October 06, 2021

BlackLine’s October 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

StrategicCIO: Forget Digital Transformation—Digital Adaptation Is the Goal

While digital transformation is a key area of focus for growing organizations, digital adaptation is just as important. A linkage between customer knowledge and technology development has helped SaaS company BlackLine continue to expand its product offering even amidst uncertainty.

“We’re fortunate in having a close-knit executive team that listens to each other well,” says Pete Hirsch, CTO at BlackLine, a provider of finance and accounting automation solutions with 3,600 customers worldwide, including half the Fortune 100.

“Our marketing team, for example, is pretty leading edge. They understand our customer behaviors in a very serious way. We listen to what they tell us and support them back by developing the technology that solves these problems.”

Customer Story

Baxter Credit Union

Fast growing credit union Baxter sought a solution to handle their high volume of data to be reconciled at month-end. With manual processes that could’ve halted expansion, BCU implemented BlackLine to increase efficiency, control, and visibility through automation.

After implementing BlackLine, BCU:

  • Reduced time spent on reconciliations
  • Positioned the organization for growth
  • Gained time to focus on process issues
  • Increased transparency

BlackLine Magazine

Why Cash Intelligence Is Vital to the Controller

Today’s controllership is being asked and tasked with doing more. Managing their organization’s cash flow is one of the most complex—and important—tasks of the controllership.

“The controller is seen today as a forward-looking chief value extractor. This is someone who can maintain good governance, drive technological change, and contribute significantly to future revenue streams and investment returns,” says BlackLine Director of Product Marketing Brian Morgan.

AR automation not only provides increased visibility, but essential reporting around company cash flow.

Best Practices

5 Steps to Finance Automation for Credit Unions & Banks

In the highly regulated and transactional credit union industry, the month-end close can mean 1,000’s (or more!) of reconciliations. Automation technology can reduce risk and increase efficiency.

Here are five steps credit unions and banks can take to begin automating critical finance and accounting processes:

  1. Consider which processes are not only risky and manual, but also those you may be able to tweak quickly for instant improvement.
  2. Beware of custom-built solutions requiring expensive development—not all transaction matching tools are created equal.
  3. Look to automate most, not just a few, of your reconciliations. 
  4. Reduce the use of spreadsheets. They cannot provide the efficiency, control, and visibility needed for modern task management. 
  5. Look to enhance, not replace, your existing systems.

Webinars

BlackLine AR Automation Day – October 14, 2021

How CIOs & CAOs Can Collaborate to Drive Transformation – October 28, 2021

Register for one or more webinars here.

Rachel Stolba

Modern Accounting