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Reduced the overall labour costs by 9 FTE.
With Account Reconciliations, Achmea can upload multiple balances and apply an account segment to identify balance types—key to staying in compliance with the IFRS requirement for substantiating balances according to multiple standards. As a result, Achmea’s accounting staff has reduced by 9 FTE.
Simplified audits, reducing both labour and time.
With BlackLine, the department can simply grant file and system access to external auditors. Auditors can log in from anywhere, on their own time, and access files and checklists without having to be onsite. For Achmea staff, this means fewer resources are wasted aggregating paper files, prepping for audits, and communicating with auditors, savings in both time and money. As an additional benefit, Achmea has received very positive feedback about BlackLine and the improved process from their external auditor.
Integrated internal control systems within the workflow to adhere to international business standards.
Prior to BlackLine, Achmea’s paper-heavy close process made it difficult to ensure the internal controls were effective, updated regularly, and used consistently across all activities. With BlackLine, strong internal control systems are not only in place throughout every transaction, but the controls themselves are monitored. Within the Account Reconciliations module, BlackLine automatically validates account balances, provides a standardized format for reconciliations, stores reconciliation documentation, provides visibility intothe entire process, and helps ensure duties are segregated between the preparer, reviewer and approver. Achmea also relies on the Variance module, which provides built-in controls designed to
identify unusual fluctuations and mitigate risk with customized risk thresholds.
Gained access to improved monitoring and tracking capabilities for the duration of the close.
Previously, tracking progress was arduous due to the reliance on a paper-based close process. Today, Achmea staff can quickly see, in real time, how the close is progressing, what still needs to be done, and who needs to do it. This enhanced visibility has not only contributed to a timelier close but has helped Achmea increase efficiency to reduce customer costs overall.