I recently attended BlackLine’s annual user conference. The company aims to automate time-consuming repetitive tasks and substantially reduce the amount of detail that individuals must handle in the department. The phrase “the devil is in the details” certainly applies to accounting, especially managing the details in the close-to-report phase of the accounting cycle, which is where BlackLine plays its role. This phase spans from all the pre-close activities to the publication of the financial statements. The non-practitioner is likely unaware of the hair-curling amount of essential detail that the finance and accounting organization must handle in the close-to-report. Beyond its toll on efficiency, the time and attention involved in performing this work manually bedevils departments’ attempts to become a more strategic partner to the rest of the business.
Topics: automation, close, closing, Consolidation, control, effectiveness, Reconciliation, CFO, compliance, Data, controller, Financial Performance Management, FPM, Sarbanes Oxley, Accounting, process management, report