernise accounting operations with intelligent automation, ensuring more accurate and insightful financial statements and a more efficient financial close. To date more than 2,800 companies with users in over 130 countries around the world trust BlackLine to help ensure balance sheet integrity and confidence in their financial statements.
BlackLine is recognized by Gartner as a Leader in its 2019 Magic Quadrant for Cloud Financial Close Solutions.
Based in Los Angeles, BlackLine also has regional headquarters in London, Singapore and Sydney servicing its 14 global locations.For more information, please visit https://www.blackline.com/.