Modern Finance delivers transformative benefits for financial processes of all types. This year’s announcements demonstrate how Modern Finance can benefit users at all levels of the enterprise:
Automation is the beginning, not the endpoint, of Modern Finance process transformation. Today’s businesses face constant change, and business processes are required to adapt. Financial processes are uniquely challenged because they are time-sensitive and risk-averse.
BlackLine Insights is a continuous-improvement tool that will grow to give CFOs the ability to fine-tune their financial processes by measuring performance against industry benchmarks. The initial offering includes measurements such as percent-of-reconciliations-automated and reconciliation-rejection-rates-by-role. Near-future updates will expand the number and range of insights; longer term, BlackLine’s analytics tools will include prescriptive and predictive functions.
Process improvement is valuable throughout the organization, but it’s especially important with the increasing strategic value of financial processes. As business operations grow more complex, the importance of agile financial processes becomes more acute. That’s why CFOs look to analytics for the means to adjust and adapt financial processes to business goals.
A Multi-Company Clearinghouse
Global reach is a hallmark of modern business. More organizations than ever before are working across multiple business units, lines of business, continents and currencies. Company accountants are challenged to take into account pricing agreements, exchange rates and taxes. The result: uncertainties, delays, and errors in intercompany accounts.
The Intercompany Hub is a centralized repository that helps automate validation, processing, invoice creation, journal generation, posting and settlement of intercompany transactions. Benefits range from improving end-to-end visibility to reducing process complexity and financial risk.
Making Better Use of Accountants’ Time
A goal of Modern Finance is to help accountants spend more of their time on high-value projects and less time on tasks that can be standardized and automated. Three BlackLine product upgrades address the challenge:
Automated Journal Entries lets users create pre-defined logic to automate recurring journal entries in areas such as cash settlements, credit-card and bank fees, allocations, amortizations, and numerous other entries. Also, a Journal Master feature facilitates building recurring journal entries by automatically inserting role assignments, header information, journal lines and other information for each period. Innovations like these can cut significant effort out of posting journal entries, a major time-sink in most businesses.
An integrated-spreadsheets feature for account reconciliations lets accountants use spreadsheets that are fully integrated into BlackLine’s Account Reconciliations product. This makes it easier for accountants used to handling spreadsheets to benefit from BlackLine’s automation and integration features without having to give up their well-earned knowledge and experience.