and accounting solutions, designed to streamline the financial close, are no
longer just basic cloud-based platforms. They’re configurable to ensure
solutions can be tailored to each organization’s unique challenges.
unified platform with configurable capabilities—is also more time and budget
friendly, enabling organizations to add functionality as needed.
As a result, organizations
are moving away from the traditional piecemeal approach to figuring out their problems.
By focusing solely on solving for one close challenge—such as a time-consuming
reconciliation process—organizations can be distracted from the real goal of streamlining the entire close.
Time and time
again, we’ve seen organizations that approach implementation with a narrow
scope create more challenges down the road. This stems from the mentality of,
“let’s fix account recs today and worry about streamlining variance analysis
For example, Company
A wants to improve verification, simplify audits, and enhance internal
controls, so they implement BlackLine’s Account
Reconciliations solution. In the rush to get through the implementation
process and minimize disruption, the organization opts for a limited data
import, thinking, “we don’t reconcile these accounts, so let’s not import those
approach doesn’t save time. In fact, it creates more work, now and in the
Company A may have
streamlined reconciliations with a “quick implementation” approach, but when they’re
ready to add more functionality—like Variance Analysis—they’ll need to import their
data (and likely, more of it) all over again.
And each subsequent
software implementation, instead of getting easier, requires more time, more
money, and more effort.
The Solution? Begin with the End in Mind.
expert Stephen Covey’s adage, “begin with the end in mind,” isn’t just sage
advice for individuals. It’s also great advice for anyone implementing
accounting software solutions.
that approach streamlining the financial close with a big-picture mentality realize
that the very first software implementation—be
it a solution that auto-certifies reconciliations or one that matches millions
of transactions—is the most critical.
address key issues in the beginning by importing all their data, fixing broken
processes, identifying and addressing long-standing discrepancies, and
preparing accountants for ongoing (but manageable) change.
Read this white paper to learn the four essential steps to ensure today’s implementation supports tomorrow’s goals.
The post How to Effectively Implement Account Reconciliations appeared first on BlackLine Magazine.