Molson Coors deployed BlackLine as part of a larger initiative to internalize and update its accounting processes
Molson Coors is a multinational brewing company that was created by the 2005 merger of Molson Brewery and the Coors Brewing Company. The company is responsible for the global sale of more than 20 different brands (including Coors, Molson, Miller, and Keystone) and is among the world’s five largest brewers by volume. Molson Coors employs more than 17,000 workers and has global headquarters located in Denver, Colorado.
Molson Coors had been outsourcing many of its accounting and finance services to DXC Technology but didn’t have much visibility into its quarterly financial activity. The company was also leveraging a combination of Microsoft Excel spreadsheets and Trintech AssureNET, a legacy accounting system that offered an incomplete view of its financial data and a limited support model. When Molson Coors expanded by acquiring the Miller Brewing Company from SABMiller in October 2016, company executives saw an opportunity to internalize its financial practices and refresh its corporate performance management (CPM) solutions.
Molson Coors began its search for an accounting CPM software in late 2016 and considered two options: BlackLine and an updated version of Trintech AssureNET. Molson Coors chose BlackLine for two primary reasons:
- Usability. Molson Coors employees could not efficiently complete their accounting work using AssureNET because the software was slow and difficult to use. BlackLine’s prebuilt workflows and intuitive user interface were more appealing for Molson Coors’s accounting employees and led to quick adoption across the organization.
- Reporting capabilities. Molson Coors needed its accounting software to extract data internally and create reports to support the company’s quarterly close and gave greater visibility to key activities within the monthly close. BlackLine’s reporting functionalities were better equipped to handle Molson Coors’s robust data requirements, leading the company to select it over AssureNET.
BlackLine has clarified Molson Coors’s financial close by consolidating its accounting processes into one tool. As a result, both executives and individual business units can analyze company performance in real-time and adopt a more proactive approach to data analysis. BlackLine’s customer support has been crucial for the success of Molson Coors’s deployment, providing constant access to technical support and new best practices.
BlackLine’s reporting functionalities have also enabled the company to improve its policy compliance and risk management initiatives. Molson Coors can fulfill its auditing requirements more quickly because all of its financial data is stored in one repository. The company also plans to further expedite audits by expanding BlackLine’s scope to include external auditors. BlackLine’s set workflows and user roles have clarified the responsibilities of Molson Coors’s financial administrators and enabled them to focus on specific tasks, resulting in fewer errors and increased productivity. Molson Coors plans on maturing its BlackLine implementation by expanding the software to additional business units, and by exploring new functionalities such as Smart Close and intercompany matching.