To excel in a rapidly changing business landscape, leaders require financial data more quickly and accurately than ever before. However, as companies mature and grow, transaction volume, control risks, and business units all increase accordingly, creating barriers to timely data. Riveron’s expertise in record-to-report processes and technology helps clients automate manual tasks, bolster internal controls, and provide visibility to process owners and management.
Lack of visibility into financial close
Inefficient processes and extended timelines
Minimal automation and lack of scalability
Deficient or limited internal controls
Inadequate implementation or user training
The Riveron Approach
Riveron’s business process first, technology second approach ensures future state processes are seamlessly paired with a tailored, robust, user-friendly application. We leverage customized project plans and flexible project management to ensure milestones are met and disruption to everyday business functions is minimized.
This approach allows us to provide tailored solutions for each client’s specific situation. Whether your company needs to determine the best fit solution, implement a chosen technology or optimize an existing platform, Riveron can help. By partnering with best-of-breed Financial Governance technology, such as BlackLine, we are able to broaden our ability to serve and deliver client-focused solutions to address the most complex challenges.
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Riveron implements Blackline technology for Fortune 500 Company across 30 countries
A global engineering firm with approximately $15B in annual revenue was looking to accelerate their monthly close process and gain insight into their reconciliations spread across a large number of countries. Riveron was engaged to implement BlackLine’s Financial Transformation solution across 30 countries, 560+ entities, and 300+ users. The company was reconciling 24k+ accounts and performing variance analysis over 70k+ accounts utilizing the BlackLine platform.
The implementation plan was customized to work around the integration of a $5B acquisition onto a single instance of Oracle. This included coordination with the company’s IT team to establish system interfaces as well as a separate go-live date for the acquired company.
Riveron also developed and delivered customized training for both users and administrators. The trainings were delivered to users across the globe and were supplemented by a customized, detailed desktop procedures manual. User questions and issues were also supported for several months subsequent to the system go-live date.
Some of the implementation successes included:
- Launched globally with recs & tasks in 2 months
- Achieved 60+% auto-rec 2 months post go-live
- Utilized Bottom-up (opposed to top-down) variance analysis approach
- Identified numerous P&L mapping errors in consolidated financials
- Developed unique org structure allowing for different acct vs variance segment combination
- Trained and received buy-in from management and users around the world
- Identified ways to utilize matching to reconcile to individual project ledgers
Global Software Company closes to become stand-alone company
A global computer security software company became a stand-alone company in when its parent company sold its controlling interest, forming a new accounting organization. However, the new company lacked policies, procedures, and controls to govern their close processes. As a result, BlackLine’s Account Reconciliation, Tasks Management, and Journal Entry modules were purchased to facilitate the close across 60+ entities and 250+ users.
Riveron was engaged to assist with the implementation. Account Reconciliations and Task Management were the first modules to be implemented and were live and fully adopted by the organization within 3 months. This included a large shared services team in India that required a dedicated, local BlackLine administrator and development and delivery of customized user and administrator trainings.
Subsequently, the Journals module was implemented. Riveron was able to deviate quickly from the initial project plan to meet an accelerated go-live date at the request of the CAO. The Journals pilot was live in just 3 months with full adoption in less than 6 months. As part of the implementation, Riveron assisted with the user acceptance testing of 60+ journal entries.
- Live globally with recs in 3 months
- Team is successfully reconciling over 2,000 accounts per month
- Live with Journals pilot in 3 months
- Over 2,000 JE’s entered per month
- Conducted multiple training sessions with global team, including SSC team in India
- Provided tailored user guides and work instructions