BlackLine

Meet Emery Sinclair, Revelwood’s Vice President of Client Success

December 19, 2024 by Revelwood

Emery Sinclair recently rejoined Revelwood as our new vice president of client success. Previously, he spent eight years serving as Revelwood’s director of solutions and strategy. We sat down with Emery to learn his vision for this new role and why he returned to Revelwood.

Q: Welcome back! Tell us about your new role.

Emery: Thanks. I’m responsible for overseeing and expanding our Client Success team. Our goals are to optimize the client experience by expanding our service offerings and driving product adoption. We want to make sure our clients get the full benefits they expect from their investments in technology for the Office of Finance.

Currently our clients receive complimentary training, free system performance tune-ups, access to open Q&A sessions and exclusive content. We plan on expanding our offerings. At Revelwood we say – and we mean it – that we have our clients’ backs. Our Client Success team will put even more processes and thought around how we do that.

Q: What have you been doing in between your time with us?

Emery: I’ve focused on client success. I’ve had the opportunity to work with startups that were headquartered outside of the U.S. This has given me an interesting perspective on how to work with organizations of all sizes to partner for success. Success not just in selling software, but in actually working toward long-term relationships with our clients. As one Revelwoodian recently said, “We don’t just deliver [an implementation] and run away. In fact, we do the opposite of that.

Q: Why did you decide to return to Revelwood?

Emery: Revelwood has nearly quadrupled in size since I left in 2014. There’s a significant amount of growth in the financial planning software market and related technologies for the Office of Finance. Revelwood has the right people and the right experience to capitalize on this fast-growing market.

Revelwood also has a client base of raving fans. That’s a great starting point for my goals for the Client Success team. We’re not just a service provider, we are a vested advocate that helps them achieve their goals for transforming the Office of Finance.

And, they are great people!

Learn more about Emery – read the press release and connect with him on LinkedIn.

Meet Dino Daddona, Revelwood’s New Vice President of Sales, Americas

December 18, 2024 by Revelwood

Dino Daddona was recently named Revelwood’s vice president of sales, Americas. We sat down with him to learn more about his thoughts on Revelwood.

Q: Why did you choose to join Revelwood?

Dino: The majority of my career has been in roles selling to the Office of Finance. So it was functionally a good fit. More importantly, though, Revelwood is in a unique position in the market. The company is on a rapid growth trajectory and has a legacy of success helping clients transform financial performance and operations. That makes Revelwood a rare find.

Many Revelwoodians have been with the company for many years. That is a sign of a great company. It is a testament to the quality of the leadership, the commitment to individuals’ success and its commitment to the company’s Core Values.

Q: What do you see as Revelwood’s opportunity in the market?

Dino: There is a massive opportunity to help companies transform their Office of Finance. According to Gartner’s Magic Quadrant for Financial Planning Software, “Organizations are increasingly seeking efficient, agile planning and management to respond to market changes.” Frankly, nearly every organization now faces “market changes” on a regular basis. This means that companies – and they are many of them – that still use spreadsheets for budgeting and planning need to modernize their finance operations now.

Workday Adaptive Planning is one of the best financial planning solutions on the market. Revelwood is the leading Workday Adaptive Planning partner in the Americas. Additionally, Revelwood has decades of experience (and awards to prove it!) partnering with IBM. We’ve also received awards from our partner BlackLine.

We are perfectly positioned for exponential growth in the market.

Q: What will you be doing in this new role?

Dino: I’m Revelwood’s first vice president of sales, Americas. I oversee our Sales and Pre-sales teams. These teams are a mix of Revelwood veterans and new team members, some of whom are just entering the workplace. Having a diverse team means that we can leverage both experience and new ideas.

My role also includes strengthening relationships with our partners. Our partnerships are not just traditional technology “Barney hugs.” We invest in training and certifications from our partners. We’re not generalists – we are experts in technology for the Office of Finance. It’s important that our partners understand how committed we are to mutual success.Learn more about Dino.

Read the press release and check him out on LinkedIn.

Importing Multiple Accrual Schedules into a Reconciliation With BlackLine

November 21, 2024 by Revelwood

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.

Importing a Single Accrual Schedule into a Reconciliation With BlackLine

November 14, 2024 by Revelwood

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.

How a System Administrator can Import Multiple Amortization Schedules in BlackLine

November 7, 2024 by Revelwood

In an earlier blog post, we showcased a video demonstration on how a preparer can import multiple amortization schedules. In this video, our BlackLine Practice Leader Adam Riskin shows you how a system administrator can import non-straight line amortization schedules.

Here is the process:

Overview of the Import File

You’ll see Adam work with two amortization schedules: one for health insurance premiums and one for dental insurance premiums, both amortizing over 12 months.
The first 20 or so fields are considered the header record for the amortization schedule, containing details like the supporting item header record and entity information.
Each record is copied down 12 times to reflect the 12-month amortization period, with values varying based on the months.
The header record includes fields like the supporting item header record, open date, entity, General Ledger (GL) account, and a unique ID.

