Achieving Consistency and Visibility
in the Reconciliation Process
Balfour Beatty is a leading international infrastructure group providing innovative and efficient infrastructure that underpins people’s daily lives, supports communities and enables economic growth. Balfour Beatty has capabilities in construction services, support services and infrastructure investments. It was formed in 1909 and has 28,000 employees.
Over the last 100 years Balfour Beatty has created iconic buildings and infrastructure all over the world including the London Olympics’ Aquatic Centre, Hong Kong’s first Zero Carbon building, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.
As a large international business, Balfour Beatty has many operating units and a number of accounting systems. This meant that reconciliations were undertaken within individual finance director’s responsibility areas without assurance of consistency or visibility across the group.
In order to address this challenge, Balfour Beatty undertook a centralization project and needed a new solution to incorporate accounts from across the business and where possible automate reconciliations. It would also allow for in system sign off of accounts by finance directors and their teams. It was important to have everything done in the same way and in the same system to give us a clearer picture of the business,” said Steve Whitelaw , Balfour Beatty.
“BlackLine has reduced our risk as everything is now in the same format so we don’t need to jump between spreadsheets all set up differently to access what we need,” said Steve Whitelaw.
Balfour Beatty has also made use of the BlackLine matching tool to automate the company’s main bank reconciliations. The previous reconciliations could take many hours but using the BlackLine tool this has been substantially reduced.