Trust is in the Balance™
MODERN ACCOUNTING FOR MANUFACTURINGGlobal manufacturing is complex. Companies slow to modernize are at a disadvantage.
Trust is in the Balance™
New tools, from robotics to nanotechnology, are changing how manufacturers produce goods. Yet while the
manufacturing process has entered the 21st century, accounting and finance teams are still doing things the old-
fashioned way—with spreadsheets. While the production business is focused on improving speed and innovation,
teams are left to struggle with time-consuming, manual accounting processes.
A 24/7 industry with constantly changing customer demand means manufacturers today must have real-
time financial information. Yet for organizations still relying on spreadsheet-driven accounting, access to this
information is too little and too late. Hubbell Incorporated provides an example of how growth and a manual
reconciliation process can create challenges around accounting visibility, accuracy, and efficiency.
Manufacturers rely on the latest technology for production. So why are accounting and finance still using last century’s tools?
Trust is in the Balance™
With manufacturing facilities, joint ventures, and sales offices spanning across 14 countries, real-time access to all
metrics, including reconciliation completion status and quality ratings, was critical for Hubbell’s accounting and finance
staff. However, the lack of standardization in the company’s month-end close process and day-to-day balance sheet
reconciliations, across its business units, was making real-time visibility and tracking nearly impossible. Additionally,
due to the lack of visibility into real-time information, the compilation of data was difficult and threatened Hubbell’s
compliance with corporate policies and procedures.
“We didn’t have full visibility of the timely completion of account reconciliations
and month-end tasks. If corporate finance wanted to see a reconciliation or
the composition of an account balance, they would have to reach out to a local
finance group. It was made even more difficult by the time differences associated
with being a global finance organization.”
—MARK KOOLIS, POWER SEGMENT ASSISTANT CONTROLLER, HUBBELL INCORPORATED
Trust is in the Balance™
More than ever, manufacturers need access to real-time and accurate financial information. Stricter regulations
and fluctuating economies demand agility and an even faster response to market demands. Yet manual and tedious
accounting processes not only take too long to complete; they also can’t deliver information in time to help inform those
decisions so key to managing resources and staying competitive. Spreadsheet-driven accounting also leaves little time
for the kind of in-depth analysis critical to addressing risk and ensuring compliance.
Once relegated to the background of the manufacturing enterprise, accounting and finance teams now offer tremendous
value to the front of the organization. By providing fast, accurate financial data, teams can help create an organization
that is quick to respond to customer demands and the competition, from home or abroad. Automating rote, manual
tasks and freeing teams for value-added work like analysis can put manufacturers in the enviable position of first to
innovate, first to market, and first to identify and act on new growth opportunities.
Benefits of Financial Close & Accounting Automation Software
AutomationLower risk and human error by reducing the use of manual, spreadsheet-driven processes. Automate account reconciliations, journal entries, transaction matching, task management, and variance analysis.
VisibilityGain clear visibility into business data across multiple currencies. Access key financial information where and when it is needed – in real time.
EfficiencySpend less time on transactional tasks. Use that time instead to deliver value-added services. Stop manually tallying figures and automate transactions to drive access to better financial data in less time.
TrustDetect and correct errors to ensure financial statement accuracy. Reduce the risk of accounting irregularities. Gain real-time insight into the numbers that affect planning and strategy: production, materials, inventories, and more.
ReportingValidate all reporting from any ERP systems (e.g., SAP, NetSuite, Intacct, Oracle), and enhance Finance’s strategic contribution with accurate data and analysis and less effort.
Free staff from the assembly line approach to accounting
Trust is in the Balance™
“With BlackLine, we knew that we weren’t simply buying a product to
help our business with account reconciliations. We were partnering with a
company that was invested in improving our overall financial close process
from beginning to end.”
—MARK KOOLIS, POWER SEGMENT ASSISTANT CONTROLLER, HUBBELL INCORPORATED
Trust is in the Balance™
Operational Benefits of BlackLine
BlackLine’s unified cloud platform empowers accounting and finance teams to automate and streamline period-end
activities to drive Continuous Accounting processes across the entire organization. Finally, technology is available that
enables real-time reporting and analysis, as well as an efficient and accurate close.
Practice Continuous Accounting to improve accuracy and reduce last-minute chaos - Instead of completing
period-end accounting activities in a few hurried days, perform work in smaller batches over time to prevent
employee burnout. What’s more, with a more balanced workload, teams can focus on reviewing and validating
information to provide accurate and timely financial data necessary for reporting.
