Intercompany Predictive Guidance
significantly reduces transaction failure rates, eliminates costly
rework, and expedites processing across the transaction
lifecycle
LOS
ANGELES, Sept. 12, 2023 /CNW/ -- Leading the
industry in innovation once again, digital finance transformation
leader BlackLine, Inc. (Nasdaq: BL) has announced the first
AI-enabled intercompany accounting capabilities. Designed to
prevent transaction failures before they occur and minimize time
and resources spent across the entire transaction lifecycle,
'Intercompany Predictive Guidance' will be integrated into
BlackLine's family of intercompany financial management
solutions.
The first-of-its-kind functionality tackles the costly
challenges associated with processing intercompany transactions –
which often represent tens of millions of transactions each month
and can have a value up to 10 times a company's reported revenue.
These transactions frequently span geographical borders,
currencies, and ERPs. Given their inherent complexity, compounded
by data quality issues and omissions, intercompany transaction
failures are an issue organizations simply cannot ignore. Failures
result in billing, invoicing, reconciliation, and settlement delays
while adding time, inefficiency, and frustration to an
organization's intercompany operations.
BlackLine's Intercompany Predictive Guidance uses artificial
intelligence, built upon a machine learning model, to analyze an
organization's transactional data. The applied AI then predicts
where issues are likely to arise and pose a risk to financial close
processes and data accuracy – before the transactions are booked.
It highlights high-risk transactions, explains risk factors, shows
accounting teams where immediate corrections are possible, and
provides guidance for future transactions. Using Intercompany
Predictive Guidance, companies can dramatically reduce, or in some
cases eliminate, their transaction failures, achieving significant
time and cost savings.
"I'm incredibly excited to be able to offer our intercompany
customers this industry-first functionality," said BlackLine
Founder and Co-CEO Therese Tucker.
"Intercompany Predictive Guidance leverages the power of AI to help
solve the real-life challenges these teams face daily, making them
less reactive and freeing them up to focus on strategic work."
"Intercompany reconciliations overwhelm most accounting teams
with their high volume, frequent data inconsistencies, significant
administrative and manual work, long lead times, and stringent
compliance and regulatory risks," added Don
Ryan, chief strategy officer at HFS Research. "Using AI
solutions like BlackLine's Intercompany Predictive Guidance to
reduce error rates can save significant costs and enhance the
reputation of companies of all sizes."
Intercompany Predictive Guidance will initially be available for
BlackLine's Intercompany Non-Trade solution, which manages and
automates services-related transactions. The move is part of the
company's strategy to offer unified, flexible, and comprehensive
solutions that deliver substantial enterprise value for the office
of the CFO.
BlackLine Intercompany Predictive Guidance is expected to be
generally available in 2024. BlackLine is currently offering early
adoption to interested customers. To learn more, please visit:
https://www.blackline.com/solutions/intercompany-financial-management/non-trade/
About BlackLine
Companies come to BlackLine (Nasdaq: BL) because their
traditional manual accounting processes are not sustainable.
BlackLine's cloud-based financial operations management platform
and market-leading customer service help companies move to modern
accounting by unifying their data and processes, automating
repetitive work, and driving accountability through
visibility. BlackLine provides solutions to manage and
automate financial close, accounts receivable, and intercompany
accounting processes, helping large enterprises and midsize
companies across all industries do accounting work better, faster,
and with more control.
More than 4,200 customers trust BlackLine to help them close
faster with complete and accurate results. The company is the
pioneer of the cloud financial close market and recognized as the
leader by customers at leading end-user review sites including G2
and TrustRadius. BlackLine is a global company with operations in
Los Angeles, New York, the San Francisco Bay area,
London, Paris, Frankfurt, Tokyo, Singapore, and Sydney. For more information, please visit
blackline.com.
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risks described under the heading "Risk Factors" in our Annual
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SOURCE BlackLine