Union Bank & Trust, commonly known as Union, is a wholly owned subsidiary of Union Bankshares Corporation. Headquartered in Richmond, Virginia, USA, Union Bank & Trust has over 100 branches throughout Virginia and is backed by more than 100 years of banking experience. With a focus on the local communities in which it operates, the company provides a suite of services such as personal banking, business banking, lending services, mortgages, investments, and trust services.
Union Bank & Trust faced the challenge of centralizing all its reconcilements. Prior to deploying BlackLine, the bank’s reconcilements were tracked using Excel spreadsheets that were printed and put in binders before being transported to the different relevant departments in order to be checked for errors and approved. The binders were then stored off-site and took up significant storage space. The process was labor intensive and inefficient. The company wanted to remove the reconcilement information from Excel and centralize the process in one system.
Union Bank & Trust considered one other solution in addition to BlackLine. While performing its due diligence on which solution would best suit their needs, the company found BlackLine to be the superior choice for three reasons:
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