Finance Modernization for an Engineering Services Company
Challenge
Years of using outdated, manual processes to perform many of its key functions had left the company burdened with an inefficient close process and siloed policies across its global locations. The $15 billion international engineering services firm had potential audit control deficiencies due to inconsistent processes and missing documentation. With new challenges on the horizon—reorganization and relocation of its headquarters, significant M&A activity, and an ERP upgrade—the company needed to transform its account reconciliation processes at speed and scale with the ability to access accurate data. The company embarked on a project to enhance its account reconciliation processes, which included better visibility and controls.
How we helped
The company partnered with Riveron to select an automated account reconciliation solution that would facilitate the organization’s ability to report on and access accurate financial data more efficiently. Once BlackLine’s solution was selected, the joint team identified crucial ways to reshape the account reconciliation processes to maximize the technology investment. Riveron then led the implementation journey, deploying the BlackLine solution across 40 countries, 560+ entities, and 400+ users.
Riveron’s proven, hands-on approach enabled the company to yield immediate results through integrated technology, optimized processes, and skilled teams.
Assessed existing processes and functions
Identified where reconciliations were occurring and the teams responsible
Collected information on current accounts, owners, frequencies, and formats
Evaluated approval process, timing, and documentation to resolve audit issues
Designed and executed implementation roadmap
Reviewed competing priorities to address IT resource constraints and establish system interfaces
Transitioned newly-acquired entity from Oracle ARMS to BlackLine
Rolled out tasks and reconciliations across global locations
Developed a unique organizational structure
Established an organizational structure and account key to capture both account reconciliations and variance analysis within BlackLine
Standardized processes across teams and users in 40 countries
Promoted greater visibility and transparency across global accounting practice
Improved efficacy of global shared services center
Delivered customized user training
Developed and delivered customized training for both users and administrators
Supplemented training efforts with a customized, detailed desktop procedures manual
Supported user questions and issues for several months following the system go-live date
Results
In order to yield the highest results from the technology investment, Riveron implemented a unique structure within BlackLine to meet the company’s complex business requirements. This structure, designed to capture both account reconciliations and variance analysis, contributed to the ability to streamline, standardize, and improve its monthly close process across locations.
With the optimized processes in place, the company was able to reduce completion time from 60 to 35 days initially after go-live with evidence of reviews and approvals—ultimately seeing reduced completion times on key reconciliations to 14 days. These processes were strengthened by a rigorous system of account reconciliation internal controls, driven by account groups, templates, and other capabilities that allowed a higher level of auto-reconciliation certifications. Within two months of implementation go-live, the companywas auto-certifying 60% of its reconciliations (up from zero prior to BlackLine). These efforts contributed to a consistent and more efficient monthly close process that provided accurate data and increased controls needed to make timely and informed decisions designed to accelerate operations and further drive growth.
“We had some unique and significant organizational challenges given the size of our large global business, which, in some cases, BlackLine had never encountered before. Riveron was able to provide the right insight and innovative solutions to help us resolve them. Riveron brought a lot of knowledge, expertise, and collaboration to the table. Every member of the team had the attitude, ‘I love what I do, I know what I’m doing, and I’m going to make your life better.’ I can’t say enough good things about them.”
Director of Finance, Engineering Services Company