Financial Services

Creating a truly transparent, accurate period-end close for Financial Services

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Financial organizations face incredible scrutiny today. Yet this isn’t necessarily a bad thing, as ensuring transparency and accuracy are key factors in your organization’s profitability, reputation, and longevity. But maintaining this accuracy and visibility can be challenging—especially if you’re still relying on spreadsheets for your close. A spreadsheet-driven close is not only time consuming and inefficient; it’s also incredibly risky. Consider this: one transcribed number in one cell multiplied by 100—or a 1,000—can transform a simple mistake into a financial disaster, from unhappy shareholders, to fines, to the end of your business. And errors are just the tip of the iceberg. Spreadsheets can’t give you the big picture of your finances, tell you who is on schedule with closing tasks, or simplify auditing. Which means you’re not only basing big decisions on days-old—or month-old data—but your accountants are stuck doing manual and rote tasks, instead of focusing on analysis. Spreadsheets are the sworn enemy of scalability. Any financial organization that wants to grow must scale effectively in every process, including matching transactions, managing multiple currencies, and validating. With a spreadsheet-driven close, more growth means hiring even more accounting staff to keep up with an ever-expanding close. BlackLine helps financial organizations create a truly transparent, accurate period-end close—more efficiently and at less cost. Our Finance Controls and Automation platform automatically imports data from bank files, POS systems, sub-ledgers, and ERPs. Transactions are matched faster—one million per minute—yet with fewer errors, leaving accountants time to focus on analysis and discrepancies. And internal and external auditors can access records in real time, from anywhere in the world, without asking for files or waiting on emails.

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