BlackLine Financial Close Management empowers accounting and finance leaders to gain full control over the financial close process by automating accounting workflows, providing a secure workspace to complete period-end accounting activities, and streamlining financial reporting. Automation removes much of the complex, manual, and error-prone steps inherent to dated accounting practices, and frees accounting departments to add more value to the business by shifting focus from processing transactions to analyzing them. The Financial Close Management solution also enables a new approach called Continuous Accounting. This approach moves beyond the linearity of the legacy record-to-report process and more evenly distributes workloads over time while facilitating the continual monitoring for errors, fraud, and inefficiencies. BlackLine enables more than 1,500 companies to realize an accurate, efficient, and compliant close.
Overview: BlackLine Financial Close Management Solution
The Financial Close Management solution embeds automated controls throughout the entire close process. Reduce risk of financial discrepancies, errors, and restatements through continuous monitoring of data, setup, task execution, and transactions. Control user access and enforce segregation of duties, catch anomalies with rules-based fluctuation analysis, and avoid errors or unauthorized posts with automatic journal validation. BlackLine Financial Close Management software ensures accuracy by providing end-to-end transparency, accountability, and auditability.
BlackLine software adds efficiency throughout your close processes. The average BlackLine client automatically system-certifies more than 45% of reconciliations by using customizable certification rules. The Financial Close Management solution expedites high-volume transaction matching, as well as the creation, validation, and posting of journals. BlackLine’s rules-driven flux analysis monitors risks and identifies accounts requiring further investigation. Closing faster and more efficiently frees teams to focus on deeper analysis.
Accounting leaders and systems administrators can tailor controls that align with operating, financial reporting, and compliance objectives. Certification checklists, rules-based alerts, close task assignments, and management of schedules combine to ensure a consistent and accurate financial close process. Standardizing with BlackLine Financial Close Management embeds control in the process and reduces errors and inaccuracies.
The Financial Close Management solution provides each user with a central console to view relevant and meaningful assignment lists, dashboards, and reports based on user role. Preparers quickly access their tasks, reconciliations, and journals. Accounting leaders can quickly identify unusual transactions, aged items, incomplete controls and unreconciled differences. CFOs and controllers can trust a single source of financial information across dispersed departments, entities, and geographies.
The Financial Close Management solution reduces cost and complexity by managing global accounts, currencies, and processes within one system that integrates directly with your ERP system. Because BlackLine software is built on a single code-base, as opposed to a collage of acquired technologies, our products seamlessly share data, workflows, and templates across a unified cloud platform.
Pat Withrow, Accounting Director, The Dow Chemical Company
BlackLine’s vision is to modernize the finance and accounting function to empower greater productivity and detect accounting errors before they blow up into a devastating financial restatement. BlackLine is the leader in Enhanced Finance Controls and Automation (EFCA) software and the only provider that offers a unified cloud platform supporting the entire close-to-disclose process. BlackLine’s platform breathes life into the concept of Continuous Accounting, a new approach that embeds automation, control, and tasks typically not performed until the period-end, directly within day-to-day activities, allowing the rigid accounting calendar to more closely mirror the dynamic nature of the actual business cycles. As a result, companies can constantly monitor for error, fraud, and inefficiency.
The BlackLine Financial Close Management solution encompasses the entire vision of Continuous Accounting. Move beyond outdated accounting processes and point solutions that help accountants and finance professionals work smarter and more efficiently. The accounting and finance departments of more than 1,500 clients worldwide currently leverage BlackLine’s unified cloud platform to perform mission-critical processes in near real time — including financial close, reconciliation management, journal entry management, intercompany transaction management, and controls assurance. The BlackLine Finance Controls and Automation Platform helps companies of all sizes by filling in the gaps left by ERP and CPM systems and thereby strengthens controls, lowers compliance risks, and introduces greater efficiencies and visibility in every step of the accounting process.