Increase the quality—and quantity—of analysis - With more accurate information available, manufacturers can
trust in, and leverage, their financial data to make critical decisions – earlier in the business cycle. And with more
time to allocate towards analysis, accounting and finance teams are better equipped to position the organization
to mitigate risk, while driving continued innovation and growth.
Embed operational efficiency across all processes - By automating and standardizing transaction matching and
other time-consuming, manual tasks, manufacturers ensure continuous, easily scalable operations, even during
high-growth periods. BlackLine also reduces workflow bottlenecks by automating approvals, so accountants no
longer have to track down information via email and phone calls, or wait for paperwork to be delivered.
Provide global, controlled, continuous access for employees and auditors, anywhere, anytime - BlackLine offers
the power and connectivity of cloud technology, so dispersed teams can access the same information and use the
same processes to ensure transparency and consistency – across the globe and even as the business evolves.
BlackLine provides software that manages and automates complex, manual, and repetitive accounting processes,
moving high-growth and established organizations well beyond outdated accounting practices. BlackLine enables
Continuous Accounting by embedding automation, control, and period-end tasks within day-to-day activities. This
adjusts the historically rigid accounting calendar to better mirror the broader business. Accounting and finance teams
optimize business processes and costs with the BlackLine platform. It allows professionals to capture, confirm, and
provide the timely financial data necessary for reporting, all while improving efficiency.
BlackLine offers a modern approach for manufacturing
Auto-certified more than
60% of accounts to save
time & reduce human error
Improved transparency
worldwide by creating a
central location for data
Enhanced financial
controls by standardizing
processes across all
business units
Freed staff to focus on
value-added activities,
such as analysis
Trust is in the Balance™
Before BlackLine, employees at The Dow Chemical Company were
responsible for 250,000 account reconciliations every quarter. While
Dow had strict deadlines in place, the highly manual and paper-heavy
process, combined with the lack of a central database, made it difficult
to meet close dates. Additionally, because each team had created their
own unique process there was little to no standardization, putting the
company at greater risk for financial errors.
With BlackLine, reviewers all over the globe can now track, manage, and
report on reconciliations. The increased visibility has improved Dow’s
financial controls by giving internal auditors clear traceability, as well
as instant access to documentation. By taking advantage of BlackLine’s
auto-certification capability, Dow has reduced the need for manual data
entry, thus freeing staff to focus on value-added activities.
LEADING MANUFACTURERS TRUST BLACKLINE
Implemented stronger
controls and process
standardization across
40+ business units
Achieved real-time
visibility into the
close process
Enhanced the quality
of reconciliations and
supporting documentation
Strengthened the internal
control environment
Trust is in the Balance™
Hubbell’s decision to partner with BlackLine was driven, in large
part, by BlackLine’s commitment to customer service and continuous
innovation. Through this partnership, Hubbell has standardized and
simplified their financial close process and strengthened their internal
control environment. They can now instantly see where they are in
the close without waiting hours for a report from a business unit in a
different time zone or country.
READ MORE CUSTOMER SUCCESS STORIES @ BLACKLINE.COM/CUSTOMERS
LEADING MANUFACTURERS TRUST BLACKLINE
Trust is in the Balance™
Automatically Match All Types of Transactions
Complex intercompany relationships, multiple divisions, inventory, and global
supply chains make matching large volumes of data a difficult, time-consuming,
and error-prone process. With BlackLine’s Transaction Matching product,
manufacturers can stop “ticking and tying” thousands of transactions manually.
Instead, BlackLine matches any and all transaction types—millions per minute—
while making unmatched transactions available to create reconciling items,
exception cases, and correcting journal entries. As a result, manufacturers save
hundreds of hours on bank reconciliations, credit card matching, intercompany
transactions, and invoice-to-PO matching.
Confirm Key Account Balances Every Day
Verify balances across different production facilities, business units, and currencies.
BlackLine Daily Reconciliations enables continual validation of account balances
and transactional details. Companies can ensure accuracy of critical accounts
throughout an accounting period. Standardize routine processes with automation.
Embed control and auditability. Refocus accountants on exception handling and
discrepancy investigation, instead of tedious—and error-prone—data entry.
Modern automation technology is changing the nature of manufacturing. Now it’s time for manufacturing accounting
and finance teams to experience the same benefits of that technology. BlackLine cloud software automates
manual accounting operations, including transaction matching, journal entries, and daily and period-end account
reconciliations. By reducing—and even eliminating—manual data entry during the close, manufacturers can reduce
the close by days, freeing accounting teams to focus on more strategic work, like modeling, planning, and analysis.
