November 01, 2022
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.
As technology becomes increasingly important to areas of the business outside of IT, many organizations are turning to their internal resources to develop niche technology that best serves their clientele.
For fintech companies, F&A is often a source of important product insight.
“We have a lot of independent thinkers wanting to challenge the status quo by simplifying work using the tools we already have,” said Mark Partin, CFO at F&A automation leader BlackLine. “We start with that and go from there.”
“Our whole team, even on the operational side, thinks outside of the box,” says Al Leonardo, Director of Financial Accounting Services. “We like to use the latest technology to strengthen our processes and get the right controls in place.”
Aetna wanted to increase visibility and automate key accounting processes, freeing up valuable accounting capacity to dedicate to strategic work.
“The leadership decided to create a center of excellence that would specialize in certain accounting processes to drive standardization, leading practices, and efficiency. It was decided that we needed a system that could manage our process, enhance controls, and solve some of the problems we were having,” says Andrew Finley, Manager, Finance Service Delivery at Aetna. “A big part of the solution was to implement BlackLine.”
F&A teams often struggle to quantify the work they do, and therefore face challenges in setting SMART (Specific, Measurable, Attainable, Relevant, and Time-Bound) goals. But benchmarking success is paramount when finance is constantly being asked to achieve more with less.
When determining how your individual and team’s success should be measured, create goals that are project-based, attainable, relevant, and time-bound. Put your team first—make sure they share in these goals and create opportunities for learning.
Adjusting journal entries are used to adjust a company’s financial statements and bring them into compliance with relevant accounting standards, such as GAAP or IFRS, and are performed routinely during the period-end.
But manual processes leave room for costly error. Many organizations have turned to automation technology to create and manage journal entries.
BlackLine Journal Entry automates the process for creating and managing adjusting journal entries. It provides an integrated system for the creation, review, approval, and posting of adjusting journal entries. Journal entry templates ensure standardization across the organization, and validation rules check entries for errors before posting.