How we helped Wex automate their reconciliation

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

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

BLACKLINE

The Challenge:

Chief Financial Officer Guy Steel recognized that, like any other department, the finance team’s time at Wex was invaluable. He understood that any efforts to streamline their processes would greatly benefit the business. At the time, the monthly close process was taking 8 to 9 working days, and despite leveraging a largely technology-driven approach, this area remained a persistent challenge. Guy saw clear potential for improvement. Forpoint and Wex, having maintained a strong partnership for several years, collaborated closely to address this specific issue.

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.