Finance Transformation Solution
Accuracy, efficiency, and compliance with a streamlined close
In today’s complex and dynamic global business environment, it is no longer enough for accounting and finance leaders to deliver timely and accurate financial reports to their business. They must be analytics-driven and strategy-minded – aligning the right resources, establishing the right processes, and applying the right technology – to leverage a growing wealth of financial data and provide predictive insights that will take the business where it wants to be – not where it’s been.
BLACKLINE FINANCE TRANSFORMATION SOLUTION
BlackLine’s Finance Transformation Solution empowers the accounting and finance function to manage and control the end-to-end financial close process by automating accounting workflows, providing a centralized and secure workspace to perform period-end accounting activities, and streamlining financial reporting. The resulting absence of complex, manual, and error-prone steps inherent in dated accounting practices, enables teams to focus on analyzing discrepancies and uncovering new ways to create value for the organization. This Continuous Accounting approach that eliminates non-value adding activities and evenly distributes tasks across the close, facilitates continual monitoring for errors, fraud, and inefficiency, so accounting and finance leaders can innovate to sustain competitive advantage, even in the face of growing workloads and increasingly stringent regulatory environments.
Enforce Controls, Decrease Risk, and Close Confidently
Standardize and centralize accounting and finance workflows to ensure the consistency and quality of your financial data, and minimize manual handoffs and fragmented processes that introduce error, delay, and cost at every turn. Automated internal controls – from segregation of duties, to rules-based fluctuation analysis, and journal validation – protect the integrity of your data and processes to drive better business decisions and further mitigate compliance, cost, and revenue risk by preventing errors or detecting them before they lead to information errors and material misstatements.
The average BlackLine customer system-certifies more than 45 percent of their reconciliations through the use of best practice reconciliation templates and certification rules to remove non-value adding tasks that consume costly resources and impede process performance. Configurable tasks ensure streamlined, reliable execution of your close activities, and automated data imports, high-volume transaction matching, flux analysis, and journal creation, validation, and posting, allow your teams to close faster and more efficiently to focus on deeper analysis and identifying any accounts requiring further investigation.
Standardize and Optimize Process
Leverage certification checklists and rules-based alerts, along with close task assignment and schedules management, to ensure a streamlined and accurate financial close that supports your operating, financial reporting, and compliance objectives. Embedded controls throughout the process not only reduce errors and inaccuracies by removing the risk of breakdown due to human failure, but also allow for the benchmarking of application controls, streamlining your audit process. And with workflows and controls aligned to business goals, teams can continuously measure performance against established metrics.
Create an accurate and up-to-the-minute view of your financial status, no matter where you are in the close. Users have access to a central console to view relevant assignment lists, dashboards, and reports that are critical to performing their roles: preparers are accountable for the tasks, reconciliations, and journals to which they are assigned; accounting leaders can quickly identify and address unusual transactions, aged items, incomplete controls, and unreconciled differences; and CFOs and controllers can trust BlackLine as their single source for financial information across their distributed teams, departments, and entities.
Ensure System Interoperability
Reduce cost and complexity by managing global accounts, currencies, and processes within one solution that integrates directly with your ERP system. And because our software is built on a single codebase, our products seamlessly connect your data, workflows, and dependencies – even as you grow and acquire new technology – to deliver an end-to-end solution for finance transformation that provides an accurate and complete view of your organization’s financial health.
“We’re finding that teams are now spending more time during the closing process performing analysis, drilling down into balanced sheet fluctuations, and conducting other valuable activities there hadn’t been time for previously.”
Pat Withrow, Accounting Director, The Dow Chemical Company