How we helped Wex automate their reconciliation

Wex transformed its end-of-month close process with BlackLine

wex

Company:

WEX Australia is a branch of the globally-renowned leader in payment technology, WEX. Because we’re locally-based, we can tailor our fuel card features to the needs of Australian businesses.

Industry:

FinTech

Company Size:

4,500 Employees

Software Used:

infor sunsystems INFOR SUNSYSTEMS

blackline BLACKLINE

 

The Challenge:

Chief Financial Officer, Guy Steel understood that the finance team at Wex were like any other team – their time was precious and knew that anything they could do to reduce this was valuable to the business. Currently their monthly close process was taking 8-9 working days and although they were running a technology driven process for the most part, this area was somewhat of a bug bear and Guy knew it could be improved. Forpoint and Wex have been working together for multiple years and have a close relationship when they began to look to solve this particular challenge.

The challenges they were looking to solve were:

 

  • Infor SunSystems used for P&L and B/S reporting but were using excel to perform reconcilitations & manage their close process.
  • Reconciliation of Inter-company, pre-payment, accrual transactions
  • Lack of visibility and transparency across the process
  • Inefficient close process
  • No Approval process for Journals

The Solution:

The journey to choose the software BlackLine for this particular solution was an easy one. BlackLine’s reconciliation module is incredibly powerful and has the ability to not only automate the function but also the workflow throughout the team. The software delivered the functionality that they were looking for plus so much more.

Here are the key benefits WEX was now able to access:

 

  • Automatic Reconciliation and certification
  • Centralised storage of notes and supporting documents
  • Workflow, assigning tasks, Audit trail
  • Reporting / Analytics
  • Journals and (possibly Matching)

The Results

Post BlackLine implementation, Wex reported that their financial close process time had been cut down by half. They had much more control over tasks and responsibilities and a much improved visibility, accountability and transparency. Forpoint continue to provide support & guidance to WEX and the financial team.

The system is quite dynamic in terms of its functionality and the ability to implement change and as a result we’re constantly looking at improving processes and procedures.”
Aari Vasiliadis – Financial Controller

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Discover

Forpoint

Want to know more about how Forpoint can help your finance team modernise?

Understand if Forpoint are the right fit for your finance transformation needs.

Book a call & speak to our experienced team today.

Discover

Forpoint

Want to know more about how Forpoint can help your finance team modernise?

Understand if Forpoint are the right fit for your finance transformation needs.

Book a call & speak to our experienced team today.

Products                              Solutions

Sage Intacct                                                  Financial Management Systems

Planful                                                               Forecasting, Planning & Analysis

BlackLine                                                         Financial Close Process

Infor Sunsystems Cloud                         Accounts Receivable Automation

Workday Adaptive                                      Accounts Payable Automation

Zudello                                                             Expense Management

Webexpenses                                               HR & Payroll

Datablend

ELMO

 

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