August 03, 2021

BlackLine’s August Roundup

4-minute read

This monthly BlackLine update is published to keep you informed of customer success stories, upcoming events, helpful resources, best practices, and thought leadership from the leading cloud financial close solution.

In the News

Forbes: Predicting Credit Losses Calls For A Whole New Approach

After several delays, new accounting standards on credit losses are to be implemented for banks and credit unions. The new standards aim to prevent another credit crisis like the one that occurred in 2007, by allowing for more timely recognition of losses on bad loans.

For now, these new regulations only apply to banks and credit unions, but other industries should prepare their F&A teams for the possibility of implementation down the road. BlackLine CAO Patrick Villanova suggests reducing manual processing burdens and deploying an AI solution to analyze real-time activity and set up your organization for success.

Read the full article here.

Customer Story

StackPath

Cloud-technology platform StackPath was like many startups—they used manual Excel-driven processes to complete their close. But as the company grew, so did their need for an automation solution to help them scale and increase visibility.

 “BlackLine has the capabilities to support us in our growth. Other solutions were either more limited or didn’t offer additional capabilities that we could add later,” says StackPath's VP Controller Liana Clarke.

After adopting BlackLine, StackPath was able to save several days during audits, decreasing risk and enabling their remote workforce.

Read the full customer story here.

BlackLine Magazine

How to Choose a Financial Close Solution

Technology is the easy answer to Accounting’s efficiency issues. But with more solutions emerging in the space, how should you choose the right solution for your team?

Best-in-class management software provides data security and a quick path to ROI, and scales right along with your business.

While making the switch to a cloud-based close can seem daunting, business circumstances can shift quickly, and finding a solution that enables agility is paramount to ensure continued growth. Many point solutions offer a quick fix but require a reevaluation and even reimplementation after a few years of growth. When selecting a solution, adopt a platform that can help you achieve your goals today, while also accommodating any challenges you’ll face tomorrow.

Read the full article here.

Best Practices

Top 5 Benefits of Accounting Automation

Traditional manual accounting processes introduce risk and consume capacity. The need for real-time visibility and actionable insights has only grown as the business world continues to grapple with uncertainty.

Many companies are leveraging accounting automation to bring the agility and efficiency they need to thrive.

Here are the top five benefits of implementing automation technology:

  1. Time Savings
  2. Higher Productivity
  3. Insights & Analysis
  4. Data Security
  5. Improved KPIs

Read the full article here.

 

Webinars

Extending Scalability & Efficiency from NetSuite to BlackLine August 12, 2021

August Finance Transformation Series August 18, 2021

The Value of Close Automation for Midsize Organizations – August 26, 2021

Intelligent Approach to Cash Application August 26, 2021

Register for one or more webinars here.

Rachel Stolba

Modern Accounting