Accounting automation software leader BlackLine, Inc. announced several new innovations including the BlackLine Accounting Studio – designed to help Finance and Accounting (F&A) leaders transform and modernize their operations via a single, controlled environment that unifies all of BlackLine’s market-leading solutions. The new offerings will be featured this week at BlackLine’s annual global conference BeyondTheBlack™ 2022.
Highlights of BlackLine’s enhanced platform functionality and new solutions include:
BlackLine Accounting Studio to unify, orchestrate and automate end-to-end processes
The BlackLine Accounting Studio will unify BlackLine’s existing solutions across the Financial Close Management, Accounts Receivable (AR) Automation and Intercompany Financial Management (IFM) categories, as well as other financial applications and ERPs, into a single, controlled environment. The new Studio is expected to fundamentally change how accounting work gets done by bringing together people, processes and data and enabling organizations to unify disparate financial data systems, orchestrate and design processes and embed automation every step along the way. With the Studio, F&A teams can optimize capacity and shift focus from manual, routine work to strategic initiatives.
The BlackLine Accounting Studio will provide a dedicated space for managing business and regulatory requirements, gathering data inputs, designing compliant processes, incorporating stakeholder feedback, executing plans and documenting work for reproducibility and reporting. The BlackLine Accounting Studio is designed to abstract the complexity of multiple F&A systems, ERPs and data flows, enabling customers to easily create and configure standardized process workflows with end-to-end automation and visually track the status of all tasks and overall accounting processes. The result will be greater visibility, efficiency and control across divisions and systems.
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The initial iteration of the Studio will focus on financial close processes and is slated for general availability in Q2’2023.
Financial Reporting Analytics to control, validate and streamline financial statement analysis
BlackLine’s Financial Reporting Analytics is a new solution that enables analysis and validation of group-level financial data with direct, real-time visibility into the local or underlying details. Financial Reporting Analytics provides a centralized workspace with end-to-end transparency to ensure completeness and accuracy of consolidated fluctuation calculations. Customers will be able to review financial statements and execute variance analysis faster, eliminate time wasted on manual workflows, and redeploy resources to focus on the exceptions – replacing error-prone, reactive processes with a proactive, preventative approach that strengthens key controls.