Financial Services
| Function: | Products: |
| Reconciliations | BlackLine |
Challenge
This global electronic stock market offers multiple exchanges, technology solutions and corporate services. It operates in 26 countries across six continents. The company’s massive global footprint has created a strain on the company’s finance and accounting resources.
The finance and accounting teams relied on Excel-based templates and macros for reconciliations. It was a manual, cumbersome process without much standardization. It was particularly difficult to summarize information. Lastly, the company was getting pressure from its internal and external auditors to have a better, more controlled process.
Solution
The company selected BlackLine for a more efficient, automated reconciliation process. The three-month implementation was rolled out globally. During the implementation, the financial services firm switched from quarterly to monthly reconciliations. The entire process is now automated and the company processes 5,000 reconciliations every month. This has enabled the company to prepare quarterly financials more quickly and accurately.
Results
The financial services company has seen significant results from its BlackLine implementation, including:
- Improved financial accuracy by switching from quarterly to monthly reconciliations
- Standardization across the entire organization, with everything being prepared the same way
- Enhanced global visibility and transparency for staff and auditors
- Enabled the finance team to effectively support new acquisitions
- Freed staff to focus on analytics and discrepancies