Headquartered in Atlanta, Georgia, SunTrust Banks, Inc., is one of the nation’s largest financial services organizations. The company serves consumer, commercial, corporate, and institutional clients across 11 states and in the District of Columbia.
SunTrust has expanded since the late 1990s. “We’ve grown organically as well as through mergers and acquisitions; however, our organizational structure had historically been decentralized; therefore, we needed to have a centralized, standardized process around reconciliation risk management. We had key controls in the reconciliation function but they were spread out over multiple locations,” said Shakora Derixson, finance manager at SunTrust Banks, Inc. Moving to BlackLine made it easier to ensure we were complying with changing regulations, enhancing controls, and enabling Audit to review supporting documentation.”
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.”
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