Deloitte Enhances Digital Controllership Solutions With BlackLine
Strategic alliance to offer financial process automation and intercompany solutions to make enterprise finance organizations more effective
NEW YORK, May 4, 2017 — Deloitte announces its strategic alliance with BlackLine, Inc. (Nasdaq: BL), a leader in financial corporate performance management enabling continuous accounting. The alliance enhances Deloitte’s Digital Controllership™ offering, which helps organizations govern and automate financial accounting processes.
“When financial systems and reporting processes are ineffective or disjointed, the issues are twofold,” said Kyle Cheney, Deloitte Risk and Financial Advisory partner, Deloitte & Touche LLP. “First, back-end manual processes and detective controls require brute force by controllers and chief accounting officers who often are challenged to find creative ways to mitigate the risks of errors in financial reporting. Second, intercompany transactions suffer inefficiency that drives the cost of finance up while talent is sub-optimized. Both reporting errors and inefficiency can result in major challenges for chief financial officers, as well as tremendous cost to the organization and its shareholders.”
Deloitte Risk and Financial Advisory CEO Chuck Saia said, “Board members and C-suite executives expect every function to develop and share deeper insights that help drive strategic growth. Transforming the financial function with enhanced efficiencies that leverage governance and risk management technologies can help our clients’ leaders in controllership, risk, and finance focus on higher-level strategy efforts.”
According to a 2016 Deloitte poll, just 9.2 percent of respondents say their organizations have holistic, efficient, and well-communicated intercompany accounting frameworks. With an automated finance platform and processes that allow consistent and visible intercompany transactions, organizations can realize greater efficiencies, mitigate risks, and leverage data previously unattainable to improve strategic and financial performance.
“Our strategic alliance with Deloitte is highly valued and complementary. Together, we will continue to help our clients automate and accelerate complex financial close processes–increasing operational efficiencies, while streamlining compliance and improving governance,” said Therese Tucker, CEO and founder, BlackLine. “We are also enabling finance organizations to become strategic advisors to the business by freeing accountants from manual, repetitive tasks and unleashing them to handle higher-level, value-added activities.”
The alliance brings together Deloitte’s advanced finance automation solutions with BlackLine’s Finance Controls & Automation and Intercompany solutions. The basis for the strategic alliance is helping corporate controllers and finance organizations reduce inefficiencies and errors. It also furthers efficient management of compliance programs and provides insights that positively impact business performance and strategy.
For more information on how Deloitte enables chief accounting officers, controllers and their teams to build world-class controllership capabilities, visit Deloitte’s Center for Controllership™.
BlackLine is a provider of cloud-based solutions that transform Finance and Accounting (F&A) by automating, centralizing and streamlining financial close operations and other key F&A processes for large and midsize organizations. Designed to complement core financial systems, the BlackLine cloud platform increases operational efficiency, real-time visibility, control and compliance to ensure end-to-end financial close management and accounting automation.
BlackLine’s mission is to continuously improve the quality, accuracy and efficiency of F&A by centralizing key functions within a single, unified cloud platform. It enables customers to move beyond outdated processes and point solutions to a Continuous Accounting model, in which real-time automation, controls and period-end tasks are embedded within day-to-day activities. BlackLine helps companies achieve more accurate and insightful financial statements and a more efficient financial close. More than 1,700 companies with users in over 130 countries around the world trust BlackLine to help ensure balance sheet integrity and confidence in their financial statements.
BlackLine is recognized by Gartner as a Leader in its 2016 Magic Quadrant for Financial Corporate Performance Management (FCPM) Solutions and as a pioneer of the Enhanced Financial Controls & Automation (EFCA) software category.
Based in Los Angeles, BlackLine also has regional headquarters in London, Singapore and Sydney. For more information, please visit www.blackline.com.
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including 80 percent of the Fortune 500 and more than 6,000 private and middle market companies. Our people work across more than 20 industry sectors to deliver measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to make their most challenging business decisions with confidence, and help lead the way toward a stronger economy and a healthy society.