As organizations use greater and greater amounts of data, modern finance teams are expected to keep up with the increased demand for detailed and timely financials, all while supplying analytics in real-time. With the expectation to run leaner and do more with less, finance departments must transform from a division that did not traditionally add to profit to a strategic partner for their business. Accounting teams are realizing:
- Crucial time spent on non-strategic work leads to long hours spent trying to close the books at the end of the month.
- Reconciliations finished after rather than during the financial close process increases the risk of inaccurate financials and audit adjustments.
- Oftentimes, there is little to no time for value-add analysis, resulting in a reactive approach to decision making.
- The 24-7 nature of today’s business environment results in round-the-clock financial transactions being generated.
- Financial close processes that rely on spreadsheets utilize error-prone, slow, and outdated processes that are unable to keep up with today’s demands.
The modern approach to accounting is a continuous model that puts emphasis on real-time processing of financial data. The result is more efficient close, more accurate financials, and more time spent on the analysis of the organization. Evenly distributing workloads throughout the month empowers teams to continuously monitor for weaknesses, errors, and fraud. Teams now benefit more from purpose-built tools, rather than traditional, spreadsheet-driven, one size fits all solutions.
What is BlackLine?
BlackLine is an Office of Finance tool specifically designed to automate and control the entire financial close to disclose process. BlackLine enables clients to move away from spreadsheet-driven practices by providing one centralized system for performing accounting processes such as account reconciliations, transaction matching, task management, automated journal entries, variance analysis, and more. It allows teams to unite their daily work into a single connected ecosystem. The solution is quick to deploy, does not require IT administration, and can be configured by end users.
BlackLine easily integrates with just about any ERP (Enterprise Resource Planning) system on the market and has even been recognized by Gartner as a leader for cloud financial close solutions. Watch the video below to learn more.
Why Is Capitalize So Jazzed About BlackLine?
BlackLine fills a need that no other tool has been able to touch. It empowers users to accomplish tasks that are manually performed in Excel or that IT departments must develop. BlackLine is used by more than 1,500 companies around the world to modernize the accounting playbook, to ensure balance sheet integrity, and to increase confidence in their financial statements. Because BlackLine is web-based, there is no software administration necessary. A typical implementation of BlackLine may be completed in as little as three months and is often administered by the Finance department with minimal effort.
Our team of finance experts are here to help organizations through digital transformation and automation in the financial close process. BlackLine helps us help our clients, and that is why we are so jazzed about this platform. Contact info@capitalizeconsulting.com to get started with BlackLine today.