Reconciliation Management modernizes period-end accounting by enabling users to automate, streamline, and manage reconciliations at the transaction, balance sheet or even consolidation level with several key products across BlackLine’s unified Finance Controls and Automation platform. The BlackLine Reconciliation Management Solution speeds up period-end accounting with comprehensive multi-currency functionality and support for IFRS and GAAP standards. This solution delivers a critical milestone on the journey to Modern Finance by standardizing internal processes, decreasing risks of error and inaccuracy, and providing critical visibility into processes and accounting operations. Accelerate your period-end account reconciliations and other operational reconciliations and move beyond manual, error-prone, spreadsheet-driven processes.
Overview: BlackLine Reconciliation Management Solution
BlackLine improves efficiency by automating repetitive, manual components of balance sheet account, bank, credit card, inventory, or any other operational reconciliations with automated data imports, rules-driven transaction matching, and customer-controlled auto-certification rules. Companies using BlackLine automatically system-certify 45% of their account reconciliations on average, with some system-certifying more than 70%, dramatically reducing period-end workloads.
In addition to standardized reconciliation templates built on industry best practices, BlackLine allows you to tailor and embed workflows and controls that align with your company’s operating, financial reporting, and compliance objectives. BlackLine standardizes and modernizes account reconciliation management while reducing and preventing errors and inaccuracies, so accountants can focus on analysis, risk mitigation, and exception handling.
Reduce risk of financial discrepancies through embedded controls and standardization while adding transparency and accountability. BlackLine enables accounting leaders to maintain proper segregation of duties among accounting teams, provide auditors easy access to reconciliations, and configure risk rules to quickly identify irregular activity. Each step in the period-end account reconciliation process is tracked with a full audit trail.
Drill down into the pertinent supporting information directly from BlackLine. You can jump right into your ERP account details, see matched and unmatched transactions, and view management reports, dashboards and real-time information on the completion, quality, and accuracy of every step in the reconciliation process. Obtain a global picture of the quality, performance, and progress of your period-end reconciliation process.
Whether using a single ERP or many disparate, disconnected financial systems, BlackLine is ERP-agnostic and integrates with your systems to deliver a single comprehensive reconciliation management solution. BlackLine is built on a single codebase and is not a patchwork of cobbled together technologies acquired over time. BlackLine products work together on a private cloud platform, seamlessly and securely sharing datasets and workflows with your organization’s systems.
BlackLine’s vision is to modernize the accounting and finance 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 brings forth a new idea called Continuous Accounting. This new approach embeds automation, control, and tasks not typically 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.
BlackLine Reconciliation Management marks the beginning of the journey to modern finance operations by enabling clients to manage any kind of reconciliation and put an end to many manual accounting processes to help improve output and efficiency of accounting and finance teams. The finance and accounting departments of more than 1,700 worldwide customers currently leverage the unified BlackLine 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 midsize companies and large enterprises 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.