LOS ANGELES, Nov. 16, 2020 /PRNewswire/ — Accounting automation software leader BlackLine, Inc. (Nasdaq: BL) today announced new products as well as updates to its flagship cloud platform designed to further enable Finance & Accounting (F&A) departments to transform and modernize their operations. The new features and solutions will be unveiled this week in front of more than 15,000 registrants at BlackLine’s annual global user conference BeyondTheBlack™ 2020: The Modern Accounting Virtual Experience.
Highlights of BlackLine’s enhanced platform functionality and new offerings include:
BlackLine Cash Application to Simplify the Order-to-Cash Process
BlackLine is launching BlackLine Cash Application. Using AI and machine learning, BlackLine Cash Application enables organizations to manage cash flow and cash collection in how to monitor remote employees real time, simplifying the order-to-cash process by automating both the collection and allocation of customer cash. The launch marks BlackLine’s entrance into the accounts receivable automation market following the acquisition of Rimilia, a leader in the category.
BlackLine Account Analysis to Mitigate Risk in High-Volume Accounts
BlackLine Account Analysis is a new solution that helps organizations proactively manage risk by automatically analyzing transactions in complex, high-volume accounts. Exceptions, such as aged items, are surfaced with clear action plans so they can be investigated, explained and resolved by Accounting team members who can add notes, comments and documentation in a fully auditable workflow. So much of this work is done today in spreadsheets as part of a traditional reconciliation process that often leads to errors. Account Analysis enhances BlackLine’s complete end-to-end reconciliation automation suite by enabling an even deeper level of detail, categorization and resolution of exceptions and errant transactions. (General availability 2021.)
New User Interface to Help Drive Finance Performance Management
BlackLine is upgrading its user interface (UI) across the entire platform in an effort to create a more intuitive and streamlined user experience. The new UI is based on a library of elements that are deployed across the application, giving visual cues for the most important and commonly used items on any given page while assuring ease of use for all users. BlackLine has also completely redesigned the Unmatched Transaction interface to simplify the process of manually matching transactions, speeding up decision-making and saving time.
Enhanced Integration with the Open Platform Initiative
With the goal of enabling customers to connect to any source system, BlackLine has launched an API (application programming interface) portal empowering developers to integrate data, workflows and communication between BlackLine and other data sources. Using modern APIs, BlackLine is laying the foundation to further optimize and automate end-to-end accounting and financial use cases, further increasing efficiency and control. In addition to new APIs, BlackLine is also enhancing its ERP connectors for Sage Intacct, Microsoft Dynamics GP, Oracle NetSuite and Oracle E-Business Suite.
Raising the Modern Accounting Bar for Companies Running on SAP® Technology
BlackLine is enhancing its already extensive integration with SAP technology by adding connectivity with new SAP data sources and improved visibility for journal entry processing. BlackLine’s connectors for SAP systems can now extract inventory and other materials-related data from SAP systems automatically and provide a real-time, clickable link between SAP systems and BlackLine-originated journal entries. These enhancements continue to reduce manual effort and increase confidence in data completeness and integrity.
“The global pandemic is bringing to the forefront what we’ve seen for years. Traditional manual accounting processes are not sustainable,” said Marc Huffman, BlackLine’s president, chief operating officer and incoming CEO. “As a result, businesses are placing renewed focus on risk management, control environments and cash flow optimization. With our newest platform release and solution offerings, our customers have the opportunity to emerge from the pandemic stronger than ever with modernized F&A processes, improved working capital, greater data integrity and analysis, enhanced visibility and control, and reduced risk.”
BeyondTheBlack, formerly InTheBlack, is BlackLine’s annual user conference that for the past 12 years has brought together a global community focused on innovation in Finance & Accounting. The new name encapsulates the new reality: accountants and other financial professionals are now being called on to do more than just close the books and verify that the numbers are right. What was previously their sole focus is now just one part of the value they bring. F&A leaders are embracing modern accounting by unifying systems, data and processes to deliver accurate results faster; automating routine work to focus on strategic business initiatives; and executing continuously to support the business in real time. Instead of just making sure organizations are ‘InTheBlack’, it’s time for accountants to go ‘BeyondTheBlack’.
Unless otherwise noted, the above features and updates are currently available. BeyondTheBlack 2020 is taking place virtually Tuesday to Thursday, Nov. 17th to 19th, featuring more than 100 speakers spanning approximately 60 sessions. For information or to register for the complimentary virtual event, go here.
Companies come to BlackLine (Nasdaq: BL) because their traditional manual accounting processes are not sustainable. BlackLine’s cloud-based solutions and market-leading customer service help companies move to modern accounting by unifying their data and processes, automating repetitive work, and driving accountability through visibility. BlackLine provides solutions to manage and automate financial close, accounts receivable and intercompany accounting processes, helping large enterprises and midsize companies across all industries do accounting work better, faster and with more control.
More than 3,200 customers trust BlackLine to help them close faster with complete and accurate results. The company is the pioneer of the cloud financial close market and recognized as the leader by customers at leading end-user review sites including Gartner Peer Insights, G2 and TrustRadius. Based in Los Angeles, BlackLine also has regional headquarters in London, Singapore and Sydney. For more information, please visit blackline.com.
BlackLine Forward-looking Statements
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “would,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. Forward-looking statements in this release include statements regarding our growth plans and opportunities.
Any forward-looking statements contained in this press release are based upon BlackLine’s current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith beliefs and assumptions as of that time with respect to future events and are subject to risks and uncertainties. If any of these risks or uncertainties materialize or if any assumptions prove incorrect, actual performance or results may differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the Company’s ability to execute on its strategies, attract new customers, enter new geographies and develop, release and sell new features and solutions; and other risks and uncertainties described in the other filings we make with the Securities and Exchange Commission from time to time, including the risks described under the heading “Risk Factors” in our Annual Report on Form 10-K. Additional information will also be set forth in our Quarterly Reports on Form 10-Q.
Forward-looking statements should not be read as a guarantee of future performance or results, and you should not place undue reliance on such statements. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.