BlackLine Provides Accounting Accuracy, Efficiency, and Compliance with a Streamlined Close
Accounting and finance leaders are expected to deliver an accurate, real-time picture of their organisation’s financial performance. However, many companies remain bogged down by outdated systems and operational processes that don’t meet the needs of today’s business. Automating period-end accounting processes frees personnel from manual, repetitive task so they can properly investigate discrepancies and analyse results.
BlackLine Financial Close Management
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 1,300 companies to realize an accurate, efficient, and compliant close.
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 unauthorised 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 customisable 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. Standardising 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
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