Setting Up the Monthly Schedule

The monthly schedule lists the amortization amounts for each month.
You’ll see varying amortization amounts for the first six months compared to the last six months.
The same concept is applied to the dental insurance amortization schedule, with 12 records mirroring the structure.

Calculation Method and Upload Process

The calculation method is set to “end” for non-straight line amortization schedules, which allows the schedule to be created based on the provided amounts.
Next, you’ll copy and paste the data into a WordPad file and save it to the file share.
As an administrator, you’ll navigate to the Import Data screen, select the items v7 import type, and import the file into the system.
Once this is complete, you’ll see the the amortization schedule in the reconciliation within BlackLine.

This video is one in a new series on different ways to import reconciliation supporting items with BlackLine. Stay tuned for more videos on importing supporting items.

Import Multiple Amortization Schedules into a Reconciliation with BlackLine

October 31, 2024 by Revelwood

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

In our latest video, BlackLine Practice Leader, Adam Riskin, demonstrates how to import multiple amortization schedules into a reconciliation with BlackLine.

Step 1. Importing Multiple Amortization Schedules from an Excel File

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 BlackLine for proper importing.

Step 2. Importing the Amortization Schedules

The calculation method, typically straight line, needs to be set before importing the file.
Browse and select the Excel file containing the scheduled items.
Click the “Import” button is to add the schedules to the reconciliation.

Step 3. Viewing Imported Schedules

The imported schedules will 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.

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.
Your system administrator can use a specific technique to import these non-standard schedules.

Stay tuned for more videos from Adam on how to import supporting items into BlackLine.

Importing a Single Amortization Schedule into a Reconciliation With BlackLine

October 24, 2024 by Revelwood

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.

Best Practices for Account Reconciliations

October 3, 2024 by Revelwood

This is a blog post from our partner BlackLine, sharing nine best practices for streamlining your account reconciliation process.

Account reconciliation is an accounting process that verifies the accuracy of entries in the business ledger by comparing them to the information in bank statements, business records, vendor invoices, expense receipts, credit card statements, and other data sources.

Nine Account Reconciliation Best Practices

Accountants can follow these nine best practices to ensure the accuracy and integrity of their account reconciliation.

1. Automate:

Expand automation to cover the entire reconciliation process. Like so many aspects of business accounting, account reconciliation benefits greatly from automation. Digital applications reduce time in the process by minimizing or even eliminating manual data entry.

Software can be programmed to operate on rules that improve the integrity and consistency of the information gathered and the analysis process. Digitally enhanced identification of errors and discrepancies significantly improve the accuracy of the reconciliation process. Artificial intelligence (AI) enhances the ability to identify and match appropriate documentation, reducing omissions and cutting down processing time.

2. Evaluate and Improve:

Consider how processes may need to change over time due to factors like employee turnover, new input fields, and M&A activity. As in any other process, how accountants conduct their account reconciliations should be evaluated and improved over time. Internal changes to the company structure and operations, as well as external changes in the market in which the business operates, can have a significant impact on how account reconciliations need to be conducted. Regular adjustments should be made to ensure that the process reflects these changes.

Accountants should review data files, fields of entry, and matching rules and make changes as necessary to ensure that all the data and steps in the reconciliation process reflect the most up-to-date business practices.

3. Standardize the Reconciliation Process:

Use a consistent reconciliation method. To ensure reliability, accountants should endeavor to create and employ a standardized process. Standardization creates consistency in reconciliation. Well-defined parameters and easily understood metrics reduce errors and save time. Standardized methods allow for more insightful information comparisons over time, which helps identify trends and patterns in financial data.

4. Identify and Assess KPIs:

Look at key performance indicators. Using specific metrics to evaluate the account reconciliation performance will ensure the process’s integrity. Accountants should first establish their key performance indicators (KPIs). Metrics such as accuracy, timing, and the number of errors or discrepancies help to measure the effectiveness of the process.

Establishing benchmarks for these and other metrics and regularly evaluating how the process performs against them will identify areas for improvement. The KPIs themselves may also need to be adjusted over time to reflect changes to the business and the process themselves.

5. Regularly Update Account Reconciliation Policies:

How reconciliation is performed largely depends on the policies that the business sets to govern its execution. Policies can govern many aspects of the process, including the timing and frequency of reconciliations, the steps that are followed, who is responsible for various aspects of the reconciliation process, and how errors are identified and reconciled. In the spirit of evaluating and improving, these policies should be regularly monitored and updated to reflect changes to the business and its financial activities.

6. Reconcile in Sections:

Break the process into sections. Reconciliation is a complicated process that will benefit from an incremental approach. It can be broken down into smaller steps to facilitate and make the process more manageable. For example, reconciliation can be broken down into basic elements: identifying relevant accounts, gathering data, setting a timeline, comparing statements, examining individual transactions, identifying discrepancies, and reconciling errors. Tackling each individually and sequentially will make the more extensive process more manageable.

