“There are no more binders and no more tall stacks of paper. We’ve seen financial savings in reducing our printing costs by 80-90%.”
PFG knew their existing financial close process wasn’t sustainable, even with tools like MicrosoftTM Excel. “Accounting evolved from columnar pads to Excel, but nothing really changed. In fact, there are more mistakes made in Excel: one wrong formula can turn into a six-figure error,” said Manoff. “We needed to take our processes to the next level, to modern finance where processes are automated not just for efficiency but for accuracy.”
Manoff discovered BlackLine through a referral from Resources Global Professionals. “We didn’t look at any other solutions. BlackLine seemed to meet our needs, and the cost model worked well. It also required little involvement from our IT resources.” BlackLine’s inter-operability with multiple ERPs was also a boon. According to Raghav Nagaraj, SAP/Infinium business systems analyst, “We have three ERP systems. Each ERP is different. But BlackLine was easy to match with SAP, and we’re working on matching the others.”
Manoff and his team originally estimated that the complete roll out would take at least a full year. In reality, all SAP account reconciliations were functional in only four months. “I rolled the system out myself. I was able to do it with minimal IT support,” said Manoff.