Sarbanes Oxley : Auditing : Financial Close
Enhanced Finance Controls
November 7, 2014 03:00 PM
BlackLine Finance Controls & Automation Suite only solution featuring integrated cloud platform—built from a single code base—that supports the entire close-to disclose process
BlackLine has been listed by Gartner as a ‘Best-of-Breed’ provider for Enhanced Finance Controls and Automation (EFCA) Software – a renamed category formerly called Close/Reconciliation Management by the global technology industry research leader. In its Oct. 13, 2014 report entitled “Enhanced Finance Controls and Automation Fills the Gap in ERP and CRM Processes,” Gartner analyzes the expanded scope of solutions previously designed to address the ‘Last Mile of Finance’ and provides actionable insight for companies as they plan for and prioritize their IT investments in the year ahead.
In the report, Gartner asserts that “through 2019, 40 percent of enterprise finance organizations will leverage EFCA solutions to improve financial processes. Of these solutions, 80 percent will be sourced from specialist EFCA vendors in the cloud domain suites from public cloud offerings.”
With regard to the renamed Enhanced Finance Controls and Automation category, the Gartner report states, “The Last Mile of Finance and Financial Governance have expanded to include functionality currently missing from ERP and CPM platforms. These enhanced finance controls and automation solutions now are presenting innovative opportunities to improve the finance function.”
Gartner goes on to say, “The Close/Reconciliation Management asset class has expanded over the last year to include a wider range of functionality that extends beyond the month-end close into a broader solution that can enhance the management and control of any finance process throughout the accounting cycle.”
“With this renamed category, we believe Gartner has put a stake in the ground validating the huge need and market opportunity that exists for solutions to automate the whole gamut of accounting and finance processes,” Therese Tucker, BlackLine CEO and Founder, said. “The BlackLine Finance Controls and Automation Suite and Platform fit squarely within Gartner’s new category.”
Gartner adds, “Despite the breadth of functionality in CPM and ERP systems, they don't go far enough in providing a holistic approach to activities that are required to complete the financial close as well as provide support during the accounting period....EFCA domain suites will enable finance organizations to reduce the time taken to perform the month-end close, improve efficiency during the accounting period, and produce statutory and regulatory filings, while improving financial controls and supporting new reporting requirements.”
BlackLine was created to automate highly repetitive, manual accounting and finance tasks—tying up all the loose ends to liberate accountants to apply their talents to more strategic pursuits. The company’s introduction of its pioneering account reconciliation software in 2005 signified the development of an entirely new category of business technology, one erasing the drudgery, inefficiency and risk inherent in the previously manual, spreadsheet-based process, while offering unparalleled visibility into the underlying financial data.
Since then, BlackLine has added many new automated functions to its cloud-based technology platform, many created in tandem with the company’s enterprise-level and mid-market customers. Today, this robust platform comprises a variety of packaged solutions and key enabling technologies efficiently addressing multiple Finance and Accounting needs. The enormous amount of time accountants previously invested in manual exercises can now be reinvested in value-added activities, ensuring data transparency, enhanced controls and the integrity of data for reporting and compliance purposes.
“We agree with Gartner’s segmentation analysis and are gratified that a firm of Gartner’s caliber and reputation recognizes that BlackLine offers a ‘best-of-breed’ solution for finance controls and automation,” Ms. Tucker added in a recent blog post.
BlackLine is the leader in Enhanced Finance Controls and Automation software and the only provider today offering a completely integrated cloud platform—built from a single code base—that supports the entire close-to-disclose process, as well as a host of other key accounting and financial processes. BlackLine’s Finance Controls and Automation Platform increases business efficiency and visibility, while ensuring the highest degree of balance sheet integrity.
Delivered through a scalable and highly secure cloud model, BlackLine empowers more than 900 global companies to reduce the time and resources required to execute month-end closing with unparalleled accuracy, fueling confidence throughout the entire accounting cycle. With more than 100,000 users in over 100 countries, BlackLine complements existing Corporate Performance Management (CPM), Governance Risk and Compliance (GRC) and Enterprise Resource Planning (ERP) systems.
Although BlackLine is ERP-agnostic, the BlackLine Financial Close Suite for SAP® Solutions is an SAP-endorsed business solution – joining the ranks of fewer than 40 other software offerings globally that are endorsed by the enterprise application software leader. BlackLine also is an SAP Gold Partner, Oracle Gold Partner and participates in the partner programs of NetSuite and several other ERP providers.
Company headquarters are in Los Angeles, with offices in Atlanta, Chicago, London, Melbourne, New York City and Sydney.