5 benefits of manufacturing accounting close & automation software
Trust is in the Balance™
Centralize & Automate End-to-End Journals Management
Manually processing journal entries can take hundreds of hours every month, as
spreadsheets are passed around for approval and review before eventual posting.
BlackLine Journal Entry streamlines journal entry management. Manufacturing
companies can automate the creation, approval, and review of journals using
dynamic data. This can be done with data from many sources, including bank feeds
and credit card statements. Additionally, BlackLine’s Journal Master functionality
can track and manage recurring entries, providing even greater levels of visibility
and control.
Standardize & Streamline Inventory Reconciliations
Legacy account reconciliation processes are time-consuming and prone to errors.
BlackLine Account Reconciliations simplifies and standardizes the end-to-end
reconciliation process to ensure the accuracy, timeliness, and quality of your high-
volume reconciliations while strengthening your internal control environment.
And by leveraging BlackLine’s configurable auto-certification rules, manufacturers
can automate key account reconciliations without having to implement additional
process changes.
Connect & Integrate with Existing Systems
Save IT resources from the difficult, time-consuming process of performing costly,
custom integrations and running ad hoc reports. Built for connectivity, the BlackLine
platform integrates with SAP, NetSuite, Oracle, and more than 40 other ERPs.
Ensure data integrity without risk of conversion and entry errors and enable data
imports from bank files, POS applications, and other systems.
Trust is in the Balance™
Account Reconciliations
Automate and standardize the entire reconciliation process. Drive accuracy in the financial close with embedded controls.
Provide accountants with a streamlined method to verify the correctness and appropriateness of balance sheets.
Journal Entry
Centralize journal entry management and enable the creation, review, and approval of journals. Electronically certify
and store them with all supporting documentation. Post journals to any general or subledger system with pre-posting
validation eliminating rejections.
Transaction Matching
Reconcile millions of transactions in minutes. Match any type of data from many data sources and identify matched
and unmatched transactions rapidly. Quickly and easily create reconciling items from unmatched transactions as part
of a reconciliation.
Task Management
Centrally manage accounting tasks, including unified integration with journals and reconciliations. Automatically certify
tasks in a hierarchy when child tasks are complete. Control and track a variety of task types, including close checklists,
PBC lists, tax filings, and more.
BlackLine builds solutions that help manufacturing organizations reduce human error, increase efficiency, and create
transparency across all production facilities and business units. By minimizing spreadsheet-driven reconciliation
processes, manufacturers can close in less time and with more confidence. As a result, accounting and finance staff
can focus on the work that really matters: driving strategy creation and improving analysis to inform better business
decisions—and a better bottom line. It’s no wonder that more than 147,000 accounting and finance users trust BlackLine to
accurately, securely, and efficiently execute critical accounting and finance tasks.
Solutions designed to modernize accounting & finance for the manufacturing industry
Trust is in the Balance™
Daily Reconciliations
Continually monitor and ensure accuracy throughout an accounting period and automate labor-intensive reconciliations.
Ensure the validity of the balances of bank and other key accounts. Embed controls and remove risk from manual,
spreadsheet-based processes.
Variance Analysis
Automate the monitoring and analysis of account balance fluctuations using rules that are easily customizable. Identify
account balances that fall outside of configurable thresholds. Manage risks by quickly uncovering discrepancies and
flagging them for further investigation.
Consolidation Integrity Manager
Automate the tedious system-to-system reconciliation process. Bring data from multiple systems, across multiple
facilities and business units, into a centralized location. Create automated workflows to investigate discrepancies.
Stop manually comparing multiple ledgers to a consolidation system.
Intercompany Hub
Centralize the entire intercompany process. Manage and control all of the global complexity inherent to intercompany
accounting, including reconciliations, currency values, transaction amounts, tax implications, journal creation, and
approval workflows.
BlackLine Insights
Optimize processes and increase efficiency by measuring accounting operations and productivity. Get real-time
intelligence, benchmarking, and analysis of accounting activities. Continuously improve accounting processes.
Trust is in the Balance™
As organizations in a rapidly changing, highly regulated industry, manufacturers must be able to deliver accurate,
compliant, and real-time analysis of their financial performance at all times. Yet many manufacturers, while relying
on modern technology for production, still wrestle with outdated systems and processes that don’t meet the
needs of today’s business. At BlackLine, we help manufacturing companies transform their accounting and finance
operations to increase visibility, gain efficiencies, and improve accuracy.