7. Analyze Discrepancies:

Analyze any differences that are found. Once discrepancies are found, this is an opportunity for accountants to do their detective work and determine the cause. A careful review of the ledger information and the source data will help pinpoint the underlying reasons. Discrepancies can be caused by various factors, including manual errors in data entry, improper calculations, timing errors, omitted transactions, delayed payments, and even fraud. Identifying the nature of the discrepancy will determine how it should be addressed and reconciled.

8. Finish On Time:

Review and finish reconciliations on time. Timing is important in the reconciliation process. Unnecessary delays can lead to more errors or discrepancies being overlooked and carried over into another reporting period. Timely completion of reconciliation can help the business close its accounts efficiently and as scheduled, and it can help identify fraud, errors and other trends before they become compounded or cause more problems for the business.

9. Stick to Accounting Rules:

Follow generally accepted accounting principles (GAAP). In the United States, public companies must follow a set of rules, standards, and procedures set by the Financial Accounting Standards Board (FASB). These GAAP are designed to ensure consistency, accuracy, and transparency in financial reporting across various industries.

GAAP requires businesses to use the double-entry bookkeeping system. This system supports GAAP’s goals and is the most common tool for reconciliation because it requires entering a transaction into the general ledger twice. Each entry is recorded as a debit or a credit, and the two always balance out.

Why Is Account Reconciliation Important?

Account reconciliation is an essential business accounting function. It helps businesses address several fundamental objectives in their accounting processes.

All businesses must identify errors and fraud, generate accurate financial statements, file taxes, and comply with myriad laws and regulations at the federal, state, and local levels.

Reconciliation ensures the accuracy and reliability of financial practices and statements to support efficient operations and sound decision-making by management, lenders, and investors.

2024 Financial Close Buyers Guide Names & Recognizes BlackLine for its Total Cost of Ownership and Return on Investment

September 26, 2024 by Revelwood

Ventana Research, now ISG Software Research, recently released its 2024 Financial Close Buyers Guide, which ranked BlackLine an Exemplary Vendor and Overall Leader. The report highlighted the total cost of ownership (TCO) and return on investment (ROI) that BlackLine delivers to its customers.

“As the financial landscape continues to evolve, the need for the Office of the CFO to drive business forward has never been more critical,” said Robert Kugel, executive director and head of business research, ISG Software Research. “Blackline’s proven, collaborative and achievable approach to digital transformation has positioned the company as a trusted partner for organizations worldwide.”

The guide evaluated 12 vendors in the financial close software market. They are: BlackLine, Board International, FloQast, Fluence, NetSuite, Oracle, Prophix, SAP, Trintech Adra, Trintech Cadency, Vena Solutions and Wolters Kluwer.

Close-up of a financial close chart

Description automatically generated

The report uses the Ventana Value Index methodology, which is based on extensive market and product research and is structured to replicate an RFI process by incorporating criteria to select technology. The research evaluates technology providers on products that address critical elements of enterprise software across ten product and customer experience categories.

Ventana ranked BlackLine as a leader in seven out of the ten categories, including Capability, Usability, TCO/ROI and Validation. The company received an overall grade of A-, and was recognized for:

Product Experience for its manageability, administration, privacy and security.
Customer experience for its total cost of ownership (TCO) and return on investment (ROI), due to effective systems and processes for managing and escalating breaches.

Vendors in the Exemplary category represent those that performed the best in meeting the overall product and customer experience requirements.

Read the full 2024 Financial Close Management Buyers Guide.

ISG Software Research provides authoritative market research and coverage of the business and IT software industry.

BlackLine

Learn more about Emery – read the press release and connect with him on LinkedIn.

Read the press release and check him out on LinkedIn.

Step 1. Importing Multiple Amortization Schedules from an Excel File

Step 2. Ensuring Field Name Consistency

Step 3. Importing the Amortization Schedules

Step 4. Viewing Imported Schedules

Step 5. Handling Non-Standard Schedules

Read more about Accounting & Accounts Receivable:

Step 1. Setting Up the Excel File for Import

Step 2. Starting the Import Process

Step 3. Mapping Excel Fields to Reconciliation Fields

Step 4. Viewing the Imported Schedule

Read more about Accounting & Accounts Receivable:

Here is the process:

Overview of the Import File

Setting Up the Monthly Schedule

Calculation Method and Upload Process

Read more about Accounting & Accounts Receivable:

Step 1. Importing Multiple Amortization Schedules from an Excel File

Step 2. Importing the Amortization Schedules

Step 3. Viewing Imported Schedules

Read more about Accounting & Accounts Receivable:

Step 1. Preparing the Excel File for Import

Step 2. Importing the Excel File into BlackLine

Step 3. Mapping Excel Fields to BlackLine

Step 4. Finalizing the Import Process

Read more about Accounting & Accounts Receivable:

Nine Account Reconciliation Best Practices

1. Automate:

2. Evaluate and Improve:

3. Standardize the Reconciliation Process:

4. Identify and Assess KPIs:

5. Regularly Update Account Reconciliation Policies:

6. Reconcile in Sections:

7. Analyze Discrepancies:

8. Finish On Time:

9. Stick to Accounting Rules:

Why Is Account Reconciliation Important?

Read more about Accounting & Accounts Receivable:

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