Continuity instead of escalation is the order of the day when it comes to continuous accounting. [shutterstock: 331475117, Zadorozhnyi Viktor]
E-3 Magazine had an opportunity to dive into BlackLine's continuous accounting solutions at the BlackLine Conference in London in June. While further additions to SAP's FI/CO systems are hardly needed, accouting itself is moving into the spotlight for optimization.
To be in the black – on the safe side – is a given when SAP Finance (R/3 to S/4) is working in tandem with BlackLine’s cloud platform for financial automation to ensure transparency and correctness. Continuous accounting is the order of the day.
One thing became immediately apparent during the BlackLine Conference in London in June: There really is no need for any more additions to the FI/CO-System by SAP.
On the flipside, accounting itself is often error-prone from the get-go. BlackLine’s intention is to be the missing link between the idealistic vision of error-free accounting and daily practice suffering from various types of accounting errors.
In practice, revisions and adjustments then often happen right before the reporting date, thus creating an immense workload for all employees involved as well as extra-hours and extra-costs.
In practice, revisions and adjustments then often happen right before the reporting date, thus creating an immense workload (…)
BlackLine’s approach is different, as adjustments and corrections are made continuously throughout the reporting period, turning the hectic time right before the reporting date into a futuristic vision of true Continuous Accounting.
That is BlackLine’s biggest selling point: accounting done right and continuously eliminates the rush to get everything in order right before the deadline.
BlackLine does not do away with the source of the problem of erroneous accounting, nor does BlackLine claim to. However, with their unique approach, the conference title “In the Black” really becomes a fitting description of what is happening in a company with continuous accounting firmly in place: no more red flags on reporting day and a pleased CFO.
BlackLine is an SAP-Partner and compatible to most up-to-date Finance systems. Furthermore, BlackLine is also open for Oracle and almost any source of data.
The company operates 13 offices worldwide and , among multiple other awards, was named a leader in the Gartner Magic Quadrant in the financial corporate performance management solutions sector last year as well as ranking 43 on Forbes’ Top 100 Cloud List last year as well.