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 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)

Forpoint_Blackline_Webinar_Building-confidence-in-the-Finance-Function-within-the-Superannuation-Industry

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.