Reduced printing costs by 80-90%. Today, PFG’s account reconciliation and SAP journal entry processes are almost entirely paper free. “BlackLine digitized all of our paperwork. 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%,” said Manoff. Added Nagaraj, “We’ve seen savings in storage costs, as well.”
Streamlined journal entries. Previously, Manoff’s accounting coordinator spent all her time handling journals. Today, she spends a fraction of the time—and is now free to work on tasks that add more value. “BlackLine has freed up so much of our time during close. Personally, I spend at most two hours on journals during close week,” said Manoff. “We do 1,900 SAP journal entries a month in BlackLine. Only 50 are done manually.”
Operational centers can now also create their own journals, a tremendous improvement in workflow overall. Plus, entries are posted faster. “That’s where we’ve seen the productivity increase in the journals process. It used to take hours for someone to get their entry posted. Now entries post every half-hour. From the operational centers’ point of view, turnaround time is in real time,” said Nagaraj.
Shortened reconciliation time. Fifty-six percent of reconciliations are completed by day five. “In the old days, we hadn’t even started reconciliations by day five,” said Manoff. “The days of multi-floor accounting departments are long gone. What tools can you use to leverage your current staff while assuming more volume? BlackLine has helped us answer the question of how can you do more.”
Improved transparency while reducing risk. BlackLine’s secure cloud storage has increased transparency across the organization. “People can self-serve now, which is a tremendous time saver,” said Manoff. “Plus, our internal auditors can do audits and SOX testing independently. We don’t have to coordinate the process.” While time zones were previously a disadvantage, according to Nagaraj, “Now it doesn’t matter because everything is accessible via BlackLine in the cloud. Time and resource productivity has increased. It’s a time saver for everyone.”
Housing the data in BlackLine also ensures data integrity and safety. “With BlackLine, you don’t need servers, you don’t need backups,” said Manoff. “All our information is in one place, not stored on our network drives that we had to trust were regularly backed up by our IT folks. The data can’t be corrupted or deleted by accident.”