Fast, error-free closings are critical to your organization's compliance record, bottom line, and reputation. Ensuring data compatibility between multiple systems has traditionally placed a significant burden on IT teams, while still increasing the potential for error. No longer. The NetSuite Connector automatically formats and imports all NetSuite data into BlackLine's continuous accounting platform. The result is true data compatibility - and a more accurate and efficient close.

Fast, error-free closings are critical to your organization's compliance record, bottom line, and reputation. Ensuring data compatibility between multiple systems has traditionally placed a significant burden on IT teams, while still increasing the potential for error. No longer. The NetSuite Connector automatically formats and imports all NetSuite data into BlackLine's continuous accounting platform. The result is true data compatibility - and a more accurate and efficient close.

Overview

Do you struggle with limited resources and tight deadlines around the financial close?

BlackLine’s Financial Close Suite provides accounting and finance departments with end-to-end functionality that automates and streamlines manual, spreadsheet-driven accounting processes. By implementing BlackLine’s centralized, automated system, companies gain critical, real-time visibility into their financial closes while optimizing workflow, saving time and enhancing accuracy.

Key Benefits

Ensure Balance Sheet Integrity – Built-in controls ensure that all accounts are reconciled at the right time, by the right people so that CFO’s, Controllers, and Auditors can confidently rely on the integrity and accuracy of the numbers.

Faster, better close without working overtime – By standardizing, organizing and automating many of the processes around month-end close, accountants can reduce their work load, spend more time on value added tasks and avoid the late night number crunching.

Control and Visibility – Robust dashboards, reporting and alerting capabilities are designed to precisely highlight progress, risk associated with required adjustments, delinquencies and incomplete processes. Having the visibility into remote locations, with detailed drilldowns, has been proven to have exceptionally high value.

Reduce the cost of your financial close – Save money in the following areas: time spent manually preparing account reconciliations, journal entries and variance analysis, time spent tracking and reporting on the status of the close, time spent reviewing and approving by senior staff, paper and printing costs, storage costs and audit-related time and materials.

Customer Quote

“The BlackLine system can analyze multiple invoices to one payment, account for variances due to bank fees or foreign exchange impact, and anticipate independent payee assignments. And that’s just a small example of the power of its rules.”
- Patrick Loughnane

Integrating BlackLine & NetSuite

The Data Connector retrieves general ledger account balances from the client’s NetSuite system for use in BlackLine’s Account Reconciliations module. Once the general ledger account balances have been retrieved, BlackLine Data Connect formats the data into BlackLine’s specifications to prepare the data for importing. By using BlackLine Data Connect, IT departments will spend less time configuring queries to extract data from NetSuite to ensure its compatibility with BlackLine. Clients can configure BlackLine Data Connect to automatically extract and format data from NetSuite.

Account Reconciliations

BlackLine’s Account Reconciliations module fundamentally improves the transparency, accuracy and efficiency of the reconciliation process.

Highlights include:

  • Auto-certification of low-risk, rules-driven reconciliations greatly reduces manual labor and allows accountants to focus on value-added activities and analytics.
  • Reconciliation templates help companies standardize the reconciliation process across all business units, improving the quality of reconciliations and easing both reviews and audits.
  • Online document repository stores and protects all attachments associated with the reconciliation process, making shared drives and binders obsolete.
  • Built-in workflow ensures accounts are assigned, prepared and reviewed by the right people at the right time.

Task Management

BlackLine’s Task Management module provides a configurable, web-based platform for all of the checklists or task lists companies use to track and manage various processes. Some of the more common task lists: month-end close, both corporate and departmental; auditor PBC lists; operational checklists; exception handling and research; tax filings; compliance controls; and recurring journals

Highlights include:

  • Configurable task dependencies guarantee correct sequence and roll-up of related activities.
  • Online document repository stores and protects all attachments associated with the completion of a task in a view-only format.
  • High level of configurability allows the creation and coexistence of many different types of task lists.
  • Real-time notifications alert users to pending tasks and keep the process moving.
Global time zones are supported with flexible due dates, calendars and holidays, eliminating the difficulties caused by geographic differences

Transaction Matching

BlackLine’s Transaction Matching module can streamline and automate detail-heavy reconciliations, such as bank reconciliations, credit card matching, intercompany reconciliations and invoice-to-PO matching. It contains a state-of-the-art matching engine with powerful and configurable pass rules designed by business users to meet their specific challenges.

Highlights include:

  • Automatically import, parse and manipulate data from any readable source, in any format, on any schedule.
  • Match any type of data with flexible, rules-driven “match sets.”
  • Intelligent “dynamic grouping” finds the best combinations of matches through high-speed algorithms.
  • Match one-to-one, one-to-many and many-to-many pairings.
Handle high volumes of transactions quickly and easily, matching up to one million transactions per minute.

Journal Entry

BlackLine’s Journal Entry module provides a controlled approach to centralizing manual journals. Companies can create, review, and approve journals, then electronically certify and store them with all supporting documentation. Journals can be posted to the general (or sub) ledger systems either on demand or in a batch on a schedule.

Highlights include:

  • Powerful validation rules and relational look-up tables prevent failed journals that require follow up.
  • Configurable journal templates are compatible with different general and sub ledger systems and precisely capture the information needed for a particular journal type.
  • Integrated workflow streamlines and creates a full audit trail of the approval process.
  • Automatic posting and status tracking provide real-time updates.

Variance Analysis

BlackLine’s Variance Analysis module replaces the spreadsheet flux analysis that is manually completed by many companies as part of their risk identification and mitigation process. Both balance sheet and income statement accounts can be monitored within the tool. Whenever new balances are imported into BlackLine, the rules engine is executed, creating variance analysis templates for the accounts that deviate from defined parameters. Once variance analyses have been completed and certified with supporting documentation attached, users can roll up and report on this information.

Highlights include:

  • More than 15 different types of period comparisons to select from (quarter-over-quarter, year- over-year, current year-to-year end, budget-to-actual, etc.)
  • Variances created by examining balances and/or comparative percentage deltas.
  • Foreign Exchange differentials can be automatically calculated and included in the variance explanations.
  • Built-in workflow automatically assigns variance analyses to people most familiar with accounts.
  • Links to underlying reconciliations simplifies research process

BlackLine is modernizing the finance and accounting function to enable greater productivity and better detection of accounting errors through Continuous Accounting. This new approach embeds automation, control, and period-end tasks directly within day-to-day activities, allowing the rigid accounting calendar to more closely mirror today’s dynamic business environments. As a result, companies can constantly monitor for error, fraud, and inefficiency before they become material misstatements.

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