Blackline Offers Real-Time Automation via Continuous Accounting
FREMONT, CA: Enhanced Finance Controls and Automation (EFCA) software provider, Blackline has become the first to introduce a Continuous Accounting solution for its Finance Controls and Automation service. Continuous Accounting provides its customers with a real-time view of the current state of their accounts through constant validation and analysis of financial data. The solution helps organizations to get rid of the outdated record-to-report model that has a higher error rate and is not equipped with the capabilities to accurately reflect their financial position.
“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,” says Blackline CEO, Therese Tucker.
The rapid expansion of organizations leads to higher influx in transactions which has an impact on employee productivity as well as the effectiveness of Finance and Accounting (F&A) teams. This often creates higher error rates, increased workloads, and limited visibility in transactions. Continuous Accounting embraces an advanced approach by combining modern finance strategies and cloud technology to deliver real time reporting, faster analysis, and enhanced operational efficiency. The “continuous” aspect of the solution enables accountants to ease their workloads by completing tasks periodically in small chunks.
In addition, real-time automation capabilities of the solution allow CFOs and finance managers to eliminate errors, discrepancies, fraud, and inefficiencies. “Companies looking to truly modernize their finance and accounting organizations and achieve the highest possible levels of efficiency and productivity need to move to a Continuous Accounting model sooner than later,” states Tucker.