To reduce the organization’s reliance on spreadsheets for the close, LV developed an in-house software solution. Yet the new system soon created additional challenges.
“It couldn’t cope with daily reconciliations, and reporting was clunky and time consuming,” said Young. “It also had very slow response times. Our managers would take work home and sit there, press the button, watch Coronation Street, then press the next button. That’s how slow the system was.
When the in-house system crashed in late 2015, the company stepped up the search for a new reconciliation solution, one that would not only strengthen internal controls but also save staff time through automation. Because of the recent collapse of the old system, the new solution also had to be implemented quickly.
“BlackLine was our preferred option. We could attach all the documents we wanted, we could store them, we could have different people check in and review alongside reconciliations,” said Young. “BlackLine gave us the control framework we needed to make sure everything was working properly, and we weren’t getting any issues coming through in our balance sheet reconciliations that would cause problems later. And, we were able to go from implementation to go-live in only five weeks.”