Bringing Modern Finance & Financial Agility to Higher Education Institutions

Why BlackLine

 About 400 balance sheet accounts must be reconciled each year at Drexel University, a large private research institution in the heart of Philadelphia. So it was no small accomplishment when staff completed 24% more reconciliations after implementing BlackLine enterprise software last year.

 “In June 2019, General Accounting had an account reconciliation completion of 74%, compared to the February 2020 completion of 92%,” says Associate Comptroller of General Accounting Sherri Welch, who is a certified public accountant. “That’s due to many factors, but BlackLine certainly had a part in this major improvement. Without it, we would not have made that target.”

 Drexel implemented BlackLine’s Task Management solution on July 1, and Account Reconciliation went live on August 1, with the month-end close of July reconciliations. The platforms replaced manual process that included four shared sites for month-end close tasks, daily rotation tasks, account analysis, and bank reconciliation.

 The “one-stop-shop” removed the risk of errors related documents that were mislabeled or misfiled, information that was mistakenly overwritten, or numbers that were transposed when moving information from one location to another.

 “It’s easier to drill in on dashboards, view attachments and monitor deadlines. BlackLine has increased efficiency with the review process, running reports and seeing historical reconciliations.” The university is currently implementing BlackLine Transaction Matching, which automatically identifies transactions that make up balances.

Industry

ERP

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Region

United States

COMPANY SIZE

Enterprise

BUSINESS IMPACT

92% account reconciliation completion rate, increased efficiency with review process, running reports and seeing historical data.