Faced with accelerated reporting deadlines and unrelenting demands for higher quality information, accounting and finance teams are constantly challenged to increase operational efficiency and contribute more prominently to the strategic direction of the business. Managing these rising expectations, and often competing priorities, creates a delicate balancing act that requires greater agility from the office of finance to support evolving business needs, despite mounting resource constraints.
BLACKLINE CLOSE PROCESS MANAGEMENT
BlackLine Close Process Management provides accounting and finance departments with best practice tools to help manage and tame the “last mile of finance”. By standardizing and embedding controls in reconciliation and period-end close processes, organizations are able to eliminate labor-intensive, non-value adding activities and streamline decentralized and disjointed workflows that lengthen cycle times, increase the risk of control failure, and threaten the integrity of financial statements. BlackLine becomes your central command center for executing and tracking all accounting and finance tasks to deliver transparent, reliable information across the organization. And because Close Process Management is delivered on the cloud, the solution is designed to integrate with your current and future ERP and technology investments as you grow your dynamic business.
Centralize task management – from assignment to execution, review, and signoff – to provide a holistic view of operational performance and ensure compliance with various regulatory and reporting standards. Best practice workflows improve productivity and efficiency by reducing time-consuming, manual activities that deliver little to no value add, and automated internal controls help to mitigate risk while also streamlining your internal and external audit processes.
Strengthen Key Controls
Embedded policies and procedures, certification checklists, automatic carry-over of aging and open items, role-based workflows, and electronic certifications enhance controls and accounting oversight, ensuring the proper delegation and sequence of tasks in adherence to internal and financial reporting guidelines. Moreover, global and cross-functional teams can easily collaborate and communicate in one place to quickly and effectively handle exceptions and analyze your real-time financial data.
Monitor Close Status
Whether your team is in one office or distributed around the globe, everyone – from staff accountants, to the Controller and CFO – has controlled access to track the progress of your close, across locations and entities, to gain a clear picture into the organization’s financial health at any given time. Cross-product task dependencies, real-time dashboards and enhanced reporting, in addition to email notifications, combine to improve accountability and ensure the timely resolution of discrepancies.
Ensure Financial Integrity
Centralize and validate data in a single place, and automate certification of certain accounts to free up time for your accountants to focus on ensuring the accuracy and completeness of financial results, rather than performing manual, tedious tasks. Tasks can also be linked to reconciliations to guarantee the correct sequence, flow, and rollup of related activities, while automated and standardized workflows ensure that every balance is fully substantiated.
Scale with Growth
As your organization continues to grow and evolve, either organically or through acquisition, BlackLine Close Process Management is fully extensible and easily conforms to meet the ever-increasing demands on the Accounting and Finance function from both internal stakeholders and external regulatory bodies. And by streamlining close operations, BlackLine enables teams to be more agile and responsive to changing business needs, even as complexity increases across the enterprise.
“With BlackLine, we knew that we weren’t simply buying a product to help our business with account reconciliations. We were partnering with a company that was invested in improving our overall financial close process from beginning to end.”
Mark Koolis, Power Segment Assistant Controller, Hubbell Incorporated