Enterprise Resource Planning (ERP) has become essential in helping businesses integrate several other processes into a single system. Utilizing this software solution increases synergies between each business area and helps increase efficiency and productivity. Like SAP accounting software, using Blackline ERP functionality in your company may be highly beneficial in maximizing visibility, increasing accuracy and minimizing the risk of errors when working on the accounting required to close your financials each month. It contains the ability to automate manual tasks and work on financial close tasks progressively, making it an indispensable tool
Blackline ERP Functionality Provides Visibility
Completing the financial close for your accounting is likely done near the end of the month at your company, which can make it challenging to validate each transaction. This lack of visibility could expose your company to problems in the future due to errors or even fraud. Utilizing Blackline ERP functionality provides the visibility you require to ensure your company doesn’t sacrifice accuracy for speed. Once you’ve integrated the software with an ERP and automated the data, you’re provided with real-time visibility and can validate each transaction.
Want More Guidance? Get Help Integrating BlackLine
Standardizing and Automating Reconciliations
Using Blackline offers you the ability to standardize and automate reconciliations, providing you with accuracy and the high-quality financial statements you require. Using a streamlined method, it gives you the ability to verify transactions on your balance sheet quickly. You can compare bank statements and other data with your general ledger, investigate discrepancies and add support documentation from a unified, intuitive area fast and effectively.
Matching and Reconciling Several Transactions
It can consume a great deal of time matching and reconciling thousands of transactions for your company’s end-of-month financial close. Using Blackline provides the capability to streamline and automatically reconcile different types, such as intercompany reconciliations or invoice-to-PO matching, in a central workspace. Having the ability to avoid the manual process of ticking and tying spreadsheets allows you to focus your efforts on discovering discrepancies. You can quickly manage accounting transaction types, like paying to accounts receivable, bank to credit card, bank to general ledger and investment transactions.
Blackline ERP Quickly Identifies Unmatched Transactions
Discovering unmatched transactions allows you to easily and quickly create reconciling items and add a direct link to each incorrect transaction using a correcting journal entry. Having this ability to identify unmatched transactions enhances the accuracy and quality of your reporting and decreases manual work. Taking this action can also reduce the cost of producing, printing and storing supporting documents.
Offering Unity and Security
Blackline has been created using a single code base, making it more efficient to integrate with other ERPs. The platform allows you to work in a private cloud using third-party hosting. This configuration increases the ability to provide better security, keeping your company’s data safe from the outside world.
Simplifying and Standardizing Your Financial Close
Completing the financial close for your company correctly and efficiently is probably dependent on several steps. Wasting time and increasing risk are likely to occur if you have to perform several tasks manually. Automating your financial close can help alleviate this challenge and reduce the risk of errors. Installing specific controls and having the ability to enforce them effectively provides you with a way to utilize this software and meet your needs. You’re able to import financial data from the ERP you’re using and eliminate the risk of making errors with the data.
Why You Need Us
Incorporating Blackline ERP functionality into your company’s processes may be ideal in helping you accomplish your monthly accounting tasks more quickly and accurately. Here at Fusion CPA, we are familiar with the software and can help you match your accounting requirements with its assistance. Becoming more efficient with your bookkeeping requirements and verifying transactions fast should be highly beneficial to your business. Contact us today if you have questions or want to learn more about our ability to help you with this transition.
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.