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Finance leaders know that a stable, scalable and efficient financial close process is critical to long-term success. Yet, many organizations continue to struggle with slow, manual workflows that delay financial reporting, create unnecessary risk, and hinder strategic decision-making.

But what if you could measure and benchmark your financial operations to assess your “future-readiness?”

The latest industry benchmark guide from BlackLine explores seven key metrics that define a modern, resilient financial close process. Here are the critical areas that could be standing in the way of your finance transformation.

1. Hours Spent Cleaning and Downloading Data

Industry Benchmark: 2-8 Hours Setup

Data preparation is often one of the biggest hidden inefficiencies in financial operations. Manually downloading, importing and structuring data for reconciliation and reporting eats up valuable time and introduces unnecessary risk.

Future-Ready Solution: Organizations leveraging automation solutions can integrate data directly, reducing setup time to as little as two hours. This ensures real-time visibility and reduces the burden on accounting teams.

2. Percentage of Transactions Automatically Reconciled

Industry Benchmark: 99% Auto-Reconciled

Manually matching transactions is not just time-consuming—it’s also a morale killer for finance teams. A low percentage of automation in reconciliation means that skilled professionals are stuck on repetitive tasks instead of focusing on exceptions and anomalies.

Future-Ready Solution: With automated transaction matching, companies can achieve reconciliation accuracy rates of 99%, freeing up teams to focus on strategic financial analysis.

3. Percentage of Manual Journal Entries Per Month

Industry Benchmark: 10% or Fewer

Scalability will be a challenge if your organization is still processing a high volume of manual journal entries. Manual processing increases errors, compliance risks, and inefficiencies.

Future-Ready Solution: Automating journal entry creation and validation allows leading organizations to reduce manual journal entries to 10% or less. 

4. Percentage of Low-Value Journal Entries

Industry Benchmark: Less than 5%

Low-value journal entries (such as transactions below a certain threshold) can consume significant resources without providing much benefit. Understanding their impact allows organizations to optimize processing efforts.

Future-Ready Solution: Using AI-powered analysis, finance leaders can set materiality thresholds and identify unnecessary journal entries, allowing teams to focus on higher-value activities.

5. Percentage of Automated Recurring Journal Entries

Industry Benchmark: 35% Automation

Recurring journal entries—such as accruals and amortization—are predictable and should not require extensive manual intervention. Yet, many organizations still rely on outdated processes that require accountants to manually re-enter the same data every month.

Future-Ready Solution: Automating recurring journal entries eliminates redundant work and increases accuracy, leading to greater efficiency in month-end close.

6. Hours Spent Responding to Audit Requests

Industry Benchmark: Less than 2 Hours

Audit season shouldn’t bring financial close operations to a halt. But for many teams, responding to audit requests is an inefficient, time-consuming process that involves tracking down documents across multiple systems.

Future-Ready Solution: Centralizing audit documentation in an automated financial operations platform allows for self-service auditing, cutting response times to under two hours.

7. Number of Solutions Needed to Execute Financial Close

The more fragmented your financial close process, the harder it is to maintain consistency and accuracy. Relying on multiple disconnected tools increases operational risk and reduces efficiency.

Industry benchmark: Leading organizations aim for a unified financial close platform rather than relying on multiple disconnected systems.

Future-Ready Solution: A unified platform consolidates financial close processes, reducing complexity and improving transparency.

Is Your Finance Team Future-Ready?

By benchmarking your financial operations against these seven key metrics, you can identify opportunities for improvement and take steps toward a more agile and resilient finance function.

Want to see how your organization stacks up? Download the full eBook to learn how BlackLine customers have achieved best-in-class financial close automation and efficiency.

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:

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