BlackLine Blog

August 21, 2024

Building an Agile Foundation with SAP Account Substantiation & Automation by BlackLine, financial review option

Financial Close
2 Minute Read
TS

Tasha Spellman

PJ

PJ Johnson

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Finance and accounting (F&A) teams are under increasing pressure to deliver accurate, timely financial insights and make intelligent business decisions. According to a recent Gartner report, 76% of CFOs indicate improving their financial insights is a top priority.

Traditional, manual methods of financial review are increasingly inadequate in a landscape where speed and accuracy are critical. The risks and complexities associated with these outdated methods often lead to stress and errors.

Enter SAP Account Substantiation and Automation by BlackLine, financial review option, the latest SAP Solution Extension by BlackLine, designed to transform financial review processes. This robust solution enables proactive financial review, providing the accuracy and efficiency today’s businesses demand.

The Shift to Proactive Financial Analysis

Traditional financial review processes have been reactive, often occurring post-close. However, today’s F&A teams require insights throughout the period. This real time approach enables faster decision making and shorter cycle times, essential for financial management and strategic planning.

Financial review option empowers teams to proactively conduct variance analysis, identifying and addressing discrepancies well before the close process starts.

A Premium Qualified SAP Solution Extension

SAP Account Substantiation and Automation by BlackLine, financial review option, offers advanced record-to-report capabilities, premium-qualified by SAP through a rigorous process reserved for SAP Solution Extensions. This ensures seamless integration with SAP, from data extraction to functional application, exceeding the standard SAP Certified Integration. In addition to premium qualification, Solution Extensions are included in SAP’s roadmap, which highlights SAP’s long-term commitment to the solution.

Financial review option also complements SAP S/4HANA for Group Reporting, supporting continuous accounting by enabling preliminary consolidation calculations before the period ends. By automating traditionally manual tasks like variance commentary and fluctuation analysis, BlackLine enhances accuracy while reducing time and effort.

“The ability to provide proactive variance analysis within the same platform where you’re substantiating the balance sheet is a game-changer,” said Stutzman.

Embracing Continuous Accounting

Financial review option also supports continuous accounting, allowing ongoing financial review throughout the period. This reduces the need for post-close adjustments and streamlines the overall process. By flagging material variances for early explanation and certification, finance teams can focus on delivering strategic value.

Unlocking the Full Potential of Financial Review

SAP Account Substantiation and Automation by BlackLine, financial review option, is designed to meet the needs of modern finance teams. By automating and streamlining financial review processes, the solution ensures timely, accurate insights, crucial in today’s fast-paced business environment.

With this powerful tool, finance teams can confidently navigate the complexities of financial review, ensuring their organizations remain competitive and future-ready in an ever-changing market.

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About the Authors

TS

Tasha Spellman

PJ

PJ Johnson