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The Role of Record to Report in CFO Strategy

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CFOs are under increasing pressure to enhance efficiency, accuracy and compliance in financial reporting. One critical area of focus is the Record to Report (R2R) process, a fundamental aspect of financial management that ensures the integrity of financial statements.

The IDC MarketScape: Worldwide Office of the CFO Record to Report 2024 Vendor Assessment (issued December 2024) highlights the importance of R2R and evaluates key vendors offering solutions to streamline financial operations. IDC names BlackLine a leader, based on offering innovative, cloud-based automation solutions designed to optimize the financial close process.

Why Record to Report Matters

The R2R process encompasses multiple financial activities, from data collection and reconciliation to final reporting and compliance. It is critical for:

  • Ensuring financial accuracy and reducing reporting errors
  • Improving compliance with global regulations, such as Sarbanes-Oxley (SOX) and Anti-Money Laundering (AML) laws
  • Enhancing decision-making with real-time financial insights
  • Reducing cycle time in financial close, allowing for faster and more efficient reporting

According to IDC’s 2023 Office of the CFO Survey, CFOs have identified revenue recognition, transfer pricing, and financial reporting analytics as top areas for improvement in the R2R cycle. This underscores the need for technology-driven solutions that automate and optimize financial processes.

BlackLine: A Leader in R2R Solutions

IDC has positioned BlackLine in the “Leaders” category of its 2024 MarketScape, recognizing the company for its strong capabilities in financial close automation. Key strengths include:

  • Comprehensive Intercompany Capabilities – BlackLine provides robust tools to manage the full lifecycle of intercompany transactions, a critical need for multinational corporations.
  • Advanced AI-Powered Financial Insights – The platform leverages AI-driven tools such as the Journal Risk Analyzer, which detects anomalies in journal entries across multiple ERP systems. BlackLine is also testing generative AI for variance analysis, helping accountants streamline explanations for financial discrepancies.
  • Customizable Dashboards & Analytics – BlackLine’s real-time financial reporting and analytics allow finance teams to drill down into transactions, add notes, and gain deeper insights into financial performance.

The Future of R2R: Automation & Compliance at the Core

As organizations continue to digitally transform financial operations, automation and compliance will be key drivers in the R2R process. CFOs are seeking solutions that:
✔ Reduce manual effort and accelerate financial close
✔ Provide real-time financial insights for strategic decision-making
✔ Ensure compliance with evolving global regulations (ESG, AML, tax compliance)

BlackLine’s cloud-based automation software offers a powerful option for businesses looking to enhance accuracy, efficiency and compliance in financial reporting.

Want to learn more? Read the full IDC MarketScape 2024 Report today.

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Invoice-to-Cash: Navigating the Crossroads of Efficiency and Growth

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In today’s fast-paced business landscape, finance leaders are under increasing pressure to optimize working capital, reduce risk, and streamline operations. The invoice-to-cash (I2C) process, a critical component of financial health, often stands at the intersection of efficiency and strategic growth. A new report, Invoice-to-Cash: Navigating the Crossroads, highlights the evolving challenges and opportunities within this crucial function.

The I2C Bottleneck: A Barrier to Growth

Many organizations still struggle with inefficient, manual, and fragmented I2C processes. These inefficiencies lead to:

  • Delayed Cash Flow: Slow collections impact liquidity and the ability to invest in growth.
  • Higher Costs: Manual processes and high days sales outstanding (DSO) drive up operational costs.
  • Customer Friction: Poorly managed invoicing and collections can strain client relationships.
  • Increased Risk: Disjointed processes elevate the risk of errors, fraud, and compliance issues.

The Shift Towards Automation and Intelligence

The report emphasizes how forward-thinking finance teams are leveraging automation, AI, and analytics to modernize their I2C functions. Key trends include:

  • AI-Powered Predictive Analytics: Machine learning models help forecast customer payment behaviors, reducing late payments and bad debt.
  • Automated Invoice Processing: End-to-end digital invoicing accelerates billing cycles and improves accuracy.
  • Intelligent Collections: Automated workflows ensure proactive follow-ups, optimizing collection efforts while preserving customer relationships.
  • Data-Driven Credit Management: AI-driven credit risk analysis allows for smarter, more agile decision-making.

