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Years of using outdated, manual processes to perform many of its key functions had left the company burdened with an inefficient close process and siloed policies across its global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.
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.
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