Traditional period-end and record-to-report accounting processes are holding businesses back, according to financial controls and automation platform provider, BlackLine.
To assist businesses to keep on top of their finance position in a 24/7 world, the company’s cloud platform can now enable ‘Continuous Accounting’, with real-time automation, controls and period-end tasks embedded within day-to-day activities.
This model, according to BlackLine, allows companies to continually capture, validate and produce financial data, resulting in an accounting calendar that more closely mirrors the broader business, and smoothing out the massive effort often required by finance staff to close the books at the end of a period.
Transactions can be fully processed and financial information can be reconciled, checked and verified on a real-time or near real-time basis. Controllers and CFOs can evaluate information at any point in time, allowing continual monitoring for errors, fraud and inefficiencies.
“Continuous Accounting reflects a modern way of operating. Rather than executing the majority of period-end accounting efforts in only a few days with little time for review – and potentially exposing the business to fraud and restatement risk – work can be performed as required in smaller batches, producing more accurate information whenever it is needed,” said Therese Tucker, CEO, BlackLine.
BlackLine’s Enhanced Finance Controls and Automation software is ERP-agnostic, and is endorsed by SAP.