Strategic I2C: From Cost Center to Value Driver

With the right technology and strategy, I2C can evolve from a cost-heavy back-office function into a competitive advantage. The report outlines best practices for transformation, including:

  • Integrating AI and Automation: Reducing reliance on manual intervention ensures efficiency and scalability.
  • Enhancing Customer Experience: A seamless, digital-first approach to invoicing and payments improves satisfaction and loyalty.
  • Aligning I2C with Business Goals: Shifting I2C from a reactive to a proactive function enhances 

Organizations that embrace intelligent I2C transformation can unlock faster cash conversion cycles, reduce operational burdens, and position themselves for sustained growth. The crossroads is clear—businesses must either modernize or risk being left behind.

Download the full Invoice-to-Cash: Navigating the Crossroads report to explore the latest trends, insights, and strategies for optimizing your I2C processes.

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BlackLine Makes it Easy to Reassign Reconciliations from One User to Another

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Managing reconciliations in an organization can be challenging, especially when staff changes occur. Whether someone has left the company or is taking an extended leave, BlackLine provides efficient methods to reassign reconciliations from one user to another.

Watch our BlackLine Practice Lead, Adam Riskin, demonstrate how easy it is to reassign reconciliations in BlackLine.

Method 1: Using the Bulk Assignment Account Screen

The Bulk Assignment Account screen is perfect for reassigning a large number of reconciliations efficiently. In our example, Kim Wilson is leaving the company, and her reconciliations need to be reassigned to Pat Black. Here’s how to do it:

  1. 1. Set the Role:
    • Ensure the role is set correctly for the reassignment. For instance, if Kim was a preparer, keep the role set to “Preparer.” If Kim was an approver or reviewer, adjust the role accordingly.
  2. 2. Select Users:
    • In the “From” field, select Kim Wilson (the current user).
    • In the “To” field, select Pat Black (the new user).
  3. 3. Adjust the Groups Field:
    • Set the “Groups” field to “GL and Grouped Accounts.” This ensures that both individually reconciled and grouped reconciliations are reassigned.
  4. 4. View and Select Reconciliations:
    • Click “Refresh” to display all reconciliations assigned to Kim. Ensure you adjust the results per page to display all items (e.g., 500 items per page) so nothing is missed.
  5. 5. Select and Assign:
    • Use the “Select All” option to mark all reconciliations for reassignment.
    • Click “Assign Accounts” to finalize the reassignment.

That’s it! All reconciliations previously assigned to Kim Wilson as a preparer are now reassigned to Pat Black.

Method 2: Managing Assignments via the Account Screen

For smaller-scale changes or more control over selected reconciliations, the Account screen is an excellent alternative.

  1. 1. Filter Accounts:
    • Use the filter options to ensure that both “GL” and “Grouped Accounts” are selected, showing all applicable reconciliations.
  2. 2. Select Reconciliations:
    • Manually checkmark the reconciliations you wish to update. For example, select a specific set of eight reconciliations to reassign.
  3. 3. Use the Actions Menu:
    • Click the “Actions” button and select “Manage Assignments.”
    • Choose the new preparer, approver, or reviewer from the dropdown menu (e.g., Pat Black).
  4. 4. Save Changes:
    • After selecting the new user, click “Save.” The system will update the selected reconciliations with the new assignments.

Key Considerations

  • Role-Specific Adjustments: Always ensure that roles (Preparer, Approver, Reviewer) are set correctly when reassigning reconciliations.
  • Groups Field: By default, this field may be set to “GL Accounts Only,” which limits changes to individually reconciled accounts. Adjusting it to “GL and Grouped Accounts” ensures comprehensive reassignment.
  • Page View: Expand the results per page to ensure you can review and select all reconciliations at once.

By following these methods, BlackLine makes it easy to manage and reassign reconciliations efficiently, ensuring smooth transitions during staffing changes. Whether handling a bulk reassignment or a smaller, targeted update, these steps help maintain the accuracy and integrity of your financial processes.

