Modernizing Reconciliations and Financial Close Processes for a Retail Technology Provider
Challenge
Years of using outdated, manual Excel reconciliation processes had left a privately held retail technology company burdened with an inefficient global close process. Facing near-term resource constraints and growth opportunities on the horizon, the company needed to modernize its account reconciliations and broader financial close processes.
With the BlackLine solution in place, the company was able to reduce the time spent reviewing and approving reconciliations by more than 50%.
How we helped
Riveron was engaged to assist with the design and implementation of the company’s BlackLine finance transformation solution and reshape the reconciliation process. We held design workshops with the client to understand and define the finance transformation journey and assessed existing processes and functions. Our team identified where and how reconciliations were occurring, collected information on the current accounts, owners, frequencies, and format, and uncovered accounts that were previously not included.
Moving into implementation, we assisted the client’s IT resources with establishing and navigating system interfaces using Microsoft Dynamics 365. We also built an organizational structure, account key, and custom frequency solution to capture account reconciliations in BlackLine. In addition to supporting the deployment and go-live activities, we delivered training to the users and administrators and developed custom user procedures.
Results
Partnering with Riveron, the company met its go-live target date with a newly tailored cloud-based solution. The solution enabled them to standardize and optimize the account reconciliation process globally while providing management oversight for in-progress items and the close status. It also automated an electronic workflow, which includes routing documents for approval within the system to provide an audit trail and eliminate unreliable email approvals. With the BlackLine solution in place, the company was able to reduce the time spent reviewing and approving reconciliations by more than 50%.
