December 13, 2017

Modern Solutions Designed for the Digital Age

Modern Solutions Designed for the Digital Age Image | BlackLine Magazine

Business is moving faster than ever. Faster product cycles, new sales channels, and changing business models are forcing every line of business to adapt. Change is evident across the corporate landscape, with an accelerating wave of digitization in response to new opportunities and increasing pressure.

But still, the financial close remains stubbornly pre-digital, manual, and opaque.

McKinsey states that “digitizing or automating information-intensive processes can rapidly increase the business’s clock speed and cut costs by up to 90 percent.”

On the path to digital transformation, a combination of automation, orchestration, and real-time processing are fundamental and must begin to impact every aspect of your financial close—if they haven’t already.

And this is precisely what BlackLine’s solution packages are designed to do. These offerings are thoughtfully unified on our financial automation platform to address and meet the most common needs of customers at varying stages in their finance transformation journeys.

Accounting and finance professionals around the world use BlackLine’s cloud platform to automate, centralize, and streamline financial close operations, intercompany accounting processes and other key F&A processes.

Our solution packages give customers even more options for getting started with BlackLine, based on their individual needs and requirements.

Balance Sheet Integrity

This solution is for companies who are primarily concerned with improving the accuracy of their financial statements. It helps accounting teams avoid the pitfalls of manual reconciliations with fully auditable automation, and builds trust by ensuring every reconciliation is thorough, accurate, and on time.

Balance Sheet Integrity standardizes your reconciliation process with a single, unified solution that helps eliminate error and risk at every step. It automates reconciliations so you can cut out costly, manual processes, and with monitoring and verification streamlined on the schedule of your choosing, you can match multiple transaction data sources and address exceptions in real time.

By enabling F&A teams to focus on value-added activities, BlackLine’s Balance Sheet Integrity solution helps organizations achieve a key milestone on their journey to Modern Finance. It moves beyond manual, error-prone processes to provide transparency into accounting performance and operations.

Accounting Process Automation

This is the key to elevating your accounting processes to the next level. The BlackLine Accounting Process Automation solution upgrades your entire record-to-report operation, moving your organization from managing monotony to leading a finance strategy.

This cloud-based platform automates traditionally manual procedures and synchronizes detail-heavy accounting processes, cutting out human error and lowering the stress-gauge on the risk of misstatement and control failure.

Together, it all adds up to higher financial integrity across the board. And since your team doesn’t need to focus on the day-to-day, they can utilize configurable reports and real-time data to improve your current processes, while developing strategies to meet the challenges of tomorrow.

Close Process Management

“Closing the books” is finance’s last and sometimes longest mile. The BlackLine Close Process Management solution is specifically designed to orchestrate and accelerate your financial close while improving collaboration around close controls and approvals.

With best practice tools, standardized reconciliation and period-end close processes, and embedded controls, organizations are able to eliminate labor-intensive, non-value adding activities and streamline disjointed workflows to shorten cycle times.

This decreases the risk of control failure and improves the integrity of financial statements. As a result, everyone from staff accountants up to the CFO can track the status of the close, every step of the way.

Ultimately, every financial result is accurate, on time, and accounted for, and your team can add more value to every department.

Finance Transformation

This is our most comprehensive solution, developed for more agile organizations or those already on their way to modernizing core F&A processes. It centralizes and standardizes data and controls, allowing you to manage, monitor, and review your entire accounting process in one place at any time, from anywhere.

The customizable reporting and up-to-the-minute visibility is unprecedented, ensuring that everyone in the Finance organization stays up to date on progress without interrupting procedure. Combine that with automated reconciliation and validation, and you’ll find yourself eliminating human error, reducing risk of misstatement and control failure, and finally meeting the demands of the CFO for faster, real-time accuracy.

The BlackLine Finance Transformation solution provides a comprehensive range of automation and controls capabilities that enable organizations to leapfrog traditional record-to-report processes, and truly transform F&A by adopting a Continuous Accounting model. This unleashes accountants to focus on analyzing discrepancies and uncovering new ways to create strategic value for the broader organization.

The New Era of Digital Finance

BlackLine’s solutions are designed to turn your teams into agents of transformation that are positioned to elevate the entire company’s performance. The packages ensure that you are getting the most value from the BlackLine application, and provide additional options to scale as your finance organization matures.

They also enable accounting and finance to move beyond the antiquated record-to-report process to a new model called Continuous Accounting. This modern approach embeds automation, control, and period-end tasks within day-to-day activities, allowing the rigid accounting calendar to more closely mirror the broader business.

It transforms the way accounting is done, smoothing out the spikes of the financial close by breaking down larger tasks into smaller ones that are scheduled throughout the accounting period. And when the close process is accelerated, accountants are freed to partner with business teams, focus on analysis, and promote the role of Finance to one that is more strategic.

This is the most effective way to lead your organization into the new era of digital finance.

Learn more about how BlackLine can help your organization modernize processes, embed controls, and trust the numbers again.

Zach Deming

Modern Accounting