The Future of Accounting and Modern Finance is Here
What is Continuous Accounting?
Continuous Accounting embeds automation, control, and period-end tasks within day-to-day activities, allowing the rigid accounting calendar to more closely mirror the broader business. Continuous Accounting transforms the way business process works by emphasizing real-time processing, especially skilled employees, and deep analysis. The result is a more efficient close, more accurate financials, and a more effective organization.
Finance and accounting leaders are expected to deliver accurate and real time analysis of their organization’s financial performance at all times. Yet many still wrestle with decades-old accounting processes that can only provide a view into the past, where the organization was, not where it is now. Continuous Accounting is a modern approach that empowers real time financial intelligence and allows finance and accounting teams to provide unprecedented value to the larger business.
Reflects a Modern Way of Operating
From agile methodology for product development to just-in-time delivery for supply chain management, other departments have adopted new frameworks that automate processes, optimize resources, and reduce costs. Continuous Accounting shifts the paradigm for finance and accounting departments that until recently, only had outdated, paper-driven processes.
Enables Faster Analysis and Real Time Accuracy
When financial reporting is completed during the days or weeks after the books are closed, the results are already dated. The automation technology behind Continuous Accounting allows data and transactions to be processed and reconciled at any time, and if necessary, flagged for further research. Analysis of the data may be performed continuously, based on business cycles and the decisions that need to be made.
Embeds Operational Efficiency
Continuous Accounting reduces the peaks and valleys inherent with traditional record-to-report. By automating many processes and embedding close activities throughout the period, workloads are more evenly distributed over time. Resolving the chaos of legacy accounting practices leaves more time for accurate work and thorough review, improving quality and reducing risk.
Leverages the Power of Cloud Technology
Only the connectivity built into cloud technology could facilitate Continuous Accounting. By integrating with your ERP and other financial systems, BlackLine’s unified cloud platform can match transactions constantly, execute reconciliations daily, and analyze account fluctuations automatically. On-premise or hybrid solutions simply cannot match the efficiency of the cloud.