November 02, 2021

BlackLine’s November 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

StrategicCFO360: Futureproofing Finance Teams

The rise in post-pandemic career shifts have left organizations concerned that employees seeking remote work opportunities and cutting-edge analytical tools will soon ditch companies with unsustainable, spreadsheet driven processes.

A recent survey by BlackLine found that investing in top talent - and the technology that enables high-performing employees – will be a key focus area of the next five years.

“Traditional academic qualifications don’t always prepare people for what’s required in today’s F&A (finance and accounting) roles,” said BlackLine CFO Mark Partin. “The research strongly suggests that future finance leaders need a diverse set of skills in the organization, which actually creates opportunities for CFOs to invest in and upskill young talent to ensure they have what it takes to move the finance function forward.”

Customer Story

MedComp Sciences

With a dozen thriving entities and the need for real-time visibility, MedComp Sciences director of finance Lee Lambert set out to find a solution that could centralize his global team’s data.

“It was just too much manual work in Excel,” says Lambert. “You could find out in your next reporting period that you missed something in the quarterly close, and that your P&L wasn’t correct. I wanted to know where our financials were on a daily basis.”

While Lambert had used other solutions, after gaining hands-on experience with BlackLine he was able to recognize the value in using the platform in tandem with his Sage Intacct ERP, “BlackLine is a terrific tool that’s made our lives a lot easier,” Lambert says. “It’s reduced our staffing cost, it’s accelerated our close process, and it’s given us a better understanding of our financials.”

Read the full customer story here, or learn more from Lee during the Sage Intacct Transform conference, November 8-12, 2021 in Las Vegas.

BlackLine Magazine

A Partnership Between CFOs & CIOs Is Essential for Digital Transformation Success

While there are areas of the business where the finance and IT teams don’t overlap, digital transformation and effective use of technology to drive ROI is a pivotal juncture of the two teams’ responsibilities.

Technology is critical to business success – and the more each team can maximize the value of their respective domains, the more likely they are to work in tandem to extend their organizations competitive advantage.

“The key is being open to learning,” says BlackLine chief customer officer and former industry CIO Lisa Schreiber. “That’s the best way to succeed when you go outside your comfort zone. The more the CFO and CIO can learn from one another, the better the result of their company’s digital transformation initiatives.”

Best Practices

Top 10 Ways to Improve the Accounts Receivable Collection Process

Good management of debts and access to reliable data is essential in efficient receivables management. How can you overcome data delays to free up cash held hostage on the balance sheet?

Here are the top 10 ways to improve the accounts receivable collection process:

  1. Create an Aging Report
  2. Proactivity is Key
  3. Avoid Delay
  4. Be Flexible
  5. Good Invoices Increase Payments
  6. Good Data Supports Good Collections
  7. Trust Technology
  8. Cloud-based Software is Secure
  9. Use Accounting Software to Generate Dunning Letters
  10. Communicate in Real Time

BeyondTheBlack 2021: Master Strategic Accounting Skills to Focus on What Matters

Join us for BeyondTheBlack on November 16-18, along with 15,000 controllers, accountants, finance executives, and BlackLine experts from around the world for three days of innovation, collaboration, and celebration.

What to expect at this year’s event:

  • Inspirational keynotes from special guests
  • Breakout sessions to guide your modern accounting journey
  • One-on-one virtual meetings with experts
  • And so much more!

We’re curating a unique experience that will offer achievable steps to automate busywork, unlock global visibility, and become a business partner—whether you’re focused on optimizing BlackLine, adopting our solutions, or just beginning your modern accounting journey.

Rachel Stolba

Modern Accounting