Read more about Accounting & Accounts Receivable:

7 Reasons Why Accounts Receivable (AR) Optimization is Crucial for CFOs

Top BlackLine Videos of 2024

Importing Multiple Accrual Schedules into a Reconciliation With BlackLine

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How to Add and Remove Accounts from Group Reconciliations in BlackLine

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When managing group reconciliations, the ability to add and remove accounts seamlessly is critical for maintaining accuracy and organization. BlackLine makes it easy to manage your group reconciliations.

In our latest video, our BlackLine Practice Leader Adam Riskin, demonstrates step-by-step how to add and remove accounts from group reconciliations. Whether you’re onboarding new accounts or deactivating outdated ones, here’s a detailed guide to streamline your process.

The Account Group Screen

The process begins at the account group screen, which displays a list of all existing group reconciliations. Follow these steps:

  1. 1. Locate the Target Reconciliation:
    • Identify the specific group reconciliation you wish to modify.
    • Click on the relevant reconciliation to access the configuration screen.
  2. 2. Scroll to the Account Section:
    • Navigate to the bottom of the configuration screen to view the list of accounts currently assigned to the group reconciliation.

Adding Accounts to a Group Reconciliation

To include new accounts in your group reconciliation, do the following:

  1. 1. Click the “Add Accounts” Button:
    • A list of available accounts will appear. Select the ones you wish to add by marking the checkboxes.
  2. 2. Set the Add Date:
    • Pay close attention to the Add Date. This date determines the fiscal period when the selected accounts will join the reconciliation.
    • For instance, if you set the Add Date to August 2, 2024, the new accounts will be included in the group reconciliation starting from August 2024. They will not appear in any reconciliations prior to this date.
  3. 3. Finalize the Addition:
    • Once you’ve selected the accounts and set the appropriate Add Date, click the “Add Accounts” button.
    • Verify that the accounts are listed under the group reconciliation with the correct start date.

Removing Accounts from a Group Reconciliation

To remove accounts, follow these steps:

  1. 1. Click the “Remove Accounts” Button:
    • Select the accounts you wish to remove by checking the relevant boxes.
  2. 2. Set the Remove Date:
    • The Remove Date is just as crucial as the Add Date. It determines the fiscal period from which the accounts will no longer be part of the reconciliation.
    • For example, if you set the Remove Date to August 2024, the accounts will remain part of the reconciliation up until July 2024. They will be excluded starting from the August 2024 reconciliation.
  3. 3. Finalize the Removal:
    • After selecting the accounts and setting the appropriate Remove Date, click the “Remove Accounts” button.
    • Ensure the accounts are marked as removed with the specified date reflected.

After making your changes—whether adding or removing accounts—always click the Done button. This step saves your updates and ensures the system reflects the changes accurately.

Best Practices for Managing Group Reconciliations

  1. 1. Double-Check Dates: Always verify the Add and Remove dates to avoid discrepancies in fiscal reporting.
  2. 2. Audit Changes: Regularly review the account list to ensure all modifications align with your reconciliation goals.
  3. 3. Save Your Work: Never forget to click “Done” after making changes to avoid losing progress.

By following these steps and keeping these tips in mind, you’ll ensure that your group reconciliations remain up-to-date and accurate.

Read more about Accounting & Accounts Receivable:

7 Reasons Why Accounts Receivable (AR) Optimization is Crucial for CFOs

Top BlackLine Videos of 2024

Importing Multiple Accrual Schedules into a Reconciliation With BlackLine

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Importing Multiple Accrual Schedules into a Reconciliation With BlackLine

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We recently launched a new video series on different ways to import reconciliation supporting items with BlackLine. In today’s video, our BlackLine Practice Leader, Adam Riskin, demonstrates how to import multiple accrual schedules into a reconciliation.

