LOS ANGELES – June 10, 2014 – Enterprise-class financial software company BlackLine Systems has unveiled a ‘COSO Jumpstart Solution’ to help companies comply with new guidelines set forth in the updated 2013 COSO Internal Control—Integrated Framework.
In 1992, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released the original version of the COSO Framework which gained broad acceptance and is widely used around the world as the de facto standard for designing, implementing and conducting internal controls and assessing the effectiveness of those controls within large organizations. Internal controls guidelines in the updated Framework will supersede their predecessors in December of this year.
The BlackLine COSO Jumpstart Solution, complete with a customized COSO template, will feature import files, specialized templates, pre-populated check lists including Auditor tasks and best practices guidelines designed to help companies implement the updated Framework before the old guidelines expire.
To help clients and prospects get ahead of the game and assist them with their requirements in bringing policies and procedures into alignment with the new Framework, BlackLine is offering a special promotion to the first 100 companies that sign up to use the COSO Jumpstart Solution. The special promotion will include complimentary implementation along with six months of complimentary use of the Task Management module in BlackLine’s flagship Financial Close Suite.
“Sometimes when new rules and standards go into effect, the hardest thing for companies is figuring out how and where to start to bring current controls, processes and procedures up to meet the new requirements,” Therese Tucker, CEO, BlackLine Systems, said. “Within the BlackLine Tasks module, we’re basically providing all the tools companies need to get started – organizing the work that needs to be done by providing simple, easy-to-follow instructions and automated workflow.”
Long-time BlackLine client company Cox Communications and Certified Implementation Partner firm UHY Advisors will join BlackLine Systems for a webinar on Thursday, June 12, entitled “Clearing up the COSO Confusion: How to Adopt the New Framework,” showcasing how the Task Management module of the BlackLine Financial Close Suite can help companies implement the new guidelines in the short-term and ultimately improve internal controls, increase governance and mitigate risk for the long haul.
“The update to the COSO Framework is important because it will begin to force companies to assess their existing internal controls and, hopefully, improve governance and compliance going forward,” added Ms. Tucker.
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/.