In 2013, a decision was made to find a better approach to the growing reconciliation challenge. Toga Group retained consulting firm Deloitte to review the range of available software tools and make recommendations as to which would be the best fit.
A shortlist was created and comparative testing conducted using samples of account data. The testing showed the auto matching performance offered by BlackLine was the best on the market.
Once the decision was made, initial roll out of BlackLine’s Reconciliation Management solution, a key component of the BlackLine Finance Controls & Automation Platform, was completed within three months. The BlackLine platform is a cloud-based solution that centralizes and streamlines financial close operations and other key Finance & Accounting processes for midsize and large organizations. The solution is designed to increase operational efficiency, real-time visibility, control and compliance to ensure end-to-end financial close management.
The project was undertaken by Toga’s internal IT team in close consultation with BlackLine.
“We didn’t need an external consultant because BlackLine has a very strong mix of both technical skills and business knowledge,” he says. “They understood how our company operates and what we were trying to achieve with the improvements.”