Step 1. Importing Multiple Amortization Schedules from an Excel File

  • In this demonstration, the Excel file contains two prepaid items: health insurance premium and dental insurance premium, set to amortize over 12 months.
  • Columns C and D represent the start and end dates of the amortization, while columns E and F hold the invoice amounts and open dates.
  • Make sure that the field names in the Excel file match exactly with those in the BlackLine.

Step 2. Ensuring Field Name Consistency

  • BlackLine automatically maps Excel fields to its own fields if the names are consistent.
  • This step simplifies the import process by ensuring the system recognizes the starting amortization date and invoice amounts correctly.
  • The process becomes easier and more efficient with consistent field naming conventions.

Step 3. Importing the Amortization Schedules

  • Click on the “Multiple” hyperlink to import the two schedules.
  • You need to set up the calculation method, typically straight line, before importing the file.
  • Browse and select the Excel file containing the scheduled items.
  • Select all records in the Excel file for import and click Import to add the schedules to the reconciliation.

Step 4. Viewing Imported Schedules

  • The imported schedules appear in the amortizable Schedule section of the reconciliation.
  • You’ll see the amortization amount for each month.
  • The “Roll Forward” button provides a traditional view of the amortizable balance at the end of each fiscal period.

Step 5. Handling Non-Standard Schedules

  • BlackLine can calculate standard schedules automatically, but non-standard schedules may require manual input.
  • Non-standard schedules, such as those with varying amounts each month, may not use auto calculation methods like catch-up.
  • The system administrator can use a specific technique to import these non-standard schedules using the Import v7 Data Import tab.

In our next video, Adam will demonstrate how a system administrator can import non-standard schedules.Have you missed some videos in this series? You can find them all on our YouTube channel.

Read more about Accounting & Accounts Receivable:

Importing a Single Accrual Schedule into a Reconciliation With BlackLine

How a System Administrator can Import Multiple Amortization Schedules in BlackLine

Import Multiple Amortization Schedules into a Reconciliation with BlackLine

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Importing a Single Accrual Schedule into a Reconciliation With BlackLine

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A preparer can easily import a single accrual schedule from an Excel file into BlackLine for an accrued bonus reconciliation. Watch this video to see Adam Riskin, our BlackLine Practice Leader demonstrate how to do this.

Step 1. Setting Up the Excel File for Import

  • The Excel file including columns for fiscal month, description, and the accrued amount.
  • The fields in the Excel file do not need to be in a specific order, but it is best practice to align them with the BlackLine field headers.
  • The Excel file should have fields that match the date, description, and transactional amount fields in the reconciliation system.
  • It is important to name the field headers consistently in the Excel file for accurate import.

Step 2. Starting the Import Process

  • Click the link to start the import process.
  • You’ll see the description field in the import form is filled out as “2024 bonus accrual” and click Browse and select the Excel file.
  • The import form allows users to see the records from the Excel file, including fiscal month, description, and dollar amount.
  • It is important to select the correct tab in the Excel file that contains the uploading data.

Step 3. Mapping Excel Fields to Reconciliation Fields

  • Mapping ensures that the Date field in the Excel file will populate the Date field in the BlackLine supporting item schedule.
  • BlackLine needs to know which Excel records to import.
  • The final step is to click the Import button to upload the schedule into the system.

Step 4. Viewing the Imported Schedule

  • The imported schedule is visible by clicking on the scheduled icon in the system.
  • This feature allows users to see the accrual schedule in detail, ensuring accuracy and transparency.
  • The process concludes with a successful import and detailed viewing of the accrual schedule.

BlackLine makes it easy for a preparer to import a single accrual schedule. This video is one in a series on different ways to import reconciliation supporting items with BlackLine.

Read more about Accounting & Accounts Receivable:

How a System Administrator can Import Multiple Amortization Schedules in BlackLine

Import Multiple Amortization Schedules into a Reconciliation with BlackLine

Importing a Single Amortization Schedule into a Reconciliation With BlackLine

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Importing a Single Amortization Schedule into a Reconciliation With BlackLine

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We recently launched a new video series on different ways to import reconciliation supporting items with BlackLine.

When working with long-term loans, maintaining an accurate and up-to-date amortization schedule is crucial. This process becomes even more streamlined when using BlackLine, which allows users to import amortization schedules directly from Excel files.

