“The Global Business Services (GBS) now has a faster and standardized account reconciliation process, with visibility across the businesses we serve in real-time.”

THE CHALLENGE

With the close process taking up to 11 days, depending upon the period and the size of the business unit, the GBS team wanted to standardize and improve efficiency across the account reconciliation process. They needed a solution that would allow them to integrate new business units easily, gain control, apply governance and reduce risk.

With no integration into the ERP which is SAP, the account reconciliation process was lengthy, manual, rote and risky. A Cloud software that could provide visibility, clear
workflow and risk based approach to account reconciliations was needed.
“Our accounting is split between Lisbon and Porto with 25 people controlling, checking and manually managing the close processes. This means we struggle to be efficient and consistent each period close” explains Carlos Norte, Accounting Manager, EDP Valor. “We have 2 versions of SAP and knew that we had to have a system that would provide a template approach to ensure compliance with our policies and procedures. We wanted a software that could offer us a solution today but partner with us as we grow. BlackLine fit the bill as we could implement the software process by process.”

WHY BLACKLINE

EDP Valor opted to start their transformation with Account Reconciliations. Within a very short period of time over 50% of the reconciliation work was auto certified, the time saving will allow the team to focus on the next phase, automating the journal entry process.

Carlos knew that as SAP is the primary ERP for EDP Valor the integration between BlackLine and SAP was a critical element in the decision to partner with BlackLine. This integration will allow, in the near future, the real-time posting and automation of journals, workflow and task management to really get ROI from the investment. With 9000 journals being posted manually the ability to automate a high percentage of these will be where the company realizes the most benefit in getting time back to focus on the high value accounts where the risk for a business lies.

ERP

SAP

Region

Global

Company Size

Enterprise

Business Impact

    • Over 50% auto certification on go live with BlackLine
    • Process standardization
    • Increase of control and automation

THE RESULTS

Following the implementation of BlackLine, around 70% of the reconciliations are now reconciled in the software and over 50% of those are auto-certified. The team can use that extra time to really analyze the numbers and the impact of those to the various business units they serve.

Users all work to a single standard which has led to a higher quality of reconciliation (less rejections) and this has reduced the amount of manual work during the period close. We have
also adopted a Continuous Accounting methodology that utilizes the automation and workflow from BlackLine to allow our reconciliation process to mirror our day to day business requirements.

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