The BlackLine Account Reconciliations product ensures the accuracy of financial data. It is used by accountants to verify the correctness of account balances across all balance sheet accounts by comparing data in two systems or locations, such as an ERP system and a bank statement, investigating discrepancies, and making required corrections.
The product provides an intuitive interface for performing account reconciliations that includes standardized templates, workflows for review and approval, linkage to policies and procedures, and integrated storage of supporting documentation. Many manual activities in the reconciliation process can be automated through this product, significantly reducing the time and effort spent on reconciliations in the financial close process. It also enhances internal controls by maintaining proper segregation of duties, allowing easy audit of reconciliations, and adding unprecedented transparency and visibility to the financial close process.
- Auto-certification of low-risk accounts through configurable rules, and decertification of reconciliation when underlying account balances change
- Standardized, customizable templates to ensure consistency across business units and accounting groups
- Integrated secure document storage manages and protects all attachments and supporting documentation
- Account ownership and built-in workflows for preparation, review, and approval that maintain proper segregation of duties
- Comprehensive dashboards and reporting give real-time visibility into status, exceptions, potential impact, and points of risk
- Multi-currency and multi-language to support a global presence
- Significant reduction in time spent preparing reconciliations, freeing accountants to focus on analytical tasks
- Reduced errors and increased confidence in the accuracy of financial data
- Visibility into the status and potential impact of all account reconciliations
- Simplified audits with controlled auditor access to online information
- Paperless process eliminates printing, binders, and physical storage
As an integrated part of the BlackLine Finance Controls and Automation Suite, Account Reconciliations product not only makes accountants lives easier, it also gives managers and auditors confidence in the integrity of the balance sheets.