Spending More Time Analyzing Balances and Reviewing Results

Since 1992, Griffin Technology has designed and manufactured technical solutions with an innovative flair. The company is now one of the largest providers of accessories for personal computing and digital media, including the iTrip family of FM transmitters and the groundbreaking Evolve Wireless Sound System. Griffin provides solutions for digital entertainment and personal

computing to people in the Americas, Europe, and Asia through both major retailers and online.

The Challenge

With a mere 350 employees, Griffin Technology does more than 151 million in revenue each year. Yet while the company delivered time-saving, lifestyleenhancing solutions to customers, their accounting team was still stuck using a highly manual, spreadsheet-driven process to manage their month-end close.

According to Cathy Jurgensen, General Accounting Manager, Corporate Operations US, at Griffin, “The biggest challenge was that our reconciliations were not being done regularly. It was hit or miss. The process wasn’t consistent,and it took us 30 days to close.”

The month-long process wasn’t just time consuming. It also ensured an arduous, four-month end-of-year audit, with accountants scrambling to aggregate and prepare hundreds of files for auditors. Additionally, without a current balance sheet and up-to-date transaction information, financial and operational decisions were being made on old data.

The month-long process wasn’t just time consuming. It also ensured an arduous, four-month end-of-year audit, with accountants scrambling to aggregate and prepare hundreds of files for auditors. Additionally, without a current balance sheet and up-to-date transaction information, financial and operational decisions were being made on old data.

Branche

Technology

Region

Vereinigte Staaten

Company Size

MidSize

Business Impact

Reduced time spent on the close from 30 days to 5, increased accuracy and identified discrepancies faster, shortened the year-end audit period by 25%, streamlined transaction matching, automated the accounting of prepaid expenses, enabled real-time access for auditors.

More Growth in the Playbook

In step with Under Armour’s mission of relentlessly pursuing innovation, over the last two years the company has acquired several new mobile app businesses and aptly named this market “Connected Fitness.” For Boyle, these businesses — MapMyFitness (acquired in December 2013), MyFitnessPal and Endomondo (brought on in the first quarter of 2015), and Under Armour’s own app, UA Record — represent not only a new reportable segment, but also three new company codes that operate on completely different non-SAP ERP systems and need to be incorporated into the company’s monthly close process. Using BlackLine, the company has been able to gain visibility into account balances and important information regarding the newly acquired entities. “BlackLine has been really useful in terms of gaining quick visibility into the ending balances in each of the accounts, giving our leadership a chance to review transactional details and key account balances without having full integration of those other ERP systems,” says Boyle. “That will continue to evolve as we go forward.”

The Results

Goals: Adopt a less manual and more scalable approach to monthly account reconciliations and book closing processes, as well as journal-entry retention, support, and review

Strategy: Implemented a scalable, automated, cloud-based solution for account reconciliations, journal entry, and financial tasks that integrates with SAP ERP and delivers push-button reporting and real-time access to data

Outcome: Shaved days of work off the desks of Under Armour’s accounting employees, who are now able to spend more of their time analyzing balances, reviewing results, and ensuring relevance and accuracy, rather than monitoring completeness and executing administrative tasks

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