Modernizing the way manufacturing accounting & finance work
Trust is in the Balance™
Continuous
Accounting for
Manufacturing
BlackLine’s vision is to modernize the finance and accounting function to enable greater
operational effectiveness and agility. In doing so, accounting teams can detect and
address errors before they become problematic and play a more strategic role within
their organization. As the leader in Enhanced Finance Controls and Automation (EFCA)
software, BlackLine delivers a unified cloud platform that is uniquely capable of enabling
Continuous Accounting. This modern approach embeds automation, control, and tasks
typically not performed until the period-end directly within day-to-day activities,
allowing the rigid accounting calendar to more closely mirror the dynamic nature of
actual business cycles. For manufacturing companies, this means greater visibility into
the status of any reconciliation – at any point in time around the globe – and more
centralization and standardization across the close to gain a clear picture into the
organization’s financial health.
The BlackLine
Vision
At BlackLine, we are working closely with our customers to automate and optimize a
wide range of core accounting and financial processes to achieve “Modern Finance.”
Modern Finance is a journey yielding continuous improvement in the quality, accuracy,
and efficiency of accounting operations. By embedding process standardization, technical
automation, and constant analysis, Modern Finance transforms the way accounting and
finance work.
The Modern
Finance
Advantage
The Modern Finance movement is quickly becoming a competitive differentiator by
liberating accountants from the rote and repetitive labors inherent in their work. It also
enables CFOs to execute the enterprise performance agenda with unprecedented visibility,
control, and efficiency. The time has arrived to jumpstart the power of advanced cloud,
automated analytics, risk mitigation, and deep reporting technologies.
Trust is in the Balance™
“BlackLine has strengthened our internal control environment. When we’re
talking account reconciliations, the bread and butter of our balance sheet, it’s
really about standardization and simplification. With BlackLine, we can do it
the same way everywhere across the globe.”
—MARK KOOLIS, POWER SEGMENT ASSISTANT CONTROLLER, HUBBELL INCORPORATED
“With the old system, if our company controller called at the end of the day
asking about a balance sheet change on a European account, we would have
had to call people in Europe and wake them up, assuming we could find their
phone number. Now, we can take one look and tell the controller precisely
what is happening with that account. Efficiencies like that are hard to put into
numbers, but they let you see the gains that we’ve made.”
— PAT WITHROW, ACCOUNTING DIRECTOR, THE DOW CHEMICAL COMPANY
Trust is in the Balance™
The modern finance platform for manufacturers
Designed entirely in the cloud from the ground up, BlackLine is the only unified technology solution built specifically for
accounting and finance. Those embarking on the Modern Finance journey embed process optimization and technical
automation to facilitate unprecedented accuracy and visibility, while unleashing accountants to add more value to the
broader business.
Trust is in the Balance™
Modernizing the way finance and accounting work improves the efficiency, accuracy, and strategic impact of finance
to better serve the broader organization. Beyond providing numbers, BlackLine automates processes, streamlines
redundant tasks, and most importantly, delivers trust in accounting operations.
The future of accounting and finance
Trust is in the Balance™
BlackLine is the creator and premier provider of Enhanced
Finance Controls and Automation (EFCA) software to
streamline financial close operations. BlackLine’s unified
cloud platform and broad range of solutions put it in a
class by itself—a company recognized by Gartner as a
Leader in providing both EFCA and Financial Corporate
Performance Management (FCPM) software solutions.
BlackLine is designed to automate and control financial
close processes for midsize and large organizations, and
complement ERPs and other financial systems. The SaaS
solution increases operational efficiency, real-time visibility,
control, and compliance to ensure end-to-end financial close
management, fueling confidence throughout the entire
accounting cycle. BlackLine’s mission is to continuously
improve the quality, accuracy, and efficiency of Accounting
& Finance by centralizing key accounting functions within a
single, unified cloud platform. BlackLine enables customers
to move beyond outdated processes and point solutions to
a Continuous Accounting model, which embeds real-time
automation, controls, and period-end tasks within day-to-day
accounting activities. As a result, BlackLine helps companies
achieve Modern Finance and ensure an efficient and more
accurate financial close. More than 1,500 companies around
the world trust BlackLine to ensure balance sheet integrity
and confidence in their financial statements.