Our BlackLine Practice Leader, Adam Riskin, recently demonstrated how to do this. Watch our video to see Adam walk through the steps to import a single amortization schedule for a five-year loan, ensuring accuracy, efficiency, and smooth data mapping from start to finish.

Step 1. Preparing the Excel File for Import

Before importing your amortization schedule into BlackLine, you need to make sure that your Excel file is well-prepared. Proper preparation not only prevents errors but also speeds up the import process.

  • Include all necessary fields: Your Excel file should display a comprehensive debt schedule. This includes key columns like the month-end date, description, monthly payment, interest, principal, and ending balance. The schedule should capture each month’s data throughout the five-year loan period.
  • Adjust field names: The column headers in your Excel file need to match the corresponding fields in BlackLine. This step is vital – BlackLine automatically maps fields based on these headers. For instance, if the system expects a field named “Fiscal Period” but your file uses “Month-End Date,” you will run into mapping issues.
  • Enhance descriptions: You can simplify field organization by concatenating the month names with a descriptor. For example, a “description” field might contain values such as “January Amortization” or “February Amortization.” This not only makes the file easier to read but also improves its compatibility with BlackLine.

Once your file is set up with proper headers and descriptions, you’re ready to move to the next step.

Step 2. Importing the Excel File into BlackLine

After your file is prepared, importing it into Black Line is straightforward. Here’s how to do it:

  • Browse for the file: Start by navigating to the import section within BlackLine and selecting your Excel file. Ensure you are working with the correct worksheet, as some Excel files may contain multiple tabs. Choose the tab that contains the debt schedule you want to import.
  • Automatic field mapping: If you’ve followed the earlier step of aligning your Excel file’s headers with Black Line’s field names, the system will automatically map fields like the month-end date to the fiscal period. This saves time and reduces the potential for errors.

However, if some fields don’t match exactly, you can manually map them in BlackLine. Simply use the drop-down menus provided by the system to connect the fields in your Excel file to the corresponding BlackLine fields.

Step 3. Mapping Excel Fields to BlackLine

Accurate mapping is critical for a successful import. If all your field headers match BlackLine’s expected inputs, the system will automatically map them for you. However, when discrepancies arise, such as using different terminology in your Excel file, you will need to do some manual mapping.

  • Manual mapping process: Use BlackLine’s user-friendly interface to select the appropriate field for each unmatched Excel column. This ensures that the correct data flows into the system. For example, if the “Month-End Date” column wasn’t automatically mapped, you would manually assign it to the “Fiscal Period” field in BlackLine.
  • Selecting all records: After mapping, make sure you are importing the entire schedule by selecting all records. BlackLine provides a “Select All” button, which makes it easy to include the full amortization schedule in the import process.

Step 4. Finalizing the Import Process

The final step in the import process is straightforward: simply click the “Import” button. BlackLine will then bring the entire amortization schedule into your reconciliation. Afterward, you can review the summary view of the reconciliation for the selected period.

From this summary, users can drill down into the full amortization schedule by clicking the schedule icon. This provides a detailed view of the monthly payments, interest, principal, and ending balances for each month, right up until the end of the loan.

One of the major advantages of using BlackLine is that after this initial import, the system automatically rolls the schedule forward each month. This eliminates the need for repeated manual updates, streamlining the reconciliation process for the entire loan term.

Importing a single amortization schedule into BlackLine is a simple but powerful process that can significantly improve your workflow. By preparing your Excel file properly, using BlackLine’s automatic field mapping, and finalizing the import with ease, you can maintain an accurate and hassle-free loan reconciliation process. As a result, future months will require minimal effort as the system automatically manages the schedule on your behalf.

Make sure your Excel files are always aligned with Black Line’s field headers, and you’ll enjoy a smooth, efficient reconciliation process every time.

Read more about Accounting & Accounts Receivable:

Best Practices for Account Reconciliations

Mitigating Financial Risk through Automation

How Automating Accounting Meets the Growing Demands of Finance

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